Invention of a New Product Essay Example | Topics and Well Written Essays - 500 words

Invention of a New Product - Essay Example 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. 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. 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. 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. 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). Like any other products in the market, Xerox Multi-Color Cartridge faces competition from rival