The product is a transformational chair for kids, marketed in South Korea. The paper will focus on the market itself. The product is expected to be relatively unique, because it will have added features like wearable feeding bottles, temperature measuring baby dish and baby cocoons. The target market for the chair is the parents of young children, typically urban with a good education and relatively high income. The end users are children between 6 months and 4 years.
South Korea has one of the lowest birth rates of any nation, which means that the population of young children is decreasing. The birth rate of 8.42 per 1000 of population, which ranks 216th in the world out of 222 countries. As such, the market trends for transformational chairs are not great. That said, South Korea has a population of 48,955,000 people. This means that in any given year,...
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