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New Consumer Product

In: Business and Management

Submitted By gdot80
Words 853
Pages 4
Grade Received - "A"

Create a new consumer product.
Define your target market.
Select a song and an endorser for your campaign, and explain the rationale behind your choices.

Marketers have to be innovative when it comes to promoting any type of product. Analyzing and selecting a positioning strategy can mean the difference between success and failure for a new or existing product. In this discussion I will attempt to create a new consumer product, define my target market and an endorser for my campaign and explain the rationale behind my choices and discuss my competition and how we are both poised to compete and differentiate. I believe I have an outstanding idea for a new and innovative product. What is the next best thing from virtual reality? The answer to the question is augmented reality. We see augmented reality used in video games, movies and real world situations. My idea for a new and innovative product is augmented technology within contact lenses. With augmented reality technology and contact lenses, individuals will be able to program directions using GPS to help them go places. The way it can work is while they are driving, the names of the streets will pop up in each intersection giving directions on where to turn and how far the destination is. If they are in an unfamiliar area and would like to know what stores are in the location, they can program the contact lens to have names of stores pop up in the direction they are looking. I have seen this technology work on cellular phones, so why not contact lens? I am sure that the military would also love to get hold of this type of technology and so for military purposes, satellite imagery wirelessly sent to these contact lenses to show how far enemies are from their positions and exactly where they are located. I know that there are assassination missions when it comes to the FBI, CIA, Navy SEALs, and etc. This technology can help with facial recognition in order to point out exactly who they are looking at and if they are looking at the target that may be in disguise based off facial features. There are almost endless possibilities when it comes to augmented reality and contact lenses. If someone is trying to fix a car, they can somehow program the make model and year of the vehicle, look at the engine and have a guide them through on what to fix and how to fix it. This can also help doctors perform the perfect surgery based on how other doctors have perfected the type of surgery. Maybe they can also sense whether or not a person is telling the truth when asked the question. There will be an option of transparency of the images that are seen through the contact lenses. I will not have a specific target market, I would like for as many people to use this technology as possible. I feel as though it can be very helpful for individuals throughout their everyday life and the type of work that they may do. But to name a few specifically, one would be marathon runners. It can help them keep track of the distance that they are running, their heart rate through the heartbeat it senses in the eyes without them having to constantly look down at something on their wrist. I have a personal mechanic who refuses to work on hybrid vehicles because he feels that he is too old to learn about these vehicles. With mechanics who feel the same way, this can benefit them. Just about everyone will be my target market. If I had to choose only one song and endorser for my campaign, it would either be the theme song for 007 or Mission Impossible. The only endorser that I can think of for this product would be Jackie Chan, Johnny Depp or Taylor Swift. I chose the theme song for the 007 and Mission Impossible because of how high tech this technology may seem and in may make some people feel like some kind of high-speed spy. I chose Jackie Chan, Johnny Depp and Taylor Swift because those are the only three most down to earth celebrities I could think of. But if I had to choose one I would choose Jackie Chan because I can picture the types of things he can do in the commercials. When it comes to competition, I do not believe that I will have any out there because there is no other contact lens company that uses augmented reality technology and the contact lenses. If anything, I would try to work with them to try and get the technology used in the contact lenses. I would choose one contact lens company who would be willing to try this out to see the demand for augmented reality contact lenses. Whether or not they would like to be exclusive, we will have to see how that goes. I would not consider cell phone companies as competition because of the fact that they are two entirely different products.

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