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WT2 Real-time Earphone Translator can translate different languages in real-time. This feature could greatly satisfy different group of users like businessman, gregarious people and tourists. For instance, international tourists and businessman always have requirement of communicating with foreign people. As a result, they used to hire an interpreter or translator with them during the journey or communication (Stacey, R. , 2012), WT2 Real-time Earphone Translator can easily change this phenomenon. After users wear this product, conversation could become enjoyable and easier, they do not need to wait for the translation from their assistant anymore and can also avoid disclosure of information as well. There is not only formal international communication has need for WT2 Real-time Earphone Translator, this product can be also used in daily life, those young and gregarious people may also need it. Since they carry this earphone, they can talk with foreigners without learning their language and get familiar with them fast. We will write a custom essay sample on MM essay or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Considering the emotional benefits of the product as well. ( Baines, P., Fill, C. and Page, K., 2013 ) This high-tech product will not only help the communication become easier but can also let users feel upscale.By using breakdown method of segmentation, the customer groups can be determined with an essential and fundamental feature: having requirement of communicating with others by different languages frequently and having enough purchasing power. (L.P. Clarke, 1995)To satisfy this feature, international successful people like international businessman and tourists and rich young can be allocated to different customer groups.Some of established international tourists and businessman may prefer original methods to communicate with foreign clients such as hiring the dependable interpreter, so our customer must have the feature that willing to try new stuff and have finger on the pulse. As a result, the customer group of successful mans age can be determined as 30 to 50 years old with high income and career maturity. To another consumer group, their age can be easily defined as 18-25 sociable teenagers. Because young in this age stage has much more avant-garde consumption concept and would like to spend a huge amount of money to purchase upscale staff to show their power. (Baines, P., Fill, C., Rosengren, S., and Antonetti, P. 2017)London is one of the most famous international financial center in the world, which has much higher purchasing power and there is relatively more frequency international interactions than other places in UK, it is also a brilliant city for travelling. Therefore it will be more customers on housing ladder what satisfy the requirement of purchasing WT2 Real-time Earphone Translator in there.As international successful people, they are driving big brand business purpose vehicle because they already success enough with no need of showing off. They would like to attend a cocktail party and play elegant sports like goal to make contact with other successful people. This product can help them to make their work and travel become more efficiency and this upscale high-tech product can also reflect their success, strong practicability would be their optimal choice. On the contrary, the other consumer group rich young is happy to show off how rich they are. Therefore this consumer group p refer extravagant lifestyle, fancy cars and brand name clothes. This earphone is beneficial for young rich to show off and get honor from others to satisfy their vanity.WT2 Real-time Earphone translator can be used in both formal and informal talk, for international businessman, they can use this product in business meeting and daily communication; Tourist can solve the conversation issues by this product; For young rich, they can wear this earphone translator and get understand of foreigners words and makes socialising with foreigners easier. Success people used to concentrate on international news and financial magazines but rich young would like to follow fashion stars Instagram and Facebook, they do watch a lot fashion channel on Youtube as well. (The ACAM, 2017)The trend of globalization is becoming increasingly obvious nowadays, as an result, there is more conversation between different countries people. Learning new language is a brilliant way to keep mind sharp, but mens energy is limited, sometimes the input of learning a new language a nd its return is not proportional. Therefore WT2 Real-time Earphone translator can make communication become easier and enjoyable between people who dont know each others language. The WT2 Real-time Earphone translator contains six different languages what are English, French, Japanese, German, Chinese and Spanish. These languages contains 80% external population in UK. (Statistia, 2017)UK is one of the most famous multicultural countries, which means people live in there have a numbers of opportunities to interact with foreigners. As the UKs capital, perhaps it is unsurprising that London is the most linguistically multicultural part of the United Kingdom, Statista (2017) details 22.1 percent of its residents having a main language other than English. For both working or daily communication, language barrier is extremely problematic. As the pace of peoples life is speeding up, their living pressure is also getting higher, when they face the condition that need to talk with foreign people who cannot understand each others words, communication can only effect negatively and make embarrassed atmosphere. With this condition, understanding different languages is an essential requirement in this multicultural country. This product contains the most advanced technology in the world leads to high price setting as an upscale and high-tech product. It can translate different languages in real-time and help users to get rid of tedious manual operation. London is one of the city with the greatest purchasing power in the world, people live in there will desire this product more than other places not only because people in there is rich but London is also a multicultural city, there is numbers of people come from different countries speak different languages.After Brexit, there will be less interaction between Europe Union and UK, this may cause negative effect for WT2 Real-time Earphone translator because this product contains Germany, French and Spanish. After Brexit event, people come from German, France and Spain will be resistant to travel or living in UK which means this effect could decrease user group of this product. Opposite to this, there is an open policy to China such as Chinese can automatic ally change standard six months validity visit UK visa to 2 years validity visa freely. This policy can encourage the traveller from China increasing travel to UK, this is an increase of user group of WT2 Real-time Translator. Product Primary competitors Secondary competitorsWT2 Real-time Earphone Translator Google translator App Cambridge English DictionaryGlobal Voices interpreter company KKCL language schoolThe primary competitors of WT2 Real-time Earphone translator can be defined as Google translator application and Global Voices interpreter company. Google translator is a powerful application which contains 32 languages of speech-to-speech translation therefore this application can closely provide the same services with Earphone Translator and they have the most close positioning, target market and consumer group. This application is not only powerful in translation but also totally free which is its biggest advantage compare with Earphone Translator. But Earphone translator has its own strength, this product can get rid of tedious manual operation and the most essential thing is this is an Real-time translator, no delay in translation. Google translate needs long time to wait for translation and man ual operation which is its weakness. To compare with Google translate, Earphone translator need to focus on senior customer more because they need work or talk to be efficiently and they have the ability to ignore the price strength of Google translator.The Interpreter can provide the real-time translation like WT2 Real-time translator but it costs a lot as well and consumers may face moral hazard because if interpreter hide or change main information from the conversation can cause information asymmetry. Therefore the user of WT2 Real-time translator will not be bothered by this issue.The secondary competitors are Cambridge English Dictionary and KKCL Language School. These products can also solve translating problem indirectly because dictionary and language school both cannot translate in real time and need time period to search words in dictionary or learn a new language.With the trend of increasingly globalization and multicultural, the conversation between different counties will be risen. As a result, demand for translating different languages will be stimulated. Therefore WT2 Earphone have a promising field of market but it has to face the threaten from other competitors. The main resistance is from interpreters and translation applications. These two rivals both hold the price advantage compare with WT2 Real-time translator. But hiring interpreters does not suitable for daily talk and informal communication. There is also some potential moral hazard for hiring interpreters and translation application need tedious manual operation. As a result, WT2 Real-time translator can be defined as an upscale and high-tech product with its unique selling point- translating languages in real time and no need to worry about ethical issues and no longer waiting for translation.Reference ListACAM (2017) Trends in Youth Media Use HYPERLINK ;https://www.acma.gov. au/theACMA/acma-research-report-trends-in-media-use-by-children-and-young-people-generation-m2-usa-mcaf-2007-and-cpcla-2009-australia; https://www.acma.gov.au/theACMA/acma-research-report-trends-in-media-use-by-children-and-young-people-generation-m2-usa-mcaf-2007-and-cpcla-2009-australia Accessed: 26 July 2017Baines, P., Fill, C., and Page, K. (2013) Essentials of Marketing, chapter 2 Marketing Strategy Planning pp. 37-49.Baines, P., Fill, C., and Page, K. (2013) Essentials of Marketing, chapter 6 Business and Organizational Customers and Their Buying Behavior pp. 166-182.Baines, P. , Fill, C., Rosengren, S., and Antonetti, P. (2017) Fundamentals of Marketing, chapter 4 Marketing Environment and Strategy pp. 106-113Baines, P., Fill, C., Rosengren, S. , and Antonetti, P. (2017) Fundamentals of Marketing, chapter 5 Market Segmentation and Positioning pp. 127-137Clarke,L.P.,(1995) Market segmentation: Methods and applications. pp. 343-368Stacey, R.(2012) 15 Tips To Overcome Language Barriers Business 2 Community HYPERLINK ;https://www.business2community.com/travel-leisure/15-tips-to-overcome-language-barriers-0118452; https://www.business2community.com/travel-leisure/15-tips-to-overcome-language-barriers-0118452 Accessed: 16 January, 2012Statistia (2017) Languages in the United Kingdom Statistics ; Facts HYPERLINK ;https://www.statista.com/topics/2288/languages-in-the-united-kingdom/; https://www.statista.com/topics/2288/languages-in-the-united-kingdom/ Accessed: 05 August 2017