Please provide a brief overview of the product or service listed in paragraph one listed below:
Also discuss what pricing objectives you would consider for your product/service. The Objectives should be based on the various theories presented in marketing literature and take in to account competitor pricing. Including background on value proposition, positioning, and target market is necessary. All of these components provide rationale for the chosen pricing scheme.
The product to be introduced in the market is named “Common”. Common is a platform for theprocessing of digital currency which is an essential ingredient of contemporary businesses. Common will not only serve as a single platform for myriad groups but shall also be used forconverting any currency into digital currency. It is different from other internet currencies, such as BItcoins and Paypal, as Common shall be linked by a common platform that shall be able to integrate different internet currencies. The process of creating dummy accounts that act as a transition account between the transference of money makes this system highly secure. Another feature is that there is no restriction in the amount of money to be transferred. Common shall also charge a fee of only 1% of the transaction, which means they shall be no fixed charge or admin charge per transaction. The volatility of currencies in the present international market has been kept in mind while creating such product. The market volatility will be overcome by using local currency and converting them into currency of payment to be made at the defined location. They key issues of authenticity, credibility and security of online transaction have been kept in mind while creating the product (James, 2013).
The whole idea behind Common although being really attractive may be subjected to certainissues. Many people around the world have lost trust in internet transaction and with so many Ponzi schemes going around, people may fear that this is just another of them. Legal requirements may cause a delay in marketing process. This is because a few of the requirements are vague and are yet to be discussed in depth by the authorities but have been implemented with immediate effect dueto the high rate of on-going internet scams and frauds.
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