Select a company and a new product that has been internally developed and introduced by the company in the U.K., E.U., U.S. or o

Select a company and a new product that has been internally developed and introduced by the company in the U.K., E.U., U.S. or o Essay example
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Marketing
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Marketing: Nike Inc. [The name of the writer will appear here] [The name of the writer id will appear here] [The name of the course will appear here] [The name of the course number will appear here] Introduction Nike is a name that is almost synonymous with sports shoes and also sports goods…

Introduction

In 2012, Nike released another innovative product, the Nike Fuel Band. At the end of the year, it came up with a second generation of the Fuel Band. This product was the first in line in terms of a wearable monitoring device that monitored the activity of the wearer throughout the day (Chu and Golden, 2013). The product was innovative and it was consistent with the organizational objectives of Nike of targeting to the affluent young sport loving generation. The product was an instant success owing largely to the brand image of Nike. Part 1: Segmentation In terms of behavioral segmentation, the product is target to the loyal customers. The product is priced at $149, which makes the product a luxury product. The product would therefore not greatly appeal to the price sensitive consumers and they may look for the same product offered by cheaper brands. Since the product is more of a luxury than a necessity, the price sensitive consumer would be generally not attracted towards the product. Therefore the segmentation of local customers makes the most sense for this particular product. Consumers who have already purchased Nike and are satisfied with the product would be more tempted to buy the product. ...
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