New Product Essay

786 WordsJan 16, 20134 Pages
New Product Paper Principles of Marketing 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. a. What is the product name? Describe the product. The name of my product will be H2O run vehicle. The product is a vehicle, car or truck that uses water and electric to run it and do not use any fossil fuel. The car would not “technically” be running on the water but the HHO gas which is what the H2O would be change to for this to work. This vehicle would be an electric/water hybrid. The way it…show more content…
When reading the explanation of the target market, one should be able to draw a picture in their mind of your customer. My target group would be the middle class. The family that both parents goes to work and the annually income is $70k annually. After work take the kids to soccer practice or taking the family to the beach or the park on the weekend. e. What are your product’s benefits to the target market? The product saves a family an average of 300 per month on gas and also impacts the environment with pollution. This product would cut down on the use of fossil fuel usage. f. At what price will your product be introduced? Why? The cars would be introduced at $30,000 for a car or $45 for the truck/suv. I would only sell this product for 5 years and patent the technology. g. What new product pricing strategy are you using? I would only sell the vehicle for 5 years and once the vehicle is received and approved by the public then I would use the patent to make the real money. h. What objectives will be accomplished by using this strategy? Be specific. After 5 years you sell the company but not the patent but lease the technology to other car companies. i. Why is the product worth this price? No more oil spills in the oceans and cleaner on the environment. Also no
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