To understand the advantages and potential problems that 3M may have faced in introducing a new highlighter with flags product for college students in 2004, we can use a combination of research and analysis.
1. Perform market research: Start by conducting market research to identify the target audience, their needs, and preferences. This can involve surveys, interviews, and focus groups with college students to understand their studying habits and what features they would value in a highlighter with flags product.
2. Identify competitors: Research and analyze the existing competition in the market. Look at other highlighter brands and their products to see if similar products are already available and how they are perceived. Understanding the competitive landscape will help identify what advantages or unique selling points 3M's product can offer.
3. Assess demand and market potential: Analyze the market demand for a highlighter with flags product for college students. Look into data on the purchasing behavior and preferences of college students during that time period. This information will indicate the potential size of the market and the demand for such a product.
Advantages for 3M:
- Brand reputation: 3M is a well-established and recognized brand, which could give them credibility and trust among consumers.
- Research and development capabilities: 3M has a history of innovation and strong R&D capabilities, which could allow them to create a unique and high-quality product that meets the specific needs of college students.
- Distribution networks: 3M likely had an existing distribution network in place, including relationships with retailers and wholesalers, which could make it easier to introduce and distribute the product to their target market.
Potential problems for 3M:
- Competition: If there were already established highlighter brands in the market, 3M would have to differentiate their product from existing options to stand out and attract consumers.
- Limited demand or adoption: Introducing a new product always carries the risk of not resonating with the target market or failing to gain significant traction. 3M would need to assess the market potential beforehand to prevent potential low demand or slow adoption rates.
- Pricing and cost-effectiveness: The cost of development, production, and distribution of the new product would impact its pricing. 3M would need to evaluate if the price point is attractive to college students, as they are often budget-conscious.
It's important to note that the specifics of 3M's advantages and problems in 2004 would require more in-depth research into the company's actual strategy, market conditions, and consumer reactions during that time period.