Electrochrome Alarm Clock The New Product for Best Buy (Essay Sample)
MRK 108 MARKETING STRATEGY PROJECT
You have learned that Best Buy Canada is looking for an exclusive“new to the world” and unique electronics products in order to increase sales. You have determined that you have the combined skills and resources to meet the challenge.
Develop a new Product for Best Buy, identify your Target Market and any of its segments and design ONE Marketing Mix utilizing the 4 Ps.
You DO NOT need to set Objectives or perform a SWOT analysis.
Prepare a 5 page written Report (double spaced) utilizing proper spelling, grammar and sentence structure. Marks will be deducted for errors in this regard.
Marketing Strategy Project
Just like Amazon, eBay and Alibaba, Best Buy has been around for quite a long time. This American consumer electronics retailer has its headquarters in Minnesota, and its foundation was laid by James Wheeler and Richard M. Schulze in 1966. Currently, it has an extensive range of products listed in different categories and sections, and the official store receives thousands of orders every day. However, in recent months, Amazon and eBay are said to be receiving and processing far more orders than Best Buy (Norton & Norton 200). It is a matter of great concern, and Best Buy Canada has decided to launch a new product to generate more and more and more revenues and to push Amazon and other stores behind the competition. In this paper, I will talk about a unique, comprehensive electronic alarm clock that has never been launched or sold on Amazon and eBay. I am sure this powerful alarm clock will be liked by a large number of people, helping Best Buy earn a lot of money.
Electrochrome Alarm Clock -- The New Product for Best Buy
The product has been named as Electrochrome Alarm Clock. For Best Buy Canada, it is indeed a good idea to sell alarm clocks in a large number. The estimated cost per piece is $40, and for this $40, the consumers will get an alarm clock that can be wrapped around their arms and will have a brilliantly shining and beautiful display. It is safe to say that a large number of alarm clocks are already present in the market. Even on Amazon and eBay, many such products are being sold at reasonable prices. What makes Electrochrome Alarm Clock better than the rest? Unlike most alarm clocks where people have to pick up their head at least once to see the display and turn the clock off, Electrochrome Alarm Clock will be turned off automatically when they wake up. Anyone interested in this product will be able to buy it from the Best Buy online store at an affordable price. Users can easily control its brightness, adjust the alarm clock for Daylight Time, and get two battery backups in case of power failure.
In simple words, we can say that for only $40, they ill get the best ever deal on Best Buy. One of the major perks of this alarm clock is that it will wake you up while disturbing your neighbors. Another perk is that you can set as many alarms at a time as you like, meaning if you do not wake up instantly with the first tune, then a second tune will be played after three to five minutes. It is aimed to help you wake up early in the morning, according to your own time-table. Using Electrochrome Alarm Clock, you will not have to rely on your mother, wife or another family member to wake you up and send you to the office without any delay.
Target Market and Any of Its Segments
There are three target populations for this alarm clock: workers who are to reach their offices or business sites on-time, housewives who find it difficult to wake their husbands and children up in the morning, and students who study overnight and then have to prepare themselves for the next-day classes. In case of workers, I’d like to say that Electrochrome Alarm Clock can be wrapped around their wrist just like a normal watch. It will be made from the soft yet durable material and will be lightweight. The same is the situation of housewives and st
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