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Invention of a New Product - Essay Example

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Summary
The product under introduction is a multi-color printing cartridge, which enables people to use printers without having to change individual color cartridges. This product is a large container with compartments that hold all primary colors. The Xerox Multi-Color Cartridge has…
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Invention of a New Product
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Affiliation Invention of a New Product: Xerox Multi-Color Cartridge Product Xerox Multi-Color Cartridge Product Description
The product under introduction is a multi-color printing cartridge, which enables people to use printers without having to change individual color cartridges. This product is a large container with compartments that hold all primary colors. The Xerox Multi-Color Cartridge has the capability of mixing colors based on the printer request.
Product Origin
The product Idea originated from an observation of the problem that the customers of Xerox printing and photocopy machines go through as they try to refill the cartridges. The printers and photocopy machines have been holding different cartridges for different colors. When customers are changing the cartridges, they might fill them with wrong colors, which destroys the product and the quality of the printed colors. This has been the basis of the product design as Xerox Multi-Color Cartridge is created to allow the customer to feed primary colors to the same cartridge, which mixes them to provide the best quality printing as per the customer specifications.
Problem to solve
Customers value their documents and do not want to stain their clothes with colors. Therefore, the problem of having to deal with different cartridges have to be solved. This has been giving the users problems and a risk of losing the cartridges due to mixing colors. As a result, the Idea of the product has been developed to solve the problem of having to mix-up the cartridges and using the wrong colors for cartridges.
Solution
To solve this problem, the Xerox Multi-Color Cartridge allows the customers to feed all the colors to one cartridge and leave the mixing problem to the machine.
Customer Targeted by the Product
The customers use for offices, commercial purposes, and at home Xerox products. The Xerox Multi-Color Cartridge is a product targeted to customers who use printing and photocopy machines for commercial purposes. This market segment consists of people in need of the highest quality of printing and highly class of tidiness for customer material. They also do not have time to keep refilling different cartridges with different colors.
Market Size
Xerox is among the most successful companies in the world dealing with printing and document processing machines. The Xerox Multi-Color Cartridge stands a chance of being highly successful, as people, who associate Xerox with high quality, will purchase it.
Pricing
Product pricing is a delicate aspect for the product introduction process. Xerox Multi-Color Cartridge will be priced higher than all other cartridges in the market. This pricing strategy is known as skimming, where the high prices is meant to imply high quality and attract customers from the high end of the market (Gebhardt 1).
Competitor
Like any other products in the market, Xerox Multi-Color Cartridge faces competition from rival companies, such as HP cartridges, which are said to print clear pictures. However, this competition will be dealt with through the right positioning and a marketing strategy that will focus on all printers and photocopy machine users.
Advantages of the product
Xerox Multi-Color Cartridge allows the customer to refill ink unlike other cartridges that do now allow refill and end up being expensive to the user.
Xerox Multi-Color Cartridge produces high quality documents due to the machine mixing of the ink during the printing process.
The cartridge allows the user to add all the ink together without staining their workstations or the documents.
Launching
To create a lasting product image in the mind of the customers, the product will be launched through a campaign. The campaign will be mobile to different business centers allowing people to take part in fun and games and win Xerox products. The product will also be distributed to different outlet that distribute other Xerox product to reach the customers fast.
Conclusion
Xerox Multi-Color Cartridge will change the way documents are handled, through creating efficiency, cleanliness and high quality of printed materials. It will reduce the time used in changing cartridges and mistakes that happens due to mix-ups. Xerox Multi-Color Cartridge will be highly successful, as it will enjoy the company’s already established distribution channels
Work Cited
Gebhardt, Gary. "MSI - Price Skimmings Unintended Consequences [09-109]." Marketing Science Institute. Marketing Science Institute, 2009. Web. 22 Nov. 2012. . Read More
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