advanced marketing analyze the life cycle of an existing product analyze a product line and brand...

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ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION FOR AN EXISTING PRODUCT Product Planning

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Page 1: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

ADVANCED MARKETING

•ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT

•ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES

•CREATE A PRODUCT EXTENSION FOR AN EXISTING PRODUCT

Product Planning

Page 2: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

What is Product/Service Planning

The process of planning and implementing strategies to obtain, develop, maintain and improve a

product or product mix .

Page 3: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Role of Product Service Planning

generating and screening ideas for a product/service developing and testing the product/service

introducing the product/service to consumers evaluating consumer acceptance of the

product/serviceimproving the product/service to meet consumer needs and wants.

Page 4: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Product Item

A specific model, brand, or size of a product within a product line

NIKE Delt Force shoe

Page 5: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Product Line

A group of closely related products manufactured or sold by a business

Example: NIKE Men’s Outerwear is a product line

Page 6: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Brand

Word, group of words, letters, or numbers that represent a product or service.

Easily recognizableEstablishes image

Page 7: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Why Brand?

Target customers’ needs and preferencesEstablish recognitionIdentify and promote companyEnsures quality and consistencyExtend product in to new markets

Page 8: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Brand Extension

Branding strategy that uses existing brand name to promote a new or improved product in a company’s product line.

EXAMPLE: Ocean Spray extended cranberry juice drink by adding flavors (Cran Apple, Cran Cherry, Cran Grape)

Page 9: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Why Create Brand Extension?

Launching new products is costly Failure rate for new products is very highCompanies can reduce risk by using already

established brand name

Page 10: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Role of Marketing Research and Branding

Identifies new marketsIdentifies market preferences and needsReduces risk- takes “guessing” out of market

acceptanceResults can enable company to “tweak”

product before final launch to ensure success

Page 11: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Impact of Branding

 A brand can make identical products seem different e.g. commodities: water, petrol, milk

• A brand can set up positive expectations which are self-fulfilling e.g. Fugi bottled water• A brand can instigate trust and take away risk e.g. Huggies• A brand can inspire loyalty and encourage repeat purchase e.g. Apple• A brand can influence the price consumers are willing to pay e.g. Ralph Lauren Polo

Page 12: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Impact of Branding

Page 13: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Role of Competition

Competition is the struggle of amongst two or more companies for the same target customers.

Competition encourages continuous process of improvement to gain market share- which leads to brand extension

Page 14: ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION

Class Assignment

Students will work independently or with a partner to analyze a brand extension of an existing product line.

Using the Internet, research one of the following companies and identify the process the company went through to create a brand extension to an existing product line. Prepare a PPT presentation to deliver to the class that identifies this process.

Companies to Choose From:Hershey, Nestle, Coke, Pottery Barn, Ralph Lauren,

Clorox, Crest, or select your own but have it approved!