Question

Suppose your roommate just invented an electronic pencil that senses when a word being written is misspelled, beeps, and shows the correct spelling on a small screen on the side of the pencil. He figures the pencil can be manufactured for about $5, since the cost of computer chips has dropped so low.
Your roommate comes to you for advice and money. He will make you a 40% owner if you help manufacture and sell the pencils. He asks you to put up $500 for materials for the first 100 units. He asks that you help make and sell the pencils after classes.
Since your roommate is studying electronic engineering, he knows about as much about marketing as you know about electronics. You agree to study the possibilities. You make a list of questions that need to be answered before you commit your $500.
1. What need does this product fill?
2. What is the potential market for the product?
3. What are the target markets for such a product?
4. What type of consumer good is this product?
5. How will you distribute the product?
6. How could the consumer be convinced to purchase the product?
7. What are the other questions that need to be answered before a decision is made?

Answer 1

The need that the electronic pencil fill is the need to erase errors associated with what has been written down digitally.

What is the potential market for the product?

The potential market  for electronic pencil is the global digital pen market and the global market as a whole.

What type of consumer good is electronic pencil product?

The type of consumer good  of electronic pencil product is Specialty products.

How will you distribute the product?

One can distribute the product via online platforms such as social media, online stores and marketplace, etc.

What are the other questions that need to be answered before a decision is made?

• The lifespan of the product.
• Does it have effect to the human skin
• Is it feasible.

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