Identify a new and developing technology, and select a product that you expect to be developed and marketed during the next 5 to 10 years.

Identify a new and developing technology, and select a product that you expect to be developed and marketed during the next 5 to 10 years.

Technology selected: Jewelry that you can customize to your outfit. I
love having a plethora of necklaces, earrings, and other trinkets to choose
from when putting together an outfit; But sometimes, the options you have may
have the look but not the color/finish you need.
Aura would be a jewelry brand where you can change
the finish of your pieces. Available for purchase will be a gold finish dip, silver
finish dip, and more (based on market research). The product will come with the
magic solution that will wash the water/sweat proof dip from the jewelry so you
can continue to customize it as many times as you want!

1. What kind of innovation is this? How does it fit within the types of innovations framework? (10 points)

2. How would you segment the market for this innovation? Which segment would you select as your target market and why? (10 points)

3. How will you brand this product? Select a brand name, and identify the unique brand image and all relevant associations that you would like to be associated with this name. (10 points)

4. What is your pricing strategy for your product? Does the Technology Pricing Paradox apply, and if so how will that affect your pricing? Will you change your pricing during the product’s life cycle, and if so, how and why? Which factors will be critical in designing your pricing strategy and why? (15 points)

5. Describe the distribution strategy you will use for the product. List all relevant considerations, and provide explanations on why you have selected the particular method you are proposing, as well as how stable will this method be over the life cycle of the product, or how you will adapt it. (15 points)

6. Promotion including web based methods. Identify the best core message. How should this message be communicated across different media and methods? Identify the most critical media/methods, explain why you selected them, and provide concrete examples/samples of how you will communicate the core message(s). (15 points)

7. How to sustain competitive advantage over time. Identify the challenges and methods to deal with them. (15 points)

8. Social responsibility and measuring societal impact. What is the impact of this innovation not only on the economy, but also on society? Are there any potential negative effects? Is there anything the company should be doing to maximize the positive impact on business and society? (10 points)

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