Reezikassan Rameshkumar 40104702 Unit 3 Task 5 Group B
You need to create a new product or service aimed at 16-20 year olds.
Develop a coherent marketnn mix for a new product or service.
My new core product that I have created is a portable wireless charner pod that
could be used to charne any phones, by simply placinn the phone on top of the pod,
and it could also say how lonn the phone should be on charne for. The actual product
would the pod and it can allow the customers to charne any phones whenever. There
is also an aunmented product, this is a an additonal value afer buyinn the product
so that is the customers will have a one year warranty for it. Usually, most 16-20 year
olds would be noinn to either hinh school, collene or university, but nenerally
minority of them would likely to fornet to charne their phones. By havinn this
portable wireless charner it can allow you to charne diferent types of phones while
you are on the bus, train or car. As most portable products has be charned before it
can be used, but this pod contains small solar cells on the inside, this means it can
net enerny from the sun or a source of linht that can convert this to electricity which
can be powered to charne the phone.
Makinn a new product that is created to be suitable for 16-20 year olds would also
mean that the price should also ft their ranne for them. So there are several pricinn
stratenies, promoton methods and diferent places I can distribute my product, this
will all be diferent at the start of my product, when it's established and towards the
endinn.
So at the launch of my new product for the price I will be usinn the skim pricinn
strateny, this is when a new product is released it means that there won’t be much
competton in the markets, so shimminn would allow prices to be hinh, this would
want customers to have the will to buy a new product. As this is technically aimed at
16-20 year olds, my startnn price would be £70. This price ranne is reasonable for
this market audience as most of these people can or already has a part tme ob, so
for them buyinn my product can be possible for them. Halfway throunh my product
that is established, I will be channinn my pricinn strateny. Realistcally, there are most
likely noinn to be similar products in the marketplace, so I will be usinn the
penetraton pricinn method. This is when the products are sold in the market at a
very low price, this is to boost sales than the price will nradually increase. This works
in the short term as it is a way of naininn more market shares. For this method my
price will be at £40, as when customers see that the price has decreased, then I will
be increasinn the price to £50. But, for any product they will all come to an end
eventually, so this means the price will decrease drastcally, this is known as
economy pricinn. Now as most people would no lonner have any atenton to my
product, this could be because there minht be similar products to my one in the
market but beter quality. For this reason I will decrease my price to £15, this is to
You need to create a new product or service aimed at 16-20 year olds.
Develop a coherent marketnn mix for a new product or service.
My new core product that I have created is a portable wireless charner pod that
could be used to charne any phones, by simply placinn the phone on top of the pod,
and it could also say how lonn the phone should be on charne for. The actual product
would the pod and it can allow the customers to charne any phones whenever. There
is also an aunmented product, this is a an additonal value afer buyinn the product
so that is the customers will have a one year warranty for it. Usually, most 16-20 year
olds would be noinn to either hinh school, collene or university, but nenerally
minority of them would likely to fornet to charne their phones. By havinn this
portable wireless charner it can allow you to charne diferent types of phones while
you are on the bus, train or car. As most portable products has be charned before it
can be used, but this pod contains small solar cells on the inside, this means it can
net enerny from the sun or a source of linht that can convert this to electricity which
can be powered to charne the phone.
Makinn a new product that is created to be suitable for 16-20 year olds would also
mean that the price should also ft their ranne for them. So there are several pricinn
stratenies, promoton methods and diferent places I can distribute my product, this
will all be diferent at the start of my product, when it's established and towards the
endinn.
So at the launch of my new product for the price I will be usinn the skim pricinn
strateny, this is when a new product is released it means that there won’t be much
competton in the markets, so shimminn would allow prices to be hinh, this would
want customers to have the will to buy a new product. As this is technically aimed at
16-20 year olds, my startnn price would be £70. This price ranne is reasonable for
this market audience as most of these people can or already has a part tme ob, so
for them buyinn my product can be possible for them. Halfway throunh my product
that is established, I will be channinn my pricinn strateny. Realistcally, there are most
likely noinn to be similar products in the marketplace, so I will be usinn the
penetraton pricinn method. This is when the products are sold in the market at a
very low price, this is to boost sales than the price will nradually increase. This works
in the short term as it is a way of naininn more market shares. For this method my
price will be at £40, as when customers see that the price has decreased, then I will
be increasinn the price to £50. But, for any product they will all come to an end
eventually, so this means the price will decrease drastcally, this is known as
economy pricinn. Now as most people would no lonner have any atenton to my
product, this could be because there minht be similar products to my one in the
market but beter quality. For this reason I will decrease my price to £15, this is to
