0501

Problem

Cogent is a rapidly growing company that makes software which identifies people using biometrics—fingerprints, faces, eyeballs, and other personal characteristics. The firm is making terminals that allow customers to pay for products with their fingerprints. Assess the potential of the “pay by touch” system and suggest possible market segments that might be receptive to the new offering.

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Step 1/2

Organizations formulate and implement number of ideas and thoughts in their business activities. But it is to be noted that mere acknowledging of customer’s requirements are not sufficient but understanding their awareness and injecting new comforts with reasonable measures paves the way for success.

C company introduces “pay by touch” system into the business markets for customers to pay for products. The potential of the pay by touch system is given below in detail:

Potential of the pay by touch system:

• It requires a unique set of potential customers which could merge with the latest technology.

• It must be able to provide greater flexibility comparing to competitors.

• Introducing a new technology highlights the name of the organization and laterally provides highway for the super sale of newly introduced software.

There are possible market segments that might be receptive to the new offering. These market segments are provided below and explained with reasons.

Step 2/2

Market segments receptive to the new offering:

• Profit potential customers segmentation:

Pay by touch is technically an easy and simple way to complete the pay transaction. It is economical and enhances substantial relationship towards the organizations.

• Transactional customer segmentations:

These are usually large and very knowledgeable customers. These customers are more concerned about products and services and acts flexible and pro to the technological changes.