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Word Count: 570
Due to the speed of technological advances nowadays it is increasing difficult for anyone to predict the marketing strategy for an electronic device As for telephones today they are becoming more and more sophisticated in both capabilities and application of these capabilities A potential buyer is nevertheless confronted with decisions cordless or non-cordless caller ID or no caller ID and so on Well by analyzing this market through an economists point of view the quality of product almost always grow directly according to price To analyze the 1999 phone market fully using the neoclassical approach many factors would have to be discussed As discussed in the Time article by Katie Hafner Everything but a Dial Phone Choices telephone prices ranges are related to their capabilities The amount of consumption of these various goods solely depends on the price and the utility that consumers receive from purchasing the product When deciding to purchase a telephone a consumer would most likely to separate telephone capabilities into different categories first and then choose from a selection of phones that best suit their needs their utility The amount of goods sold by a company would depend on the price of the phone and how it competes with other companies in the market Therefore in order to effectively market a new line of telephones the capabilities of a telephone and its price must be taken into consideration First a research must be done on consumer preference and what population it would be served Empirical data must show a significant number of demand for a specific capability before the production is run ex whether if there are enough couch potatos in United States that desire a telephone which is integrated into a remote control for the television Second the price of the new product must be competitive in the market By comparing the new line of product to its competitors the price should be set at a level that
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