. Pantone’s color-management systems were designed in a business environment and are primarily employed by businesses and entrepreneurs seeking to standardize colors across various production applications. Do you think Pantone’s systems might have any use for regular consumers, though? If so, how?
Yes. I think that regular customers too might find the Pantone’s System useful. Regular customers are likely to find Pantone’s Color Management System useful, especially when dealing with such personal issues as interior design. The recently developed image capture system by Pantone known as CAPSURE is an indicator of the extent to which Pantone will utilize new technology to satisfy customers. CAPSURE can be used by customers who would want to identify colors of photographs based on Pantone’s Color System. In this respect, the system is more appealing to a larger number of customers, since the new technology enables Pantone to target businesses as well as individual users.
In addition, Pantone’s color-management systems can also target regular customers by providing them with designer and paint-inspired services and products for their consumption. This is something that Pantone has actually done successfully in the past. For example, in 2007, the company held its first-ever consumer-licensing launch that entails a Japanese cell phone. In this case, the phone being launched was adorned in as many as 20 of Pantone’s colors (Stevens n.p.). Soon enough, Pantone came up with other themed products such as tote and messenger bags, mugs, folding chairs, peppermills, eyewear, sneakers, storage tins, and stationery.
Q 2. The colors in Pantone’s systems are created from the proprietary formulations for a base set of inks. What kind of demand do the inks have with the color management systems as a whole?
The colors in Pantone’s System have a derived demand with the entire color management system (Abkowitz n.p.). In economics, derived demand, the demand for an intermediate good or one of the factors of production takes place owing to demand for the final good or another intermediate good. What this means is that when the demand for the final good or intermediate good increases, this is bound to result in an increase in its production and by extension, labor increases. Therefore, derived demand is connected to decreasing or increasing consumer demand for a definite service or product. The lack of demand-or demand- for a service or product reduces or creates demand for related services or products.
Pantone’s color management systems enable businesses to develop various customer products although the system does not actually constitute the ultimate product. Pantone has a tendency to forecast colors that are likely to gain popularity and more so for an individual fashion season. The derived demand between the inks and color management system enables Pantone to increase the demand for its highly functional products, such as the CAPSURE. This is a hand-held gadget developed by the company and enables the user to pull color samples from diverse sources.
Q 3. What type of business product is the Pantone Management System?
The Pantone Management System is an example of a Business Service kind of business product. This is because the Pantone Management System offers target customers a definite service to customers. Specifically, the Pantone Management System offers palettes and color formulas to customers. In addition, the Pantone Management System offers businesses consulting services, such as advice on the use of color, as well as color palettes.
Pantone has a consulting and forecasting division called Pantone Color Institute whose main job is to forecast the emerging color trends across the globe “to determine which emerging color trends will be prominent in the coming year” (Lamb, Hair and McDaniel 846). Marketers and designers from diverse industries across the globe have thus come to rely on this service provided by Pantone as it is of immense help to them as they plan on the kinds of designs they should develop and market. In addition, businesses, especially those in the manufacturing and printing sector, have come to rely on Pantone’s color management system as the industry standard.
Abkowitz, Alyssa. The Colorful World of the Pantone Team. Fortune, October 16, 2009. Web.
03 December 2014.
Lamb Charles, Joe Hair, and Carl McDaniel. Marketing. Stamford, Mass.: Cengage Learning.
Stevens, Tim. Pantone’s CAPSURE Tells You What Color Anything Is, Easily Separates Salmon
from Rose. Engadget, October 23, 2010. Web. 03 December 2014.