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Essay / Research Paper Abstract
This 3 page paper is written in two parts. The first part looks at how a company might decide to market a new product by considering who the target market for the product should be. The second part of the paper discusses different definitions of marketing and creates a new definition. The bibliography cites 4 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEMarkdefbasic.rtf
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Unformatted sample text from the term paper:
when ABC Widget introduces a red widget they have the potential for a first mover advantage. Now they have to decide how and who they want to sell the widget
to. There is the opportunity to sell the widget to the mass market targeting all consumers, or the option to target red consumers only. Advertising from the consumers will be
$2 each and all consumers will be $1. If ABC widget the tighter market to all consumers there is a very real chance of cannibalization, instead of gaining market
share from other competitors or creating new market share they may see their own customers simply shift product. This is also a strategy which is not optimizing the difference. Red
widgets are different, this is a source of differentiation and it is quite possible that a more targeted red consumer group may be willing to pay more for a red
widget. This has two benefits, the first is the difference will be able to attract a premium on price maximizing revenue for the company, the second is that the sale
of red widgets, which are different from the entire market, is likely to attract new customers and customers from other companies which will increase the revenue overall. In order to
assess the optimum price level market research should be conducted with the red consumers in order to assess the level of interest at different prices. The price may then be
set at a level where the demand is likely to result in the lowest total average cost, in other words the highest profit margin (Nellis and Parker, 2000). If the
red widgets are success it is quite possible that other consumers may want different color widgets. If there is a yellow widget the group it is possible the demographic profile
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