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
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In the United States, over $3B worth of coupons and rebates are redeemed each year – indicating that it is an effective form of sales promotion. According to various academic studies, around 20% to 30% of consumers will be actively involved in the collection and redemption of coupons. These consumers tend to be more
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Sales promotions are short-term incentives designed to drive sales. They are part of the promotional mix within the marketing 4P’s. Because they often carry pricing incentives, such as discounts, they also have a crossover with the pricing mix in the 4P’s as well. Two common promotional vehicles used in a sales promotion program are
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Sales promotions are short-term incentives designed to drive sales. They are part of the promotional mix within the marketing 4P’s. Because they often carry pricing incentives, such as discounts, they also have a crossover with the pricing mix in the 4P’s as well. Sales promotions are usually executed through retailers, but service firms and
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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
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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
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As you know, many new products fail in the marketplace, which means that evaluation of new products, prior to development and launch, is critical.
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Let’s evaluate the key differences between the evolving IMC definitions to understand how the perception and role of integrated marketing communications has progressed. Broader than just consumers The audience is much broader than just consumers. While communicating to consumers obviously remains very important and probably the focus of communication for most firms – firms
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Marketing strategy in the promotional era Today most firms operate in line with the marketing concept or the societal marketing concept. However, if we go back in time, firms tended to operate with a sales and/or promotional focus. This video highlights Crocker Bank from 1970. It is taken from a documentary on the advertising
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NAB’s Repositioning in the Australian Banking Market This video highlights a major campaign undertaken by the National Australia Bank (NAB). As you will see, this is probably one of the best executed campaigns that you will see, given that it uses so many different communication tools and its core message was effectively communicated in a
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