What new product pricing strategy are using

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Reference no: EM132571794

Question a. What is the product name? Describe the product.

Question b. Identify and explain which market segmentation variable you are using

Question c. Why did you choose this method of customer segmentation? Be specific.

Question d. Who is the target market? Be specific.

Use demographics, psychographics (lifestyle), etc. to identify your customer. It is important to identify the characteristics of your target market--whatever is appropriate. Most marketers are able to specifically describe their target customer. For example, a 35-45 year old white collar male who lives in the suburbs with a wife and 1 child and makes $85,000 per year. When reading the explanation of the target market, one should be able to draw a picture in their mind of your customer.

Question e. What are your product's benefits to the target market?

Question f. At what price will your product be introduced? Why?

Question g. What new product pricing strategy are you using? Why?

Question h. What objectives will be accomplished by using this strategy? Be specific.

Question i. Why is the product worth this price?

Question j. Identify and explain what happens to each of the 4 Ps decisions you make for your product, at each stage of the PLC?
Use the structure below for each of the PLC stages.

1) Name of PLC Stage

a) Product decisions for your product

b) Price decisions for your product

c) Place decisions for your product

d) Promotion decisions for your product

Reference no: EM132571794

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