product (1).docx - Part B New Product Strategies New product strategy is also known as new product development The company develops a new product

product (1).docx - Part B New Product Strategies New...

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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.
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