Number Of Pages Requirement: Minimum Of 2 Pages 243666

Number Of Pagesrequirementone Title Page Minimum Of 2 Page Content

Number of pages requirement: One title page, minimum of 2-page content, one reference page. References requirement: minimum of 3. Assume you come up with an idea for a new electronic product you think your fellow students would really like. How would you go through the product development process? How would you accomplish each step within that process? A fundamental question in the product purchase decision-making process is what makes this product different. As a result, marketing managers must identify important characteristics that successfully differentiate their product from others in the customer’s mind. List and explain an example of 4 product discriminators businesses use to differentiate their products in the market. Select various products as an example of each of the stages of the Product Life Cycle concept. Identify and discuss the marketing characteristics that are present for that particular life cycle stage with the product you selected. Choose a branded product of your choice. Identify and create a relevant profile such as age, income, gender, education, ethnicity, marital status, household (or business), size, profession/occupation, geographical area, and personality for the marketing segment the product serves.

Paper For Above instruction

Developing an innovative electronic product tailored to college students involves a systematic process that spans multiple stages, from ideation to launch and beyond. The process begins with idea generation, where market research and consumer feedback are crucial. For instance, an idea for a compact, multi-functional portable charger integrated with an LED display and wireless charging capabilities can emerge from observing students’ reliance on mobile devices and frequent power shortages. Once the idea is solidified, the next step is concept development and testing, where prototypes are created and tested with target users to gather input and refine features.

Following successful concept testing, the product moves into the design and development phase, which involves engineering, obtaining regulatory approvals, and establishing manufacturing processes. Cost analysis and pricing strategies are formulated concurrently to align with target consumer affordability while ensuring profitability. During this phase, marketing strategies are also developed, focusing on branding, packaging, and promotional channels suitable for the student demographic. The product then proceeds to commercialization, including product launch activities, distribution, and sales channels. Feedback mechanisms post-launch help monitor performance and guide future improvements.

Differentiating the product is key to its success in a competitive marketplace. Marketers employ various discriminators to establish a unique position. Four common product discriminators include quality, features, branding, and customer service. For example, quality distinguishes premium products like Apple’s iPhone, which offers superior build and performance; features are exemplified by Samsung Galaxy smartphones with advanced camera technology; branding is leveraged by Nike in athletic footwear, associating the brand with performance and style; and customer service is exemplified by companies like Amazon, which emphasizes fast delivery and responsive support.

Applying the Product Life Cycle (PLC) concept to real-world products provides insight into their marketing strategies at different stages. For example, the Apple iPad initially was in the introduction stage, characterized by heavy promotion, limited competition, and a focus on awareness. As it entered growth, features expanded, and distribution widened, with marketing emphasizing versatility and app ecosystem. In maturity, the iPad's sales stabilize, with marketing efforts focusing on brand loyalty and bundling deals, while in decline, newer tablets like the iPad Air replace the older models, and marketing reduces emphasis on innovation.

Picking a branded product such as Nike running shoes allows for a detailed marketing segmentation profile. The target segment typically includes active individuals aged 18-35, with middle to high income, predominantly male but increasingly female, with at least some college education. Ethnic groups are diverse but often include African American, Hispanic, and Caucasian consumers who value fitness and sports performance. Marital status varies, with many singles and young families. Household size ranges from single-person households to small families, and the profession includes students, athletes, fitness enthusiasts, and young professionals. Geographically, marketing is concentrated in urban and suburban areas with access to sports retail outlets and online shopping. The personality profile aligns with active, health-conscious, competitive, and trend-sensitive consumers.

References

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• Porter, M. E. (1985). Competitive Advantage: Creating and Sustaining Superior Performance. Free Press.
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