New Product.For this paper you must identify a new to the world successful consumer product and set an introductory price. Your product must be not be currently available on the market. I have provided a template to help with your product and market analysis.Your paper must include the following in either the upper left- or right-hand corner of the first page of your paper:Your nameClass Reference Number (MKTG 310)Date of the PaperPaper TitleAdditional GuidelinesUse the template provided.Include each question (heading) before your answer.Include a bibliography.Minimum 2 pages single-spaced (4 pages double-spaced).If your paper is not formatted correctly, you will automatically lose 10% of the points for the assignment.As you write your paper, focus on the following:Write appropriately for a business audience.Use proper grammar and spelling.Use appropriate sentence and paragraph structure.Paper SectionsWhat is the product name? Describe the product. 2 pts.Identify and explain which market segmentation variable you are using. 5 pts.Why did you choose this method of customer segmentation? Be specific. 4 pts.Who is the target market? Be detailed and specific. 7 pts.Use demographics, psychographics (lifestyle), etc. to identify your customer. It is important to identify the characteristics of your target market, whatever is appropriate. Most marketers are able to specifically describe their target customer. For example, a 35-45 year old white collar male who lives in the suburbs with a wife and 1 child and makes $85,000 per year. When reading the explanation of your target market, I should be able to draw a picture in my mind of your customer.What are your product’s benefits to the target market? 2 pts.At what price will your product be introduced? Why? 2 pts.What new product pricing strategy are you using? Why? 5 pts.What objectives will be accomplished by using this strategy? Be specific. 5 pts.Why is the product worth this price? 1 pts.Identify and explain what happens to each of the 4 Ps at each stage of the PLC? 12 pts.