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
What is Product/Service Planning
The process of planning and implementing strategies to obtain, develop, maintain and improve a
product or product mix .
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.
Product Item
A specific model, brand, or size of a product within a product line
NIKE Delt Force shoe
Product Line
A group of closely related products manufactured or sold by a business
Example: NIKE Men’s Outerwear is a product line
Brand
Word, group of words, letters, or numbers that represent a product or service.
Easily recognizableEstablishes image
Why Brand?
Target customers’ needs and preferencesEstablish recognitionIdentify and promote companyEnsures quality and consistencyExtend product in to new markets
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)
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
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
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
Impact of Branding
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
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!