THE MARKETING OPPORTUNITY. Business & Marketing Essay
THE MARKETING OPPORTUNITY
Suppose your roommate just invented an electronic pencil that senses when a word being written is misspelled, beeps, and shows the correct spelling on a small screen on the side of the pencil. He figures the pencil can be manufactured for about $5, since the cost of computer chips has dropped so low.
Your roommate comes to you for advice and money. He will make you a 40% owner if you help manufacture and sell the pencils. He asks you to put up $500 for materials for the first 100 units. He asks that you help make and sell the pencils after classes.
Since your roommate is studying electronic engineering, he knows about as much about marketing as you know about electronics. You agree to study the possibilities and you come up with the list of questions below that need to be answered before you commit your $500.
What need does this product fill?
What is the potential market for the product?
What are the target markets for such a product?
What type of consumer good is this product?
How will you distribute the product?
How could the consumer be convinced to purchase the product?
You need to answer the questions referencing the concepts in the chapter 13.
online textbook:
https://psv4(dot)userapi(dot)com/c848432/u356773924/docs/d13/352ba844c4c9/Understanding_Business.pdf?extra=AiLYej9usGm-TS6dCCAM-1MnPsoYvADy4Eh0wbkNX8Jlb6DSgMNfWFllGjfr7bQtaVtGq2QODefgakO5LVE40pGempJ1N7R3n6scm0q2EKNjmMRAC2n0gIs1Ob9PAigk-d00705D5YmJ
I'm not sure if I mentioned, this essay should reference the concepts in the chapter13 from the online textbook.
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The Marketing Opportunity
What need does this product fill?
Digitizing what we write is increasingly common and writers need to know when they spell correctly and identify their most common misspelled words. What is the potential market for the product?
While there are various digital pens and writing sets that that allow users to write on smart gadgets, there are mostly for drawing and illustrations. There is potential for electronic pencils among students, one of the demographic groups that write more when compared to those out of school.
What are the target markets for such a product?
There is potential for growth among students mostly college/ university students and high school students for both male and female users. Undergraduate students are the primary target, and other users mostly those aged 18 to 25 years old. Grammar and punctuation are important to write clearly and communicate with others, and the customers will appreciate this. What type of consumer good is this product?
The electronic pencil is a type of ...
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