Marketing Study Guide - Page 25 of 54 - Prepared by a marketing lecturer, designed for university-level students

Example SWOT for Apple

This example SWOT was generated using the SWOT analysis Excel template that you can download for free on this website.SWOT Analysis for AppleStrengthsProduct leadershipHigh quality productsEasy-to-use productsSuperior product designEffective new product development processAbility to leap-frog competitor’s technologyHighly innovativeIT/software expertiseHigh profit marginsSolid financial reservesGood corporate cultureHigh quality staffStrong R&D expertise and teamStrong brand equityConsumer “love” for […]

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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 NeedsCompanies need to stay in touch the changing needs of consumers. Companies cannot remain with traditional product lines and expect them to

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Sales and Profit Forecasting

Marketing Strategy, New Product Process / By Geoff Fripp

Financial forecasting in marketingPreparing 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 the

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Make the PLC: A Free Excel Template

PLC, New Product Process, Videos / By Geoff Fripp

The product life cycle template for Excel – available for free downloadOften 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.Therefore, in

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New Products and the PLC

New Product Process, PLC / By Geoff Fripp

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 virtually

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Marketing strategy approaches for each stage of the PLC

PLC, Marketing Strategy, New Product Process / By Geoff Fripp

Marketing mix strategies during the introduction stageOffer a basic product with limited choices, as this also helps test the overall market demand/interest, while keeping costs and logistic challenges relatively lowUse 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 well as

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Criticisms of the Product Life Cycle (PLC)

PLC / By Geoff Fripp

While the product life cycle model is a very helpful tool for helping to understand current and potential market conditions, in order to develop appropriate marketing and competitive strategies, there are some limitations and concerns with the usage of the PLC.Firstly, not all new products will be successful. That means that for many new product

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Should we cannibalize our own products?

PLC, New Product Process / By Geoff Fripp

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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What stage of the PLC are we in?

PLC / By Geoff Fripp

In order to assess where a product is on the PLC curve, a multiple of factors can be considered, including:Sales to date, graph accordingly, to visually demonstrate any turning points from introduction to growth, and so on,The number of competitors entering/leaving the marketplace (competitors enter in growth and leave in decline),The number of retailers and

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Consumer Adoption Categories

PLC, New Product Process / By Geoff Fripp

This website has discussed consumer innovators numerous times, due to their importance in generating product adoption and kick-starting the introduction phase of the product life cycle. While innovators are the initial type of consumer, there are other consumer mindsets that are typically discussed in marketing textbooks.The standard consumer adoption categories include:InnovatorsEarly adoptersEarly majorityLate majorityLaggardsTypically these

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