Understanding Sales Cannibalization
Sales cannibalization refers to a situation where a company’s own products or services compete with each other for market share.
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Product Complexity in the Adoption of New Products
Product complexity refers to the level of intricacy or difficulty associated with a particular innovation. It can be categorized into three main types: technological complexity, usability complexity, and market complexity.
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Sales Cannibalization Examples
Find a list of some real-life examples of sales cannibalization, to get a sense of what it is and how cannibalization can impact a brand.
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Understanding Opinion Leaders
Defining Opinion Leaders Opinion leaders are those people who are able to influence the purchase decisions of consumers. These consumers will view the opinion leader as having a strong degree of knowledge in regards to the product category or a good understanding of the social acceptability of a specific purchase. Generally, opinion leaders have more
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Why do companies introduce new products?
There are many reasons why companies bring products to market place. The one we would naturally think of is to make more money, but that is generally only one of the reasons. Changing Consumer Needs Companies need to stay in touch the changing needs of consumers. Companies cannot remain with traditional product lines and expect
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Sales and Profit Forecasting
Financial forecasting in marketing Preparing a financial forecast is usually a key requirement in order to have a major marketing campaign, new product, or other marketing project approved. As in most cases, is there is a significant investment up front or during the early part of the campaign/project. Therefore, it becomes necessary to demonstrate that
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Make the PLC: A Free Excel Template
The product life cycle template for Excel – available for free download Often students want to graph multiple products onto the product life cycle using an Excel spreadsheet or some other charting approach. Perhaps surprisingly, this is sometimes awkward to produce easily, given the focus on the Excel spreadsheet to produce graphs rather than images.
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New Products and the PLC
As it is possible to use the product life cycle as a portfolio analysis tool, which allows us to consider whether we have adequately provided for the future profitability for the firm/brand, it is an obvious that there is a strong connection between the product life cycle and the firm’s new product development requirements. Obviously
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Marketing strategy approaches for each stage of the PLC
Marketing mix strategies during the introduction stage Offer a basic product with limited choices, as this also helps test the overall market demand/interest, while keeping costs and logistic challenges relatively low Use marketing communications (IMC/promotion) that are effective in generating initial awareness and reaching innovators. Often specialist websites/blogs and magazines provide a specific audience, as
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Should we cannibalize our own products?
One of the challenges of a mature market in the PLC is that, more than likely, eventually the firm will be faced with competition from new style of product. That is, the most significant competitors are going to introduce technology that is quite different in their design/features (while meeting the same underlying consumer need). For
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