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Product Planning

Product Planning. ADVANCED MARKETING Analyze the life cycle of an existing product Analyze a product line and brand extension using case studies Create a product extension for an existing product. What is Product/Service Planning .

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Product Planning

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  1. Product Planning ADVANCED MARKETING Analyze the life cycle of an existing product Analyze a product line and brand extension using case studies Create a product extension for an existing product

  2. What is Product/Service Planning The process of planning and implementing strategies to obtain, develop, maintain and improve a product or product mix .

  3. Role of Product Service Planning • generating and screening ideas for a product/service • developing and testing the product/service introducing the product/service to consumers • evaluating consumer acceptance of the product/serviceimproving the product/service to meet consumer needs and wants.

  4. Product Item • A specific model, brand, or size of a product within a product line NIKE Delt Force shoe

  5. Product Line • A group of closely related products manufactured or sold by a business Example: NIKE Men’s Outerwear is a product line

  6. Brand • Word, group of words, letters, or numbers that represent a product or service. • Easily recognizable • Establishes image

  7. Why Brand? • Target customers’ needs and preferences • Establish recognition • Identify and promote company • Ensures quality and consistency • Extend product in to new markets

  8. Brand Extension Branding strategy that uses existing brand name to promote a new or improved product in a company’s product line. EXAMPLE: Ocean Spray extended cranberry juice drink by adding flavors (Cran Apple, Cran Cherry, Cran Grape)

  9. Why Create Brand Extension? • Launching new products is costly • Failure rate for new products is very high • Companies can reduce risk by using already established brand name

  10. Role of Marketing Research and Branding • Identifies new markets • Identifies market preferences and needs • Reduces risk- takes “guessing” out of market acceptance • Results can enable company to “tweak” product before final launch to ensure success

  11. Impact of Branding  A brand can make identical products seem different e.g. commodities: water, petrol, milk • A brand can set up positive expectations which are self-fulfilling e.g. Fugi bottled water• A brand can instigate trust and take away risk e.g. Huggies• A brand can inspire loyalty and encourage repeat purchase e.g. Apple• A brand can influence the price consumers are willing to pay e.g. Ralph Lauren Polo

  12. Impact of Branding

  13. Role of Competition • Competition is the struggle of amongst two or more companies for the same target customers. • Competition encourages continuous process of improvement to gain market share- which leads to brand extension

  14. Class Assignment • Students will work independently or with a partner to analyze a brand extension of an existing product line. • Using the Internet, research one of the following companies and identify the process the company went through to create a brand extension to an existing product line. Prepare a PPT presentation to deliver to the class that identifies this process. Companies to Choose From: Hershey, Nestle, Coke, Pottery Barn, Ralph Lauren, Clorox, Crest, or select your own but have it approved!

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