In modern-day marketing, brand equity is generally highly sought-after. Brand equity can deliver financial benefits to the firm – primarily through greater market share, price premium, and increased customer loyalty. There are multiple decisions to be made however, when introducing a new product into the marketplace. This particular article provides an overview of this process, …
When developing a new product for a company, a series of steps need to be completed – as often discussed in marketing principles textbooks in the product mix chapter, under the heading of the individual product decisions. The main steps that are usually discussed in marketing textbooks include: product attribute decisions branding decisions packaging and …
Marketing textbooks, when discussing the product mix, usually outline a series of decisions in regards to product attribute decisions. Attributes of a product are the various components that make up the product. Usually product attributes extend to actual features, as well as uses and benefits. But it is probably easiest to think of attributes as …
What is a product line? A product line is a related set of products offered by a firm. For example, Apple offers computers, smart phones, tablets, MP3 players, smart watches, and online services. Each of these would be considered a separate product line and under each product line they could offer a broad range of …
New-to-the-world products are one of several classifications of new products (please see separate article). Other classifications of new products include: new categories, product line extensions, product improvements and product repositioning. Risks of new-to-the-world products Although there are many potential advantages, as outlined above, for introducing a new-to-the-world product, this type of product carries significant …
A new category product is one of several classifications of new products (please see separate article). Other classifications of new products include: new-to-the-world products, product line extensions, product improvements and product repositioning. When a firm introduces a new type of product to the firm, which is an established product in the marketplace, this is …
The challenges of a product line extension include: Potential product cannibalization Minor increases in sales volume Cluttering or confusing the market Less efficiency of production and marketing Unresponsive retail channels Potential product cannibalization Probably the main concern with a product line extension, particularly for a simple variation of an existing brand/product – such as …
What is a product improvement? When a firm improves one of their existing products, which they are already market and sell to consumers, in some manner, then this is known as a product improvement. Product improvements can be quite substantial or quite minor. For example, for a food product one of the ingredients may …
In the classification of new products, product repositioning is considered to be a new product task. There are a numerous challenges and benefits associated with product repositioning as discussed in the following article. Please refer to a separate article for the benefits of repositioning, as well as an example of repositioning. What is product …
When you study new products or marketing in your university degree, you will find that many new products fail to be successful in the marketplace and that evaluation of new product, prior to development and launch, is critical. This is perhaps surprising given that professional and experienced companies bring products to market after significant …
