Horizontal product simplification developing new

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Unformatted text preview: out • Drop or sell Product management • Product differentiating (vertical vs. horizontal) • Product simplification • Developing new product The new-product development process Brand • Combination of physical product, packaging, name, advertising and any other accompanying activities, which differentiate an offer from its competitors, deliver consumer relevant emotional and functional benefits. Why brand? • • • • • • For differentiation & recognition To add value to a naked commodity Easier to promote Helps market segmentation Can help boost share price Easier to integrate - sales promotion, personal selling & packaging • Can help corporate image Great brands • • • • • • • • • ... have a declared point of view on the world ... have a well understood value set and philosophy ... have clear propositions ... enable customer choice ... exert influence on their markets ... have a strong vision of their future ... allow for premium pricing ... are a valuable intangible asset ... enrich the experience of using the product in an intangible way Most valuable brands in the Financial Services Industry (2012) Source: Interbrand Corporate brand Company and individual brand Range brand Generic brand Multi-brand Emphasis on differentiating the product Source: Source: Drummond & Ensor Brand name strategies Developing existing brands Target market Changed Unchanged Unchanged Image repositioning Market repositioning Changed Brand extension Brand stretching Brand revitalisation Brand repositioning Brand extinction Product attributes • • • • • Product repositioning Total repositioning Creating strong b...
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This document was uploaded on 03/02/2014.

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