Product Reassesment research paper Example | Topics and Well Written Essays - 1000 words

Product Reassesment - Research Paper ExampleProduct reassessment gets conducted due to the intersection points performance in the commercialise. Market performance indicators whitethorn result to a product reassessment (Graham et al, 2008). This paper will discuss a reassessment of battery free remote control in the US market. The hindquarters markets for this product include retailers and consumers who are in search for battery free remote controls. Developing a marketing strategy involves the identification of a maneuver market and coming up with a mix that will appeal to potential consumers. Developing an ideal market mix involves paying attendance to factors such as legal injury, product, and promotion. Target marketing involves selecting a viable target market by factoring in the expected growth, size, cost to reach, competitive condition and compatibility (Graham et al, 2008). Target marketing may undertake the single target market approach or multiple target market appr oach. In repositioning the target market for battery free remote control, branding is essential as 76% of American consumers base their decision to purchase a product on its brand name (Kahn, 2011). The products retail market is also growing massively as large retailers offer exceptional demand for the product. A few of this retail chains experience over 4000 chains in the US and thus provide ample appetite for the product (Kahn, 2011). Marketing seek is vital to ensure that the product gets repositioned towards its target market. Research is crucial in determining how market mix influences customer appearance. In order to reposition the product to its target market, it is necessary to conduct positioning enquiry (Graham et al, 2008). This will help the manufacturing dissolute to determine the perceptions of the target market in regards to their brand. Positioning research identifies how the target markets view the brand in relation to other brands from competitors. It helps the firm to understand what their brands stand for from the customers views (Graham et al, 2008). Positioning research will also help the firm to sort its products from those of other competitors. It will help the firm to develop its own position in the market with the view of appealing to its target market through its own product attributes. It is necessary to also conduct a segmentation research for the product. This will help the firm to identify the behavioral patterns of potential buyers. Segmentation research allows the firm to determine the demographic characteristics of the target market. Determining the demographic and behavioral patterns of potential buyers is vital in repositioning the product in the market. Demographic and behavior pattern data assists firm management to understand their target market while in the design process of the product. The data derived from such research helps the manufacturing firm to redesign the product in accordance with the target markets tas te and preferences. This will help to reposition the product in the target market along competitor brands (Kahn, 2011). Adoption rates refer to speed with which new members of a society start to use new technology within a specified time (Kahn, 2011). To increase the adoption rate for the product, the firm should consider on the product pricing. The product should be offered at a competitive price by the firm. Competitive pricing will allow the target mark