Essay, Pages 2 (495 words)
Based on research, the Segway Human Transporter is an innovative product that aims to revolutionize the transportation industry. It is designed to improve urban living, transform the way people work and live and provide solutions to man’s short-distance travel concerns. At the same time, Segway aim to reduce the problems of pollution and traffic confession. This product is indeed a breakthrough in technology. Despite its advantages, the Segway Human Transporter has disadvantages. These disadvantages are its limited market, its high price, limited applicability and legal issues.
The research has established that the product’s limited market offering and high cost have severely affected its marketability. When the company marketed Segway to a limited market and sold it at a very high price, the company reduced its potential buyers. It would have been better if the company offered Segway to a much wider segment of the population. If it is truly the company’s intention to make the Segway Human Transporter a convenient means to travel in short distances and to transform the way people work and live then they should have also marketed this product to students and young professionals.
The middle-aged men and women may also find the Segway Human Transporter a very effective means of transportation. The company however committed the mistake in excluding the students, young professionals and middle-aged men and women from its market. Moreover, the pricing strategy was also a mistake as it turned-off a lot of individual customers and even business establishments.
It bears stressing that the Segway Human Transporter is not an indispensable part of business and will not help increase the productivity of companies.
As such even business establishments found Segway as additional cost. Conclusion Product differentiation and innovation is not enough. The product must be accompanied by an effective pricing and marketing strategy. However, the company’s pricing and marketing strategies do not match the nature of the product. As a new product, it will ordinarily take some time before the customers may accept it and consider it an indispensable part of their lives.
The better strategy would have been to offer Segway first to a wide market at a lower cost and to allow the people some time to get used to Segway and to realize its importance and its applicability in their every day lives.
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