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Pricing New Product

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The product has to be something not on the current market.
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 (attached) to structure your written analysis.

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https://brainmass.com/business/the-product-lifecycle/pricing-new-product-627505

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In accordance with BrainMass standards this is not a hand in ready assignment but is only background help.

Step 1
Product Name:
Electronic Nose. The electronic nose will detect lung cancer or other medical conditions by detecting volatile organic compounds that indicate the medical conditions. Specifically, it will also detect brain cancer cells.
The device will have sensor arrays and pattern recognition systems. The device will identify, compare, quantify, store information, and retrieve information to identify lung cancer, brain tumors, and other medical conditions.

Step 2
The market segmentation variable that I am using is service based segmentation. Those medical units that provide services related to cancer diagnosis, treatment of cancer, and detection of specific bacteria/virus that the electronic nose can detect.

Step 3
This method of customer segmentation has been selected because the electronic nose is diagnostic equipment relating to oncology. Only those hospitals, diagnostic services, and medical centers that diagnose/treat cancer patients are potential customers. The segment is very specific. Units and hospitals that diagnose/ treat cancer patients belong to the customer segment that my product targets.

Step 4
The target market consists of 1,400 facilities that are accredited by the Commission on Cancer of the American College of Surgeons. Included in the target market will be The National Cancer institute Cancer Center Program designated cancer centers that take part in research to help reduce cancer rates and deaths from cancer. Specifically, those hospitals that have a pathological lab, tumor board, and diagnostic lab will be the target segment(a).

Step 5
The benefits of electronic nose will be that it will be a ...

Solution Summary

This posting gives you a step-by-step explanation of pricing of a new to the world product. The response also contains the sources used.

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a) Describe the attributes or service of my product in detail;
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f) Identify the appropriate price strategy that should be used for my product.

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