Market share can be decomposed into three components, namely: Penetration Share Share of Customer Usage Index The following video explains how these three components work together to calculate overall market share.
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When it comes to brand development, there are four main brand approaches, as shown in the following diagram. As you can see, this diagram is a matrix built around the two attributes of existing/new product category and existing/new brand name. This then determines one of the four boxes, namely: Product line extension Multi-brand Brand extension
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Selecting a brand name One of the key decisions when bringing a new product to market, particularly if it is going to be under the umbrella of a new brand, is the brand name selection. There are two approaches to brand name selection. The first approach is to have a brand name that is somehow
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Definition of a brand A brand can be defined as a name, sign, logo, or design of a product/ service or a firm designed to identify ownership and to differentiate the offering in the marketplace. What are brand elements? Most products and/or firms will have some sort of brand identity materials. The elements of a
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Product labeling decisions Product labels refers to the information attached to the packaging that helps describe the product in a little bit more detail. It is important to note that labeling is more information focused, as opposed to packaging itself (please refer to the separate article) which is more marketing communications related. Depending upon the
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Packaging decisions in marketing When we think of packaging, we tend to think about packaging’s role of being recognized and attracting attention inside a store. While this is a key goal of packaging, there are actually many other goals of packaging which need to be considered within packaging design. These packaging goals are discussed below.
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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,
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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
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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
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The overall product mix for a firm is the complete range of products that they offer in the marketplace. It is also sometimes referred to as their product assortment. There are multiple decisions to make in regards to an overall product mix for a company. Product mix decisions are quite strategic and will determine how
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