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    Development and Pricing for High Technology Products

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    Assignment: Development and Pricing for High-Technology Products

    Research the marketing and branding strategies used for the high-technology product you selected. (Spark Nano Real-time GPS tracker)

    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.

    Include references.

    The country of origin is Great Britain.

    © BrainMass Inc. brainmass.com December 15, 2020, 6:36 pm ad1c9bdddf

    Solution Preview

    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 ...

    Solution Summary

    The development and pricing for high technology products are examined.