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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.

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.



Question a: What is the product name? Describe the product. 2 pts.

Answer a: Include your information here.



Question b: Identify and explain which market segmentation variable you are using. 5 pts.

Answer b: Include your information here.



Question c: Why did you choose this method of customer segmentation? Be specific. 4 pts.

Answer c: Include your information here.



Question d: Who is the target market? Be specific. Use demographics, psychographics

(lifestyle), etc to identify your customer. 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. When reading the explanation of the target market, one should be able to draw a picture in their mind of your customer. 10 pts.

Answer d: Include your information here. Please note the necessity for detail and specificity.



Question e: What are your product’s benefits to the target market? 2 pts.

Answer e: Include your information here.



Question f: At what price will your product be introduced? Why? 4 pts

Answer f: Include your information here.



Question g: What new product pricing strategy are you using? Why? 5 pts.

Answer g: Include your information here.



Question h: What objectives will be accomplished by using this strategy? Be specific. 5 pts.

Answer h: Include your information here.



Question i: Why is the product worth this price? 2 pts.

Answer i: Include your information here.



Question j: Identify and explain what prices you should charge at each stage of the PLC? 12 pts.

Answer j: Include your information here.
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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...

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