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Set a price for a new to the world consumer (this means a product that is not on the market) product. Identify a new product you think could be successful on the market and set an introductory price for it. Use the following questions to structure your written analysis.

a. What is the product name? Describe the product.
b. Explain how you are segmenting the market. Why did you choose this method of customer segmentation?
Be specific.
c. Who is the target market? Be specific - use demographics psychographics (lifestyle), etc. to identify your customers. 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)
d. What are your products' benefits to the target market?
e. At what price will your product be introduced? Why?
f. What pricing strategy are you using? Why?
g. What objectives will be accomplished by using this strategy? Be specific.
h. Why is the product worth this price?
i. Identify and explain what prices you should charge at each stage of the PLC. Why?

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Set a price for a new to the world consumer (this means a product that is not on the market) product. Identify a new product you think could be successful on the market and set an introductory price for it. Use the following questions to structure your written analysis.

a. What is the product name? Describe the product.
The name of the product is Safe Plane The product is a computerized system using satellite technology that automatically transfers the control of an airplane to ground control. This system gets automatically activated under two circumstances. The first is when there is lack of pilot control or auto pilot is being unreasonably used. The second is when a hijacking takes place. In case of hijacking, the door to and from the cockpit would be sealed and the controls abroad the plane and the communications system would be muted. The ground control would safely land the plane at the airport of choice. There is an option that in case of hijacking automatically places physical barriers in the plane so that the passengers can safely be evacuated.

b. Explain how you are segmenting the market. Why did you choose this method of customer segmentation?
Be specific.
The countries in the segment to be targeted are Sudan, Egypt, Libya, Jamaica, Canada, Cuba, Mexico, Turkey, ...

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