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Putting It Together: Branding
Investigating Brand Power As noted earlier in this module, every year organizations conduct analyses and publish lists of the world’s top brands. Forbes publishes a list of the most valuable brands in terms of dollar value. Interbrand analyzed what Business I...
Marketing through the Product Cycle
There are some common marketing considerations associated with each stage of the PLC. How marketers think about the marketing mix and the blend of promotional activities–also known as the promotion mix–should reflect a product’s life-cycle stage and progress t...
Overview of the New-Product Development Process
Introduction There are probably as many varieties of new-product development systems as there are types of companies, but most of them share the same basic steps or stages—they are just executed in different ways. Below, we have divided the process into eig...
New Product Development Process
What you’ll learn to do: describe the new-product development process We have considered the role of new products throughout this module. It is important to introduce new products in order to have a balanced portfolio containing products at the various stages...
New Products in the Portfolio
Factors Influencing the Pace of Product Development New-product introductions are an important component of the product portfolio. This has always been the case, but there have been a number of changes since 2000 that have increased the pace of new-product de...
Achieving Portfolio Objectives
In our discussion of the product life cycle, we saw that competition generally increases as more competitors are drawn to high-growth markets. As more brands enter the marketplace and lock into a particular share of the market, it becomes more difficult to win...
The Product Portfolio
Throughout this course we have discussed a number of ways that organizations market products successfully. How does an organization decide which products to offer? When should a company add new products, and when should it discontinue existing ones? Product po...
Product Portfolio Management
What you’ll learn to do: explain product portfolio management and how it relates to the organization’s marketing strategy and tactics Our last example showed the importance of marketing a diverse set of products and using new products to gain strategic advant...
Challenges in the Product Life Cycle
In theory, the product life cycle follows a predictable path that is easy to understand. This might suggest that the marketer just needs to gear up for the ride and be ready to adjust tactics as the product moves through its life cycle. To the contrary, a mark...
Stages of the Product Life Cycle
A company has to be good at both developing new products and managing them in the face of changing tastes, technologies, and competition. Products generally go through a life cycle with predictable sales and profits. Marketers use the product life cycle to fol...
Module 9 Assignment: Marketing Plan, Part 2
Student Instructions Complete the following information about the organization and products and/or services you will focus on as you develop a complete marketing plan throughout the course. You may need to do research to get answers to the questions below. Th...
Product Life Cycle
What you’ll learn to do: discuss the product life cycle and its implications for marketing We just considered the case of Apple launching a new product (the Apple Watch). A particular set of marketing strategies and tactics was needed to define a product that...
Product Marketing in the Marketing Mix
The Role of Product Marketing Product marketing is the function of understanding the target customer’s needs, and promoting and selling the product to the target customer. In many organizations this is a different function from product management, which is re...
Augmenting Products with Services
Earlier we touched on “augmented products,” which are tangible products, along with all of the services that support them. When companies devise product strategies and decide whether or not to augment their products with additional services, they typically eva...
Products and Services
Goods vs. Services In marketing, are services considered products? Should products that are predominately goods be treated differently than products that are predominantly services? Whether or not there are substantial differences between goods, products, a...
Consumer Product Categories
Consumer products are often classified into four groups related to different kinds of buying decisions: convenience, shopping, specialty, and unsought products. These are described below. Convenience Products A convenience product is an inexpensive product...
Defining Product
A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange. In essence, the term “product” refers to anything offered by a firm to provide customer satisfaction, tangible or intangible. Thus, a product m...
Products and Marketing Mix
What you’ll learn to do: explain what a product is and the importance of products in the marketing mix We’ll start this module by defining what a product is and seeing how it fits in the marketing mix. When thinking about the target customer’s perspective, it...
Why It Matters: Product Marketing
Why make product marketing decisions based on product life cycle and product portfolio structure? Often when students begin to study marketing they expect to study promotion or perhaps only advertising, but product is the core of the marketing mix. Product de...
Generating and Screening Ideas
Introduction The first phase of the new product development process is creating a viable product concept that can move through the development phase. This phase includes the following: Stage 1: Generating New Product Ideas Stage 2: Screening Product Ide...