The Value of the Market for Child Location GPS Products

GPS child locator products can help parents find missing children.

To define the value of the market for global positioning systems (GPS) child locator products, you must define the target market, then understand the value of the product in the minds of those consumers. This must be accomplished before the product can be marketed appropriately.

Geodemographics

Establish your target market's location.

Geodemographic research of your target market will define their location, income, marital status and more. Location plays a large role when determining the value of a market, because child abduction may be more prevalent in certain cities. Marital status will play a large part when finding the value of a certain market. CBS News reported that in 2002, of nearly 800,000 missing children reports, 203,900 were family abductions, meaning the child was kidnapped by an estranged parent.

Purpose

Set price based on value to consumer, and competition.

Professional marketers set the price of their GPS child location products based on the value of the item in the mind of consumers in the target market, compared to competing products. Marketers need to compare features of their product to the competition to establish a price.

Reserach

Qualitative and quantitative research techniques can be used to determine the value of a market. Qualitative methods are subjective, and may ask open-ended questions of a focus group such as, "What features would you like on a child locator GPS?" Quantitative research is more statistical, and ask questions such as, "Have you ever owned a child locator GPS product?"

References

• NetMBA: Pricing Strategy
• Brickhouse Security: Child Tracking Device
• CBS News: Can GPS Prevent Child Abductions?
• Market Research Definitions