What advantages there are compared to other products Essay Example

customer demand with a quality and affordable product is crucial, setting the price too low may harm perceived quality and profits. Offering a competitively priced high-quality product can enhance our likelihood of success compared to other suggested products during launch.

According to the chart, as the world progresses, mobile phones become more crucial. This implies that an increasing number of individuals may desire the latest models since fashion is always evolving. As long as people depend on them, mobile phones will remain popular. The majority of respondents voted for Nokia.

The data suggests that collaborating with Nokia would enhance the triumph of my business product. Most buyers are attracted to a commodity due to its fashionable or reliable characteristics. Therefore, customers would perceive my product as outstanding if it was linked with Nokia. To concentrate on the lucrative market segment, I will outline my 4p's strategy.

As I strive for success in the market, I examine the four key components of Product, Product Life Cycle, Price, and Promotion. To stand out from competitors in the intensely competitive mobile phone sector, my priority is to develop a distinctive product. Based on my investigations, it appears that MP3 players are favored by customers when it comes to mobile phones. Therefore, I have incorporated this feature into my design as a point of differentiation.

The Product Life Cycle is significant because people are caught in the cycle of needing mobile phones, which are highly sought-after gadgets. Combining mobile phones and MP3 will make our product a hit, as customers can save money by purchasing both together instead of separately.

Our advantage lies in the fact that the latest mobile phones are in high

demand, ensuring a successful market. Additionally, our ultimate product will be a hit as people are obsessed with music. This extension strategy has longevity as people are dependent on their phones and have a love for music. The graph below shows the product's gradual increase in sales, with a decrease in growth rate over time. To attract more buyers, prices will be lowered after a year, although sales may eventually decline with the introduction of newer products.

My product will be reasonably priced to attract customers, but not too high as this may deter those looking for affordability. Setting the price too low could lead to lower profits and a perception of poor quality. Given that fashion trends are always changing, price skimming would work best for my product. Initially targeting enthusiasts with a higher price, I would gradually decrease it over time to appeal to a wider audience.

Promotion is crucial in increasing success, and while television advertising is effective with special effects, it can be costly. Instead, the internet helps reach a larger worldwide audience at a lower cost than television advertising.

As a motivation for purchasing our product, we are offering 200 free minutes and 50 legal MP3 songs of the customer's choice for the first year. Additionally, I will be sponsoring teams and organizations to promote awareness of the product. We have created diverse advertisements to target various demographics.

To establish a distinctive brand image and gain a competitive edge, my promotional approach involves advertising in music magazines and on the internet. My focus is on emphasizing the advanced features of my product. Additionally, I am considering partnering with distinguished companies such as Sony

Ericsson to create a positive impression among potential customers. It is imperative to target specific market segments for maximum impact.

My mobile phone is attractive to a diverse group of users, particularly those who use their phones while on-the-go. However, I believe that younger people will find it especially appealing because of their love for fashion, advanced technology, and music. It includes an MP3 player and I anticipate high demand.

Financially constrained youth are attracted to the affordability of the song. My six-week research helped me discover tactics that guarantee my product's success by understanding the market and creating a unique item that sets it apart from competitors.

Throughout history, the passion for music and socializing has remained steadfast. In our modern world of advanced technology, this has led to a high demand for essential items. Taking advantage of this trend, I have devised an innovative idea for a mobile phone that permits MP3 downloads. The desire of individuals to possess the newest technology can be exploited by businesses if they cater to their intended audience. My unique concept has the potential to differentiate this product from others in the market and make it a major success.

It is not only stylish but also cost-effective when compared to other high-tech cellphone models. Based on the surveys, it is evident that more individuals rely on their mobile phones, offering the business a steady foundation. I will be presenting my ideas to a renowned and trustworthy corporation to launch my efforts. Despite users not examining the product specifications, they view well-known brands as more dependable. This could be due to its trendiness or reputation for being a reliable product. I

have provided people with a query that offers a selection of various mobile phone options.

According to the responses I have received, the MP3 downloadable mobile phone seems to be the most popular choice of all the different types of mobile phones. However, this may not necessarily guarantee its success nationwide since the responses I received were limited. My product is an electronic device, which means its lifespan will be relatively short considering how quickly technology advances in the 21st century. We decided it was best to implement a price skimming strategy when pricing our product.

The product's price was lowered after a profitable period to increase customer attraction and maintain sales. However, advertising investment is crucial for success as customers may not be aware of the product's potential. Competitors regularly release newer products, potentially limiting this product's lifespan. Nonetheless, it remains a promising entrepreneurial concept that could enhance the market. Ultimately, I am hopeful that someone will develop the ultimate product based on these ideas.