Write a response that includes your answers to the following questions. What need does this product fill? 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? Prepare your initial discussion by providing a detailed response with at least three paragraphs. A paragraph consists of 4 to 6 sentences. Prepare to defend your answer by incorporating at least two citations (MLA or APA format and one citation can be your textbook).
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.
Your roommate comes to you for advice and money. She figures the pencil can be manufactured for about $5, since the cost of computer chips has dropped so low. She will make you a 40% owner if you help manufacture and sell the pencils. She asks you to put up $500 for materials for the first 100 units. She asks that you help make and sell the pencils after classes.
Since your roommate is studying electronic engineering, she knows about as much about marketing as you know about electronics. You agree to study the possibilities. You make a list of questions that need to be answered before you commit your $500.
Write a response that includes your answers to the following questions.
- What need does this product fill?
- 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?
Prepare your initial discussion by providing a detailed response with at least three paragraphs. A paragraph consists of 4 to 6 sentences.
Prepare to defend your answer by incorporating at least two citations (MLA or APA format and one citation can be your textbook).
In this scenario, a roommate has invented an electronic pencil that can detect spelling errors and provide corrections. The roommate offers me 40% ownership if I provide $500 to cover the cost of materials for the first 100 units and help manufacture and sell the pencils. I agree to consider the opportunity, but first want to answer some questions about the product's need, target market, good consumer type, distribution, and potential marketing strategies.
In my response, I address each of these questions and explain why the electronic pencil would be useful and who would be interested in purchasing it. I also suggest potential distribution and marketing strategies to help the product succeed. Finally, I incorporate marketing theory by discussing the importance of understanding customer needs and creating a product that satisfies those needs.
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