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International Business Project Research Paper - Essay Example

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The product is based on an idea approved by the Food and Drug Administration authority in the United States of America. The business proposal is based on the "VeriChip" model. The "VeriChip" has been extensively used on animals and is now approved for human use…
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International Business Project Research Paper
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International Business Project Research Paper

Many people have justifiable concerns about a introducing a foreign object into their body. Privacy is also an important factor for consideration. The product will be a wearable chip which can be mounted on a variety of objects ranging from bracelets to earrings. The consumer will have total control on the quantum and the nature of information to be encoded on the chip. The information to be encoded can depend upon the individual requirements of the client. The chip will be almost invisible to a casual observer. This chip will also have the availability to track people in various emergencies including kidnapping.
The brand positioning of the Microchip ID Devices (MIC) has to consider the unique benefits that this product can offer to the various segments of the society. Identification of these segments is vital to the proper positioning of the product. That is carried out in the next paragraph. The unique selling proposition of this product is the sense of safety and relief which it offers to its users. The brand positioning should highlight this product attribute and should focus on the niche segments which have been identified. The safety, ease of use and its reliability will differentiate this product from others.
identified as the possible users of this product. Each of these segments has individual requirements, which have to be identified. ...
For families with children, the MIC will endow parents with the power to ascertain the exact location of their child. This can be of considerable help in scenarios like kidnapping. MIC can provide the law enforcement agencies with vital information which can often help them to resolve the issue much quicker. The pricing of the product makes it an affordable investment for an average Canadian family. Parent's who have work commitments can monitor their children from their offices. This is particularly suited for latchkey children.
Lost pets are an endemic problem and the pet owners who value of their pets, often have no control over a straying pet. Our product can offer them this control. Pet insurance can cost much more than the product. Single pet owners value their pets, and consider their pets to be a part of their family.
Families with elderly members know that health is an important aspect of their lives. It is essential to preserve the medical history of the elderly so as to save time in an emergency. These can include details like blood groups, allergies, medical histories, current medication etc. MIC has the potential to help the elderly regardless of their location, irrespective of whether it is a family home, a retirement home or an hospice. MIC also has applications for the elderly with diseases like Alzheimer's, which can disrupt the mental faculties of the affected individual. The various segments identified are shown below in a tabular format.
Families with Children
Pet Owners
Families with Elderly
Upper Class
Single
Senior Retirement Living
Middle Working Class
Married
Hospitals
Latchkey Children
Elderly
Hospices

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