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Pricing Concepts in Marketing
Product pricing in economics
Product pricing in economics
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Introduction
Segway Personal Transporter (PT) is a self-balancing two-wheeled, battery-powered personal transportation device with a set of handlebars, see Figures below.
It is self-balancing, really easy to operate and a personal commuter can travel up to 12 miles/hour.
Although Segway is a technological marvel, it did not quite well match the high expectations when it was first revealed in the press in 2001. Initially the press were carried away with new interesting device and its potential to change the world and how we commute. Even Steve Jobs predicted that cities would be built around it. So, what went wrong?
In this essay, the reasons why Segway didn’t do a better job in anticipating the issues that will face the project will
Being a technological piece of art and mechanically robust machine, sales expectations were too high. Segway was predicted to be the fastest company in open era to hit $ 1 billion dollars in sales and they were so optimistic they erected a 77,000 square feet factory that can produce around 48,000 units per annum with an average price of $ 5000. However, only 6000 units were sold.
One of the reasons Segway didn’t sell very well is that there were too much hype surrounded the product and expectations were too high. This could have been avoided by introducing it gradually to niche markets instead of going national on day one, before it was even legal to use. Another reason is that people questioned its price, $5000, which puts out of reach of many people , and practicality. People were not sure where to get it serviced.
These issues could have been resolved if a proper market analysis was done. An outcome of this research could have suggested that it best suites highly populated
The objective of this research is to help a company or an entrepreneur understand the business environment better as well as customers’ needs and, therefore, make better business decisions.
Once the market research data is compiled, it is then evaluated and upon which recommendations and conclusions about are drawn. This includes how the design of the product would look like, its price, initial niche markets, etc.
Segway had a brilliant invention but they should have also focused on innovation and creativity, and that is by always going back to the market, understand what the market needs and adopting these changes into your product.
Segway could have also started by targeting niche markets initially, giving Segway PT’s to bicycle clubs, skateboarders, extreme sport stars, college polo teamsetc , for free and see how they like it. If, for instance, that bicycle people are the first people to like it, they could open rental offices by the bicycle shops so that it can be rented at tried before being bought. The bicycle shop could have also been used to service Segway PT’s.
Are you looking for the right lightweight mobility scooters in West Kirby? Mobility scooters help the elderly and disabled individuals get around at their own convenience helping with retaining independence. Easi-Way are the north west specialists in mobility aids and products, with a great reputation for selling top of the range mobility scooters at great value prices. They only sell products that are made to the highest standards, whether it is the range of mobility scooter, wheelchairs and power chairs, or profile beds. These are all made by leading manufacturers.
Smith, Robert A. "A Social History of the Bicycle: Its Early Life and Times in America." New York: American Heritage Press. 1972
This case study is about “Specialized Bicycle Components Inc.” known as Ride the Red “S”. Specialized was founded in 1974 by Mike Sinyard. According to Chris Murphy, director of marketing for Red “S”, specialized is for serious riders. He says, “The customer is buying the ride from us, not just the bike.” The company began to produce its own bike parts by 1976, and introduced the first major production mountain bike in the world in 1980. Specialized now has an extensive global distribution network of 5000 retailers in 35 countries in Asia, North America, South America, and Australia. They maintained a reputation as the technological leader in the bike and bike accessories. The formal mission is still the same since they established the company “To give everyone the best ride of their life.”
Starting in the late 1700’s, European engineers began messing with motor powered vehicles. By the mid 1800’s, steam, combustion, and electrical motors had all been attempted. By the 1900’s it wasn’t very clear on which type of engine would really power the automobile. At that time, electric cars were the most popular but there were no batteries at that time that would allow a car to move very fast or a long distance. Commercial production in the United States began at the beginning of the 1900’s. In the early 1900’s, the United States had about two thousand firms producing one or more cars.
Many by now know, the EV that redefined the genre was released to rave reviews. Consumer Reports said that it performed better than any other auto on their test track. Because of all the weight from the low mounted motors it was
In the 1950 it was a whole new way to travel you could do it by car, boat, bike, ships, and wagons. According to Gunther Toody's, In 1950 there were 25 million registered automobiles, the majority of which were made pre-World War II, and by 1958 there were 67 million registered. In 1955, the National Highway system expanded with multi lane highways for speeds and more vehicles to fit in more than just one lane. The electric trolley was meant for people so that they did not have to depend on horse and foot. For the people that had to walk far to there job the cars had made it a short drive away.
In the year of 1885 a man by the name of James Starley invented the modern bicycle in England. I believe that this invention will be extremely useful in the 20th century. The reason why is that Starley was able to recreate the old fashioned bicycle and make it more practical for daily use. This invention is a great step towards new transportation and making daily life easier. In the nearest future I believe that his invention will be used by kids going to school or just exploring their surrounding. With having the modern bike invented it is one of the best alternatives to walking and other olden time transportation machines.
Biking today has risen to be a very good form of exercise but it is more than that people race both mountain bikes and road bikes around the world. Bikes have been included in both of the world wars and made a cheaper way for soldiers to travel farther distances than having to ride a horse. Bikes that could be rode without your feet touch the ground have been around since the 1860s. Since then great advancements have been made to them including easily adjustable gears and lighter materials to build them with such as aluminum, carbon fiber and titanium. These are all things that make the bike a great a revolutionary form of getting around with quickness and ease.
The earliest prototypes of self-powered vehicles began in the 1700’s with the first one being built by Nicholas Cugnot, weighing over 8000 pounds and clocking in at a top speed of 2 miles per hour (Bottorff). This large size and slow speed meant that it was impractical as an automobile. Several other prototype vehicles were built in this style by various inventors but were so heavy that they required metal rails to drive on, and so over time they evolved into trains and locomotives (Bottorff). Trains and steam power continued to develop and interest in a self-powered vehicle that didn’t require tracks faded, until the mid-1800’s when new developments in power sources encouraged the development of the automobile.
Non-motorized infrastructure is defined as active transportation that includes walking and bicycling and “small-wheeled transport” (skateboards, scooters, and roller blades) as well as wheelchairs (TDM Encyclopedia 2014). In this memo, I will refer to non-motorized infrastructure in regards to bicycling and walking as a single entity that is protected and
The driving force behind this invention can be attributed to many factors. However, the most immediate one is (Tremont Electric: The company n.d.) Aaron LeMieux’s thought of utilizing wasted kinetic energy of his steps and movement of his hips while backpacking 1500 miles on the Appalachian Trail in 1996.
The technology of electric cars has been around since the beginning of the nineteenth century but soon disappeared as the gasoline-powered engine took the limelight. It took until the seventies with oil prices at new heights that electric cars even became considered as an alternative. The main reasons the public identifies electric cars to be unattainable is because of their high cost and limited capabilities. In the early developing stages electric cars were extremely costly, basic, and so limited from a technical standpoint that many people thought buying a golf cart would be more practicable. Unfortunately, these prejudgments made many people blind to the vast improvement electric cars have made over the years. Their improvements have much to do with that major auto manufactures such as General Motors, Ford, Chrysler, and Tesla Motors producing high-performance electric vehicles. With major manufacturing companies continuing improvements on electric car engineering, the future of commuting automobiles has become electric.
Piaggio is the European leader for motor scooters, with a market share just over 50 percent. Annual production of Piaggio motor scooters exceeds 850,000 vehicles. Looking at some statistics referred to the first four months of 2007, an increase of + 10,7% has been registered with compare to 2006. Especially the scooter market is showing a drastic increase in numbers of new matriculated vehicles; during year 2006 62.1% of the totals were scooters.
With an annual CEO change since start-up, it is apparent that Segway's lack of a stated vision and mission is haunting the organization. The lack of "a way ahead", coupled with a less than well defined marketing strategy, has caused Segway to fall short of Kamen's expectations. Kamen, while a definite asset to Segway, could be a detour or even a dead end on the company's road to success. Historically, Kamen's successes have been based on his abilities to be innovative in research and design, while at the same time being able to pass the developed product off to a partnering company that is able to take the product to market. Kamen's emotional attachment to Segway is preventing its success. As if these problems were not enough, combined with the fact that there was no pent up demand for such a product, Segway's future success will be dependent
Transportation has been one of mankind’s most basic needs since existence. It allowed him to survive, to prosper, to populate almost every habitable place on the planet. Man has been able to conquer every frontier- land, water, air and even space. Modes of transport have undergone a massive change in the past few centuries. From animals to simple machines like bicycles to jet engines that have propelled us to outer space, the technology involved has indeed come a long way.