There are multiple reasons why new products will fail to be successful in the marketplace. There is a separate article that outlines the numerous reasons for new product failure, along with some discussion. However, the purpose of this article is to discuss the degree to which each of these factors are controllable prior to …
Why new products fail No product point-of-difference For a new product to win initial trials and then ongoing repeat business, it needs to bring something new to the marketplace. Potential customers need an incentive – such as additional benefits or some form of variety – to be persuaded to try and buy a new …
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 challenges of repositioning. What is product repositioning? Product repositioning is changing the overall …
Products are frequently improved by companies. There are various pressures upon a company to do so, particularly from competitors, changing customer needs and technology improvements. However, there are an array of benefits and challenges involved in making the decision whether or not to improve an existing product in the marketplace. Please note that a …
Expanding a firm’s product range through product line extension is a very common strategic decision. Along with product improvements, product line extensions form the majority of new product launches for established firms. Please note that the product line extension is just one of the main classifications of a new product. What is a product …
Probably a good example of a product repositioning exercise is Mother Energy drink in Australia, which is a Coca-Cola brand. When it was first introduced into the marketplace, driven by Coca-Cola’s goals be a market leader in the energy submarket, the overall launch campaign was well executed. All the marketing mix elements Launch campaign …
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 product, 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 …
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. As suggested by the name, a new-to-the-world product is one that is introduced by a company or an organization that has never been marketed …
Reasons to introduce new-to-the-world products Find Out More…
Types of new products There are several accepted categories for classifying new products within a company, these are: New-to-the-world products New category products Product line extensions Product improvements Product repositioning Cost reductions Much more than brand-new inventions When we think about new products, we automatically think about brand-new inventions such as out of space …
Ways to identify a suitable value proposition Providing a value proposition is a central part of a firm’s offering in the marketplace. A value proposition helps differentiate firms and brands by having something unique about their “offering”. In marketing terms, an “offering” is the collection of benefits that is available to potential customers from …
