Segmentation variables will mainly focus on different characteristics of target customers. A multi-variable segmentation strategy will be used to market the product to different customer segments. The criteria to be used for the segmenting strategy will focus on how different aspects of the marketing mix can be achieved from heterogeneous customer segments that have different expectations and interests. Demographic and lifestyles segmentation will be used by the firm to come up with an effective marketing strategy for the product. Since the product targets students and other general customer groups outside the university, demographic segmentation will be used to segment the market using income, occupation, age and gender as the main criteria. Additionally, lifestyle segmentation will allow the firm to focus on consumers’ interests and other activities they engage in to determine how they influence their consumption patterns and purchasing decisions. Differentiated target marketing strategies will be used to sell the product to targeted consumers. More importantly, the firm will focus on specific product attributes during the development phase to understand how they affect customers’ perceptions and attitudes. This strategy will be closely linked to the pricing strategy where the general market price will be 100 dollars while for university students the price will be about 60 dollars. Since, the product will be sold mainly in Sydney, Nova Scotia; it needs to appeal to local conditions to ensure more customers appreciate its ability to serve their needs. Ease of use, high quality design, colour and other features of the product will be used to differentiate it in the market. The product will be closely aligned with psychological factors to make it more appealing to customers. As a result, it offers unique value to customers which they cannot obtain from existing substitutes. It will be designed to appeal to young customers that are bold and willing to try out new concepts that change their lives. These consumers will be made aware of the convenience the product offers. Other benefits of the product focus on its new technology which offers value that cannot be obtained from its substitutes currently being sold in the market. The positioning statement will be: ‘A revolutionary charger that caters to the needs and lifestyles of young mobile users offering an exclusive service.’ The overall positioning strategy will make customers feel they are paying a premium price for a valuable product because of its superior qualities. Developing and Managing Products and Services The product can be classified as a consumer product that serves special needs. Its unique selling proposition in the market is the convenience it offers because it uses new technology to convert sound into electric power. It also serves as an additional battery to smartphones and allows users to perform a variety functions on their mobile devices while on the move. The product’s aesthetics appeal to people from different demographic backgrounds because it is sold in a wide array of colours such as blue, lilac, green, maroon and black. Additionally, its innovative qualities will make the product stand out in the market because it caters to diverse usage patterns. Therefore, the product allows customers to be i