New Product Elasticity of Demand Essay

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And from a services perspective, the ability to gain access to the Internet from anywhere at anytime without excessive service charges is also a highly differentiated aspect of the proposed product. These three aspects of product, process and service combine to deliver a device that replace multiple substitute products. Another characteristic of highly elastic products is that they have an abundance of substitutes (Klemperer, 141). By combining essential elements from a product, process and service standpoint, both the actual and perceived value of the proposed build-to-order tablet PC increases as well, further sloping the demand curve and making it more elastic.

Conclusion

As the proposed build-to-order tablet PC will combine these factors of product, process and service differentiation in a high-end electronics device not easily imitated for years, the proposed product will quickly be considered a luxury item. Over the first few years of the product family's life, there will be a high degree of price elasticity as continual enhancements will make the device a suitable substitute for many electronics devices including a smartphone, conference center, presentation device and streaming video camera.

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The continual addition of these highly valued functions within the device will serve to protect its pricing elasticity over time, taking on more and more substitute products. Instead of engaging in price competition when new competitors enter the market, which tends to invite price inelasticity, the strategy will be to continually add new, state-of-the-art features that can further protect the price elasticity of the device over the long-term.

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