Assignment: Development and Pricing for High-Technology Products
Summarize your research. Address innovations in marketing strategy that have stemmed from the development of technological products and include an analysis of future potential marketing or branding strategies for your chosen product.
Additionally, include an evaluation of pricing strategies and programs for setting and adapting the price of a technological product or service. Base your evaluation on the consumer's ability to pay and the competition.
The country of origin is Great Britain.
The Spark Nano real time GPS tracker is a device with many appealing features. It is considered
an active tracking device, which means that users can get location information of the device as it moves
from one location to another, through a computer or mobile device. While there are similar products
and services such as the Spark Nano available on the market, the names are less than memorable.
Familiarization is often a key factor in establishing a new brand name. "Research by McKinsey &
Company, a global consulting firm, in 2000 suggested that strong, well-leveraged brands produce higher
returns to shareholders than weaker, narrower brands" (Murtaza, 2006). The name Spark Nano is likely
to generate familiarity with those who embrace new technologies. Nano is one version of the Apple
iPod, which helps to identify the smaller, more compact version of the product. For most consumers,
use of the word Nano conjures up images of a smaller product than is typical. Scientific terms such as
nanosecond imply a shorter time span that is commonly used today. "At the nanoscale, materials often
have very different properties. They may be stronger or more chemically reactive or they may have
different optical, electrical or magnetic behaviors" (The National Archives, 2010). Because the term is
used in the name, it helps consumers easily identify a brand with the smaller 3 inch size, which can be
discreetly placed in a variety of places, without being seen.
The 'nano' name helps Brickhouse Security, the company offering the device and service,
establish its product through an easily identifiable feature of small, compact size (Hernandez, 2010). As
nano is also indentified with newer technology; it also implies a trendy product that is highly desirable
While trendy products may not appeal to businesses ...
The development and pricing for high technology products are examined.