Part B
New Product Strategies
New product strategy is also known as new product development. The company
develops a new product through the firm’s own research and development efforts.
The new product can be classified as the original product, product improvement,
and modifications and new brands.
Below are the stages for the new product development:
Idea generation, Idea screening, Concept development, and testing, Marketing
strategy development, Business analysis, Product development, Test marketing,
and Commercialization.
There have three types of product and service decision which is individual
product decisions, product line decisions, and product mix decisions. The
decisions that use by Marrybrown is individual product decisions.
Individual product decision has 5 stages which are product attributes, branding,
packaging, labelling, and product support services.
A
product attribute
is a
characteristic that defines a particular product and will affect a consumer's
purchase decision. It includes the product’s features, style, design, and quality.
The marketing practice of creating a name, symbol or design that identifies and
differentiates a product from other products. An effective
brand
strategy gives the
company a major edge in increasingly competitive markets.
Product support
is
a
service
provided by many vendors of various
products
, primarily electronics,
that provides the end-user with a resource for information regarding the
product
,
and help if the
product
should malfunction.
