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The Use of Social Media for Developing a New Product

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Select a new product or service that you feel would benefit from a social media marketing campaign. In addition, complete a market analysis and identify a social media tool that the customer base will respond to and use.

Address the following questions:
- What is your selected new product or service?
- How would this product or service benefit from a social media marketing campaign?
- Who are the target consumers for the product or service?
- What segment of the market do these consumers occupy?
- What are the relevant demographic data associated with this consumer base?
- What are the relevant attitudes, values, lifestyles, and opinions associated with this customer base?
- How do your target consumers use media? What are their preferences and behaviours?

What social media tool would be a fit for this campaign? Identify the tool's characteristics. Why is social media the most suitable approach?
How can this tool reach your target consumers?

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Solution Summary

The response provides you a structured explanation of product development in the context of social networking . It also gives you the relevant references.

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Introduction:
The new selected (fictitious) product is a "Mind Reading" smart phone. This smart phone has a small chip installed inside the skin of the user. This installation is done when the smart phone is bought. Once the installation is complete, the smart phone reads the mental commands of the user and carries out his commands. For example, the user can switch on the smart phone and think of the name of one of his contacts and the phone will automatically connect with the person. Similarly, the individual can think of connecting with the internet and the new smart phone will connect with the internet. The person then gives a mental command about reaching a website and the new smart phone will follow his command. The new smart phone will listen to the user only if it is within three meters of the user. In case the smart phone is lost, it will automatically be disabled and will not function unless it is returned to the original owner. The social networking websites are ideal for marketing the new smart phone because these sites allow individuals to interact with one another and build relationships. The use of thought for communication is most appropriate for marketing on social networking websites. These will allow our company to interact with people who like tweeting, and posting.

Market Analysis
Target consumers: The target ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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