Product Proposal For The Flexible Pen PDF

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Summary

Product proposal for the flexible pen, primarily discussing the market target and market value of this product created as an extension of an already existing product....

Description

Name: Darline Xavier

Student ID: 20120159

Stream: MARS501/55

The Flexible Pen Product

With the rise of technology, over time, stationary may begin to fall in demand. However, research shows that compared to the minority among British start-up businesses that are relying entirely on digital technologies, 82% still use and prefer traditional office supplies and accessories (Rose, 2017). While this may not erase the concern for a lack of demand for stationery, a solution that could maintain the demand for stationary is to supply compact stationery, in product and in a consumer's workspace. Another problem that I have observed is the excess quantity of stationery a consumer can have and recognised that an efficient way to solve this problem is to put two or more goods into one product. A great example of minimising products into one is the multicolour pen, which is a pen consisting of multiple ballpoints in different coloured ink in each. Pens are the most frequently used stationery products, compared with other products (Mynewsdesk, 2010), therefore it is wise to assume that pens would be in high demand in the market. The flexible pen is a good with a flexible tip in contrast to a ball point, while the strength of the ink colour is adjustable. This will allow the consumer to write at almost any font possible (two examples being italic and bold), as it has pressure sensitivity while also being able to adjust the ink brightness to underline or highlight within a text. For example, the pen is suitable for highlighting by applying a certain pressure on the pen while dimming the ink colouration by twisting the end of the pen to the shade the consumer finds fit, likewise, the consumer can also apply light pressure and readjust the cap the bottom of the pen by twisting to a stronger colour to achieve the thin streak that a normal pen would provide. This pen has potential significance as it is not only a versatile pen, but it also provides professionalism and creativity based on the consumer's convenience.

Strengths Weaknesses • Product solves more than • Similar or better products •

one problem, (f (font ont and colour strength) It is a new product

like the fflexibl lexibl lexible e pen are on the market • Limited ways of extending

introduced to the market, therefore cconsumers onsumers will be attracted

product

•

•

There is a wide range of targets to mar market ket this product to Popular product in the stationery market

Opportunities Threats • Additional features can be • Similar products in the applied to the product such as pen gri grip p and ink replacement. • Branding the product under a popular company can increase sales • Can eexpand xpand target market by adjusting design

Target Market

market • More stationery items can be brought for same for a lower price ((e.g., e.g., two highlighters and two pens are poss possibly ibly cheaper tha than na multi pen. • Many competitors • Product can be copied and resold

Demographic and behavioral patterns The best fit for the target market for the flexible pen are university students. Students source their memories from notetaking by using external sources (Friedman, 2014), therefore one pen can serve multiple purposes rather than having to carry multiple pieces of stationery. University campuses are abundant with youth as the student population at Universities in New Zealand is dominated by 18 to 24-year old’s (Scott, 2006). While the digital era promotes students to use their digital devices to take town notes during lectures and class, many individuals continue the use of note taking by hand. The reason university students are a greater target as opposed to high school and primary students is because university students have more independence and autonomy than high school and primary students, as they now have greater time management skills required to balance university, part-time jobs and personal lives, university students are inevitably more exposed to the market (The Good Universities Guide, 2017). supplies are marketed within campuses and students are tasked with more professional assessments while also having the ability to creatively outline their work in progress/ note taking. Personas Based on the demographic and behavioural patterns an ideal persona to target for the pen would be a younger university student, between the ages of 18 to 25. This type of student would

generally be social and creative, and a student with a heavy degree, requiring frequent writing, such as law and business, this

Price

means this persona has plenty of notes and work to write down. Additionally, if this persona is artistically creative, the pen is an ideal to the consumer to express writings and art. As previously mentioned, the age range of this persona is common amongst universities and as a result, is likely to find an attraction to a product that satisfies multiple creative methods in an artistic and professional form. A fair price for the flexible pen would be $9.99. The pen is likely to be elastic in the market, as there is an abundance of pens in the market, with unique additions such as erasers and multicolour features, hence the significance of younger students at universities. Therefore, it is wise to maintain the product below $10 as the average price of a pen is relatively cheaper. Price Endings The purpose of the 1 cent decrease in the marketed price of $9.99 is based on the theory that certain prices influence consumers' decision making psychologically, this is known as price endings (Tu & Pullig, 2018). This means that although $9.99 and $10.00 is of the exact same value, consumers will be more drawn to the price that appears less, reducing consumer guilt (Choi, Li, Rangan, Chatterjee, & Singh, 2014, p.)...