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Product Reassesment - Research Paper Example
Author : abernathyjensen
Pages 4 (1004 words)
Product Reassessment Name Institution Product reassessment Product assessment refers to the process of verifying and validating the operational characteristics of a given product and if possible, its development cycle. The objectives of a product assessment are to establish the uniqueness, development potential and define the idea (Kahn, 2011)…
Product reassessment gets conducted due to the product’s performance in the market. Market performance indicators may 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 target 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 target market and coming up with a mix that will appeal to potential consumers. Developing an ideal market mix involves paying attention to factors such as price, product, and promotion. Target marketing involves selecting a viable target market by factoring in; the expected growth, size, cost to reach, competitive position and compatibility (Graham et al, 2008). Target marketing may undertake the single target market approach or multiple target market approach. 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 product’s retail market is also growing massively as large retailers offer exceptional demand for the product. ...