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Business & Finance

Marketing Opportunity

Marketing Opportunity

 The idea of an electronic pencil that detects misspelled words and displays the correct spelling on a small screen is an innovative and potentially game-changing invention. With the cost of computer chips dropping, it is now possible to produce such a product at a relatively low cost (Deepak & Jeyakumar, 2019). However, before investing in the production and distribution of the product, it is essential to answer some critical questions.

Firstly, it is essential to identify the need that this product fulfills. This product addresses the common problem of misspelling words, which can be time-consuming to correct and could result in errors in important documents. The electronic pencil could be a valuable tool for various individuals and industries by providing an efficient and convenient solution.

Secondly, it is essential to identify the target markets for this product. While the potential market for this product could be significant, it is necessary to narrow down the target audience to specific demographics that will benefit most from its features(Deepak & Jeyakumar, 2019). Identifying the target markets will be critical to developing an effective marketing strategy.

Thirdly, it is essential to consider the distribution channels for the product. Establishing an online presence through a company website, social media platforms, online marketplaces, and partnerships with selected retailers could help increase the product’s visibility and accessibility to customers.

Lastly, the product’s benefits and unique features should be highlighted to convince the consumer to purchase the electronic pencil (Deepak & Jeyakumar, 2019). Promotions and incentives such as discounts, bundles, and limited-time offers could also be effective strategies to encourage customers to purchase the product.

Reference

Deepak, R. K. A., & Jeyakumar, S. (2019). Marketing management. Educreation Publishing

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Question 

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.

Marketing Opportunity

Marketing Opportunity

Your roommate comes to you for advice and money. She figures the pencil can be manufactured for about $5 since computer chip costs have dropped so low. She will make you a 40% owner if you help manufacture and sell the pencils. She asks you to pay $500 for materials for the first 100 units. She asks that you help make and sell the pencils after classes.

Since your roommate studies electronic engineering, she knows as much about marketing as you learn about electronics. You agree to explore 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.

  1. What need does this product fill?
  2. What are the target markets for such a product?
  3. What type of consumer good is this product?
  4. How will you distribute the product?
  5. How could the consumer be convinced to purchase the product?

Prepare your initial discussion by providing a detailed response with at least three paragraphs.