Product Planning
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Transcript of Product Planning
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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
Product Planning
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What is Product/Service Planning
The process of planning and implementing strategies to obtain, develop, maintain and improve a
product or product mix .
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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.
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Product Item
A specific model, brand, or size of a product within a product line
NIKE Delt Force shoe
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Product Line
A group of closely related products manufactured or sold by a business
Example: NIKE Men’s Outerwear is a product line
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Brand
Word, group of words, letters, or numbers that represent a product or service.
Easily recognizableEstablishes image
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Why Brand?
Target customers’ needs and preferencesEstablish recognitionIdentify and promote companyEnsures quality and consistencyExtend product in to new markets
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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)
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Why Create Brand Extension?
Launching new products is costly Failure rate for new products is very highCompanies can reduce risk by using already
established brand name
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Role of Marketing Research and Branding
Identifies new marketsIdentifies market preferences and needsReduces risk- takes “guessing” out of market
acceptanceResults can enable company to “tweak”
product before final launch to ensure success
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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
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Impact of Branding
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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
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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!