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New Product Pricing Strategies

Product that was created: USB Thermo electric Cooler/Warmer
Brand Name: Get up and go

This is a unique product for students and office goers. Often, at school or college or at the office, the shared refrigerator or coffee maker is not accessible or is too long a walk to access. Shared refrigerators can also mean that someone else can help themselves to your stuff. You always want one can of soda or one cup of coffee or tea, at a time. When a member of the family is diabetic or needs special medication, he or she will need a device that keeps the medicine cool, in the bedroom or bathroom.

This is a single can/cup beverage cooler/warmer. It can be plugged into a USB port and kept on your desk or shelf. The drink or medicine can be there for only when you need it. The device also has a green LED light inside, so it glows when it is on. This adds style to your desk as your drink/medicine cools/warms.

I now need help creating a chart showing price vs quality or two other factors that impact my product. Explain market segmentation, pricing and anything else that would help position my product for success in the marketplace.

Solution Preview

The attached document is not intended as an assignment completion

The Get Up and Go is a thermo-electric cooler/warmer designed for individual use. It will keep

one drink hot or cold, or will keep medication cool. It is easily transported to the office, to school,

during travel, or for any other portable use. It features a USB plug, so it can be powered by a

computer, newer automobile, or any portable device with a USB connection. The product comes with

a glowing, green indicator light, when in use. The product is new and therefore, must be introduced to

consumers, to generate interest and demand. Pricing may vary at different stages, from introduction,

through increased awareness and demand, to market saturation.

The Unique Selling Proposition (USP) begins with consideration for the current markets and

various segments to be targeted with the product. Assuming the product prototype has been created

and tested under normal conditions, product quality is expected to be at least adequate, in terms of

cooling and heating ability, durability, and ease of use. As the product has not yet been mass ...

Solution Summary

This discussion focuses on strategies for introducing a new product, based on market segments and strategies that consider future competition and growth factors.