Product | Introduction to Business - Lumen Learning

Think of the market introduction stage as the product launch. This phase of the PLC requires a significant marketing budget. The market is not yet aware of the ... Skiptomaincontent IntroductiontoBusiness Module14:MarketingMix Searchfor: Product Whatyou’lllearntodo:explaincommonproductmarketingstrategiesandhoworganizationsusethem Oftenwhenwehear theword marketing, wethinkaboutpromotion or perhapsonlyadvertising,butproductisthecoreofthemarketingmix.Productdefineswhatwillbepriced,promoted,anddistributed.Ifyouareabletocreateanddeliveraproductthatprovidesexceptionalvaluetoyourtargetcustomer,therestofthemarketingmixis easiertomanage. Asuccessfulproductmakeseveryaspectofamarketer’sjobeasier—andmorefun. LearningOutcomes Describecommonconsumerproductcategories Explaintheelementsandbenefitsofbranding Describecommonbrandingstrategies Describetheproductlifecycle Explainmarketingconsiderationsthroughtheproductlifecycle Explainthestagesofthenew-productdevelopmentprocess ConsumerProductCategories Aproductisabundleofattributes(features,functions,benefits,anduses)thatapersonreceivesinan exchange. Inessence,theterm“product”referstoanythingofferedbyafirmtoprovidecustomersatisfaction,tangibleorintangible.Thus,aproductmaybeanidea(recycling),aphysicalgood (apairofsneakers),aservice(banking),oranycombinationofthethree.[1] Broadlyspeaking,productsfallintooneoftwocategories:consumerproductsandbusinessproducts(alsocalledindustrialproducts andB2Bproducts).Consumerproductsarepurchasedbythefinalconsumer.Businessproductsarepurchasedbyotherindustriesorfirmsandcanbeclassifiedas productiongoods—i.e., rawmaterialsor componentpartsusedintheproductionofthefinalproduct—or support goods—suchasmachinery,fixedequipment,softwaresystems,andtoolsthatassistintheproductionprocess.[2]Someproducts,likecomputers,forinstance,maybebothconsumerproductsandbusinessproducts,dependingonwhopurchasesandusesthem. Theproductfillsanimportantroleinthemarketingmixbecauseitisthecoreoftheexchange.Doestheproductprovidethefeatures,functions,benefits,andusesthatthetargetcustomerexpectsanddesires?Throughoutourdiscussionofproductwewillfocusonthetargetcustomer.Oftencompaniesbecomeexcitedabouttheircapabilities,technologies,andideasandforgettheperspectiveofthecustomer.Thisleadstoinvestmentsinproductenhancementsornewproductsthatdon’tprovidevaluetothecustomer—and,asaresult,areunsuccessful. Consumerproductsareoftenclassifiedinto fourgroupsrelatedtodifferentkindsof buyingdecisions:convenience,shopping,specialty,andunsoughtproducts.Thesearedescribedbelow. ConvenienceProducts Aconvenienceproduct isaninexpensiveproduct thatrequiresaminimumamountofeffortonthepartoftheconsumerinordertoselectandpurchaseit.Examplesofconvenienceproductsare bread,softdrinks,painreliever,andcoffee.Theyalsoincludeheadphones,powercords,andotheritemsthatareeasilymisplaced. Fromtheconsumer’sperspective,littletime,planning,oreffortgointobuyingconvenienceproducts.Oftenproductpurchasesaremadeonimpulse,soavailabilityisimportant.Consumershavecometoexpectawidevariety ofproductstobeconvenientlylocatedattheirlocalsupermarkets.They alsoexpecteasyonlinepurchaseoptionsandlow-cost,quickshippingforthosepurchases. Convenienceitemsarealsofoundin vendingmachinesandkiosks. Forconvenienceproducts,theprimarymarketingstrategyisextensivedistribution.Theproductmustbeavailablein everyconceivableoutletandmustbeeasilyaccessibleintheseoutlets.Theseproductsareusuallyoflowunitvalue,andtheyarehighlystandardized.Marketersmustestablishahighlevelofbrandawarenessandrecognition.Thisisaccomplishedthroughextensivemassadvertising,salespromotiondevicessuchascouponsandpoint-of-purchasedisplays,andeffectivepackaging.Yet,thekeyistoconvinceresellers (wholesalersandretailers)tocarrytheproduct.Iftheproductisnotavailablewhen,where,andinaformtheconsumerdesires,theconvenienceproductwillfail. ShoppingProducts Incontrast,consumerswanttobeabletocompareproductscategorizedasshoppingproducts.Shoppingproductsareusuallymoreexpensiveandarepurchasedoccasionally.The consumerismorelikelytocompare anumberofoptionstoassessquality,cost,andfeatures. Althoughmanyshoppinggoodsarenationallyadvertised,inthemarketingstrategyitisoftentheabilityoftheretailertodifferentiateitselfthatgenerates thesale.IfyoudecidetobuyaTV atBestBuy,thenyouaremorelikelytoevaluatetherangeofoptionsandpricesthatBestBuyhastooffer.ItbecomesimportantforBestBuytoprovideaknowledgeableandeffectivesalespersonandhavetherightpricingdiscountstoofferyouacompetitivedeal.BestBuymightalsoofferyouanextendedwarrantypackageorin-storeserviceoptions.WhileshoppinginBestBuy,consumerscaneasilycheckpricesandoptionsforonlineretailers,whichplacesevengreaterpressureonBestBuytoprovidethebesttotalvalue totheshopper.Iftheretailercan’tmakethesale, productturnoverisslower,andtheretailerwillhaveagreatdealoftheircapitaltiedupininventory. Thereisadistinctionbetween heterogeneousandhomogeneousshoppingproducts. Heterogeneousshoppingproductsareunique.Thinkaboutshoppingforclothingorfurniture.Therearemanystylisticdifferences,andtheshopperistryingtofindthebeststylisticmatchattherightprice.Thepurchasedecision withheterogeneousshoppingproductsismorelikelytobebasedon findingtherightfitthan onpricealone. Incontrast,homogeneousshoppingproductsarevery similar.Take,forexample,refrigerators. Eachmodelhas certainfeaturesthatareavailableatdifferentpricepoints,butthebasicfunctionsofallofthemodelsareverysimilar.Atypicalshopperwilllookforthelowestpriceavailableforthefeaturesthattheydesire. SpecialityProducts Specialtygoodsrepresentthethirdproductclassification.Fromtheconsumer’sperspective,theseproductsaresouniquethatit’sworthittogotogreatlengthstofindandpurchasethem.Almostwithoutexception,priceisnottheprinciplefactoraffectingthesalesofspecialtygoods.Althoughtheseproductsmaybecustom-madeorone-of-a-kind,itisalsopossiblethatthemarketerhasbeenverysuccessfulindifferentiatingtheproductinthemindoftheconsumer. Blizzconattendees,2014 Forexample,someconsumersfeelastrongattachmenttotheirhairstylistorbarber.Theyaremorelikelytowaitforanappointmentthanscheduletimewithadifferentstylist. AnotherexampleistheannualBlizzconeventproducedbyBlizzardEntertainment.The$200ticketsselloutminutesaftertheyarereleased,andtheyare resoldatapremium.Attheevent,attendeesgetthechance tolearnaboutnewvideogamesandplaygamesthathavenotyetbeenreleased.Theycanalsopurchaselimited-editionpromotionalitems.Fromamarketer’sperspective,in Blizzconthecompanyhassucceededincreatingaspecialtyproductthathasincrediblyhigh demand.Moreover,Blizzard’scustomersarepayingfortheopportunitytobepartofamassivemarketingevent. Itisgenerallydesirableforamarketertoliftherproductfromtheshoppingtothespecialtyclass—andkeepitthere.Withtheexceptionofprice-cutting,theentirerangeofmarketingactivitiesis needed toaccomplishthis. UnsoughtProducts Unsoughtproductsarethosetheconsumerneverplansorhopestobuy.Theseareeitherproductsthatthecustomerisunawareoforproductstheconsumerhopesnottoneed.Forexample,mostconsumershopenevertopurchasepestcontrolservicesandtry toavoidpurchasingfuneralplots.Unsoughtproductshaveatendencytodraw aggressive salestechniques,asitisdifficulttogettheattentionofabuyerwhoisnotseekingtheproduct. PracticeQuestion ElementsandBenefitsofBranding WhatIsaBrand? Aswestartourexplorationofbrandanditsroleinmarketing,takeafewminutestowatchthefollowingvideoaboutCoca-Cola,whichis perhapsoneofthemosticonicbrandsofalltime.Asyouwatchthisvideo,lookandlistenfortheallthedifferentelementsthatcontributetothethingwecalla“brand.” Clickheretoreadatranscriptofthevideo. Brandsareinteresting,powerfulconcoctionsofthemarketplacethatcreatetremendousvaluefororganizationsandforindividuals.Becausebrandsserveseveralfunctions,wecandefinetheterm“brand”inthefollowing ways: Abrandisanidentifier: aname,sign,symbol,design,term,orsomecombinationofthesethingsthatidentifiesanoffering andhelpssimplifychoicefortheconsumer. Abrandisapromise:thepromiseofwhatacompanyoroffering willprovidetothepeoplewhointeractwithit. Abrandisanasset:areputationinthemarketplacethatcandrivepricepremiumsandcustomerpreferenceforgoodsfromaparticularprovider. Abrandisasetof perceptions:thesumtotalofeverything individualsbelieve,think,see,know,feel,hear,and experienceaboutaproduct,service,ororganization. Abrandis“mindshare”: theuniquepositionacompanyorofferingholdsinthecustomer’smind,basedontheirpastexperiencesandwhattheyexpectinthefuture. Abrandconsistsofallthefeaturesthatdistinguishthegoodsandservicesofonesellerfromanother: name,term,design,style,symbols,customertouchpoints,etc.Together,allelementsofthebrandworkasapsychologicaltriggerorstimulusthatcausesanassociationtoallotherthoughtsonehas hadaboutthisbrand. Brandsareacombinationoftangibleandintangibleelements,suchasthefollowing: Visualdesignelements(i.e.,logo,color,typography,images,tagline,packaging,etc.) Distinctiveproductfeatures(i.e.quality,designsensibility,personality,etc.) Intangibleaspectsofcustomers’experiencewithaproductorcompany(i.e.reputation,customerexperience,etc.) Branding–theactofcreatingorbuildingabrand–maytakeplaceatmultiplelevels:companybrands,individualproductbrands,orbrandedproductlines.Anyentitythatworkstobuildconsumerloyaltycanalsobeconsideredabrand,suchascelebrities(LadyGaga,e.g.),events(SusanG.KomenRacefortheCure,e.g.),andplaces(e.g.,LasVegas). BrandsCreateMarketPerceptions Asuccessfulbrandismuchmorethanjustanameorlogo.Assuggestedinoneofthedefinitionsabove,abrandisthesumofperceptionsaboutacompanyorproductinthemindsofconsumers.Effectivebrandbuildingcan createandsustainastrong,positive,andlastingimpressionthatisdifficulttodisplace.Brandsprovideexternalcuestotaste,design,performance,quality,value,or otherdesiredattributesiftheyaredevelopedandmanagedproperly.Brandsconveypositiveornegativemessagesaboutacompany,product,orservice.Brandperceptionsare adirectresultofpastadvertising,promotion,productreputation,andcustomerexperience. Asanautomobilebrand,theMercedes-Benzlogosuggestshighprestige. Abrandcanconveymultiplelevelsofmeaning, includingthefollowing: Attributes:specificproductfeatures.TheMercedes-Benzbrand,forexample,suggestsexpensive,well-built,well-engineered,durablevehicles. Benefits:attributestranslateintofunctionalandemotionalbenefits.Mercedesautomobilessuggestprestige,luxury,wealth,reliability,self-esteem. Values:companyvaluesandoperationalprinciples.TheMercedesbrandevokescompanyvaluesaroundexcellence,highperformance,power. Culture:culturalelementsofthecompanyandbrand.MercedesrepresentsGermanprecision,discipline,efficiency,quality. Personality:strong brandsoftenprojectadistinctive personality.TheMercedesbrandpersonalitycombinesluxuryandefficiency,precisionandprestige. User: brandsmaysuggestthetypes ofconsumerswhobuyandusetheproduct.Mercedesdriversmightbeperceivedandclassifieddifferentlythan,forexample,thedriversofCadillacs,Corvettes,or BMWs. BrandsCreateanExperience Effectivebrandingencompasseseverythingthatshapestheperceptionofacompanyorproductinthemindsofcustomers.Names,logos,brandmarks,tradecharacters,andtrademarksarecommonlyassociatedwithbrand,butthesearejustpartofthepicture.Brandingalsoaddressesvirtuallyeveryaspectofacustomer’sexperiencewithacompanyorproduct:visualdesign,quality,distinctiveness,purchasingexperience,customerservice,andsoforth.Brandingrequiresadeepknowledgeofcustomers andhowtheyexperiencethecompanyorproduct.Brand-buildingrequireslong-terminvestmentincommunicatingaboutanddeliveringtheuniquevalueembodiedinacompany’s“brand,” butthiseffortcanbring long-termrewards. Inconsumerandbusiness-to-businessmarkets,brandingcaninfluencewhetherconsumerswillbuytheproduct and howmuchtheyarewillingtopay.Brandingcanalsohelpinnewproductintroductionbycreatingmeaning,marketperceptions,anddifferentiationwherenothingexistedpreviously.Whencompaniesintroduceanewproductusinganexistingbrandname(abrandextensionorabrandedproductline),theycanbuildonconsumers’positiveperceptionsoftheestablishedbrandtocreategreaterreceptivityforthenewoffering. BrandsCreateValue Brandscreatevalueforconsumersandorganizationsinavarietyofways. Value ofBrandingfortheConsumer TheDunkin’Donutslogo,whichincludesanimageofaDDcupofcoffee,makesiteasytospotanywhere.Thecoffeeisknownforbeingagoodvalueatagreatprice. Brandshelpsimplifyconsumerchoices.Brandshelpcreatetrust,sothatapersonknowswhattoexpectfromabrandedcompany,product,orservice.Effectivebrandingenablestheconsumertoeasilyidentifyadesirablecompanyorproductbecausethefeaturesandbenefitshavebeencommunicatedeffectively.Positive,well-establishedbrandassociationsincreasethelikelihoodthatconsumerswillselect,purchase,andconsumetheproduct.Dunkin’Donuts,forexample,hasanestablishedlogoandimageryfamiliartomanyU.S.consumers.Thevividcolorsandimageofa“DD”cupareeasilyrecognizedanddistinguishedfromcompetitors,andmanyassociatethisbrandwithtastydonuts,goodcoffee,andgreatprices. Value ofBrandingfor ProductandServiceProviders Forcompaniesandotherorganizationsthatproducegoods,brandinghelpscreateloyalty.Itdecreasestheriskoflosingmarketsharetothecompetitionbyestablishingacompetitive advantagecustomerscancounton.Strongbrandsoftencommandpremiumpricingfromconsumerswhoarewillingtopaymoreforaproducttheyknow,trust,andperceiveasofferinggoodvalue.Brandingcanbeagreatvehicleforeffectivelyreachingtargetaudiencesandpositioningacompanyrelativetothecompetition.Workinginconjunctionwithpositioning,brandistheultimatetouchstonetoguidechoicesaroundmessaging,visualdesign,packaging,marketing,communications,andproductstrategy. TheStarbucksbrandisassociatedwithpremium,high-pricedcoffee. Forexample,Starbucks’loyalfanbasevaluesandpayspremiumpricesforitscoffee.Starbucks’choicesabout beverage products,neighborhoodshops,thebuyingexperience,and corporatesocialresponsibilityallhelpbuildtheStarbucksbrandandcommunicateitsvaluetoaglobalcustomerbase. Value ofBrandingfortheRetailer RetailerssuchasTarget,Safeway,andWalmartcreatebrandsoftheirowntocreatealoyalbaseofcustomers.Brandingenablestheseretailerstodifferentiatethemselvesfromoneanother andbuildcustomerloyaltyaroundtheuniqueexperiencestheyprovide.Retailerbrandbuildingmayfocusaroundthein-storeoronlineshoppingenvironment,productselection,prices,convenience,personalservice,customerpromotions,productdisplay,etc. Retailersalsobenefitfromcarryingthebrandedproductscustomerswant.Brand-marketingsupportfromretailersormanufacturerscan help attractmorecustomers(ideallyoneswhonormallydon’tfrequentan establishment).Forexample,acustomerwhotrulyvaluesorganicbrandsmightdecidetovisitaCVSstoretoshopfororganichouseholdcleanersthataresafetousearoundbabies.ThiscustomermighthavelearnedthatacompanycalledBabyGanics,whichbrandsitselfasmaking“safe,effective,naturalhouseholdsolutions,”wasavailableatthisparticularretailer. PracticeQuestion CommonBrandingStrategies ManagingBrandsAsStrategicAssets Asorganizationsestablishandbuildstrongbrands,they canpursueanumberofstrategiestocontinuedeveloping themandextendingtheirvaluetostakeholders(customers,retailers,supplychainanddistributionpartners, andofcoursetheorganizationitself). BrandOwnership SteveJobs,co-founderandlong-timeCEOofApple Who“owns”thebrand?Thelegalownerofabrandisgenerallytheindividualorentityinwhosenamethelegalregistrationhasbeenfiled.Operationallyspeaking,brandownershipshouldbetheresponsibilityofanorganization’smanagementandemployees.Brandownershipisaboutbuilding andmaintaining abrandthatreflectsyourprinciplesandvalues.Brandbuildingisabouteffectivelypersuadingcustomerstobelieveinandpurchaseyourproduct or service.Iconicbrands,suchasAppleandDisney,oftenhaveahistoryofvisionaryleaderswhochampionthebrand,evangelizeaboutit,andbuilditintotheorganizationalcultureandoperations. BrandingStrategies Abrandingstrategyhelpsestablishaproductwithinthemarketandtobuildabrandthatwillgrowandmature.Makingsmartbrandingdecisionsupfrontiscrucialsinceacompanymayhavetolivewiththeirdecisionsforalongtime.Thefollowingarecommonlyusedbrandingstrategies: “BrandedHouse”Strategy A“brandedhouse”strategy(sometimescalleda“housebrand”)usesastrongbrand—typicallythecompanyname—astheidentifyingbrandnamefor arangeofproducts(forexample,MercedesBenzorBlack&Decker)orarangeofsubsidiarybrands(suchasCadburyDairyMilkorCadburyFingers).Becausetheprimaryfocusandinvestmentisinasingle,dominant“house”brand,thisapproachcanbesimplerandmorecost-effectiveinthelongrunwhenitiswellalignedwithbroadercorporatestrategy. “HouseofBrands”Strategy Kool-AidMan Withthe“houseofbrands”strategy,acompanyinvestsinbuildingoutavarietyofindividual,product-levelbrands.Eachofthesebrandshasaseparatenameandmaynotbeassociatedwiththeparentcompanynameatall.Thesebrandsmayevenbeindefactocompetitionwith otherbrandsfromthesamecompany.Forexample,Kool-AidandTangaretwopowderedbeverageproducts,bothownedbyKraftFoods.The“houseofbrands”strategyiswellsuitedtocompaniesthatoperateacrossmanyproductcategoriesatthesametime. Itallows greaterflexibilitytointroduceavarietyofdifferentproducts,ofdifferingquality,tobesoldwithoutconfusingtheconsumer’sperceptionofwhatbusinessthecompanyisinordilutingbrandperceptionsaboutproductsthattargetdifferenttiersortypesofconsumerswithinthesameproductcategory. Private-LabelorStoreBranding Alsocalledstorebranding,private-label brandinghas becomeincreasinglypopular.Incaseswhere theretailerhasaparticularlystrongidentity,theprivatelabelmaybeabletocompeteagainsteventhestrongestbrandleadersandmayoutperformthoseproductsthatarenototherwisestronglybranded.ThenortheasternU.S.grocerychainWegman’soffersmanygroceryproductsthatcarrytheWegman’sbrandname.MeanwhilenationalgrocerychainSafewayoffersseveraldifferentprivatelabel“store”brands:SafewaySelect,Organics,SignatureCafe,andPrimoTaglio,amongothers.[3]  “No-Brand”Branding A numberofcompaniessuccessfullypursue“no-brand”strategiesbycreatingpackagingthatimitatesgeneric-brandsimplicity.“Nobrand”brandingcan beconsidered atypeofbrandingsince theproductismadeconspicuousby theabsenceofabrandname.“TapaAmarilla”or“YellowCap”inVenezueladuringthe1980sisaprimeexampleofno-brandstrategy.Itwasrecognizedsimplybythecolorofthecapofthiscleaningproductscompany. Personal andOrganizationalBrands Personalandorganizationalbrandingarestrategiesfor developingabrandimageandmarketingenginearoundindividualpeopleorgroups.Personalbrandingtreatspersonsandtheircareersasproductstobebrandedandsoldtotargetaudiences.Organizationalbrandingpromotesthemission,goals,and/orworkofthegroupbeingbranded.Themusicandentertainmentindustriesprovidemanyexamplesofpersonalandorganizationalbranding.FromJustinBiebertoGeorgeClooneytoKimKardashian,virtuallyanycelebritytodayisapersonalbrand.Likewise,bands,orchestras,andotherartisticgroupstypically cultivateanorganizational(orgroup)brand.Faithbrandingisavariantofthisbrandstrategy,whichtreatsreligiousfiguresandorganizationsasbrandsseekingtoincreasetheirfollowing.Mission-drivenorganizationssuch theGirlScoutsofAmerica,theSierraClub,theNationalRifleAssociation(amongmillionsofothers)pursueorganizationalbrandingtoexpandtheirmembership,resources,andimpact. Place Branding Thedevelopingfieldsofplacebrandingandnationbrandingworkontheassumptionthatplacescompetewithotherplacestowinoverpeople,investment,tourism,economicdevelopment,andotherresources.Withthisinmind,publicadministrators,civicleaders,andbusinessgroupsmayteamupto“brand”andpromotetheircity,region,ornationamongtargetaudiences.Dependingonthegoalstheyaretryingtoachieve, targetsforthesemarketinginitiativesmaybereal-estatedevelopers,employersandbusinessinvestors,touristsandtour/traveloperators,andsoforth.Whileplacebrandingmayfocusonanygivengeographicareaordestination, nationbrandingaimstomeasure,build,andmanagethereputationofcountries. The city-stateSingaporeisanearly,successfulexampleofnationbranding. Theedgy LasVegas“WhatHappensHere,StaysHere”campaign,shownininthefollowingvideo,isawell-knownexampleofplacebranding. Co-Branding Co-brandingisanarrangementinwhichtwoestablishedbrandscollaborate toofferasingleproductorservicethatcarriesbothbrandnames.Intheserelationships,generallybothpartiescontributesomethingofvaluetothenewofferingthatneitherwouldhavebeenabletoachieveindependently.Effectiveco-brandingbuildsonthecomplementarystrengthsoftheexistingbrands.Itcanalsoalloweachbrandanentrypointintomarketsinwhich theywouldnototherwisebecredibleplayers. Thefollowingaresomeexamplesofco-brandedofferings: DeltaAirlinesandAmericanExpressofferanentirefamilyofco-brandedcreditcards;otherairlinesoffersimilarco-brandedcardsthatoffercustomerrewardsintermsoffrequentflyerpointsandspecialoffers. Fiat500“Barbie” HomefurnishingscompanyPotteryBarnandthepaintmanufacturerBenjaminMooreco-brandseasonalcolorpalettesforhomeinteriorpaints FashiondesignerLizLangedesignsaready-to-wearclothinglineco-brandedwithandsoldexclusivelyatTargetstores AutomakerFiatandtoymakerMattelteameduptocelebrateBarbie’sfiftiethanniversarywiththenail-polish-pinkFiat500Barbiecar. Co-brandingisacommonbrand-buildingstrategy,butitcanpresent difficulties.Thereisalwaysriskaround howwellthemarketwillreceivenewofferings,andsometimes,despitethebest-laidplans,co-brandedofferingsfallflat.Also,thesearrangementsofteninvolvecomplexlegalagreementsthataredifficulttoimplement.Co-brandingrelationshipsmaybeunevenlymatched,withthepartnershavingdifferentvisionsfortheircollaboration,placingdifferentpriorityontheimportanceoftheco-brandedventure,oronepartnerholdingsignificantlymorepowerthantheotherindetermininghowtheyworktogether.Becauseco-brandingimpactstheexistingbrands,thepartnersmaystrugglewithhowtoprotecttheircurrentbrandswhileintroducingsomethingnewandpossibly risky. BrandLicensing Campbell’s“StarWars”Soup.Source:http://www.campbells.com/star-wars/ Brandlicensingistheprocessofleasingorrentingtherighttouseabrandinassociationwithaproductorsetofproductsforadefinedperiodandwithinadefinedmarket,geography,orterritory.Througha licensingagreement,afirm(licensor)providessometangibleorintangibleassettoanotherfirm(licensee)andgrantsthatfirmtherighttousethelicensor’sbrandnameandrelatedbrandassetsinreturnforsomepayment.Thelicenseeobtainsacompetitiveadvantageinthisarrangement,whilethelicensorobtainsinexpensiveaccesstothemarketinquestion. Licensingcanbeextremelylucrativefortheownerofthebrand,asotherorganizationspayforpermissiontoproduceproductscarryingalicensedname.TheWaltDisneyCompanywasanearlypioneerinbrandlicensing,anditremainsaleaderinthisareawithitswildlypopularentertainmentandtoybrands:StarWars,DisneyPrincesses,ToyStory,MickeyMouse,andsoon.Toymanufacturers,forexample,paymillionsofdollarsandviefortherightstoproduceandsellproductsaffiliatedwiththese“super-brands.” LineExtensionsandBrandExtensions Organizationsuse lineextensionsandbrandextensions toleverage andincreasebrandequity. DietCokeisalineextensionoftheCokebrand. Acompanycreatesalineextensionwhenitintroducesanewvarietyofofferingwithinthesameproductcategory.Toillustratewiththefood industry,acompanymightadd newflavors,packagesizes,nutritionalcontent,orproductscontainingspecialadditivesinlineextensions.Lineextensionsaimtoprovidemorevarietyandhopefullycapturemoreofthemarketwithin agivencategory.Morethanhalfofallnewproductsintroducedeachyeararelineextensions.Forexample,M&Mcandyvarietiessuchas peanut,pretzel,peanutbutter,anddarkchocolatearealllineextensionsoftheM&Mbrand.DietCoke™isaline extensionoftheparentbrandCoke™.Whiletheproductshavedistinctdifferences,theyareinthesameproductcategory. Abrandextension movesanexisting brandnameintoanewproductcategory,withaneworsomehowmodifiedproduct.Inthisscenario,acompanyusesthestrengthofanestablishedproducttolaunchaproductinadifferentcategory,hopingthepopularityoftheoriginalbrandwillincreasereceptivityofthenewproduct. AnexampleofabrandextensionistheofferingofJell-Opuddingpopsinadditiontotheoriginalproduct,Jell-Ogelatin.Thisstrategyincreasesawarenessofthebrandnameandincreasesprofitabilityfromofferingsinmorethanoneproductcategory. Lineextensionsandbrandextensionsareimportanttoolsforcompaniesbecausetheyreducefinancialriskassociatedwithnew-productdevelopmentbyleveragingtheequityintheparentbrandnametoenhanceconsumers’perceptionsandreceptivitytowardsnewproducts.Duetotheestablishedsuccessoftheparentbrand,consumerswillhaveinstantrecognitionoftheproductnameandbemorelikelytotrythenewlineextension. PracticeQuestion StagesoftheProductLifeCycle Acompanyhastobegoodatbothdevelopingnewproductsandmanagingtheminthefaceofchangingtastes,technologies,andcompetition.Productsgenerally gothroughalifecyclewithpredictablesalesandprofits.Marketersusetheproductlifecycletofollowthisprogressionandidentifystrategiestoinfluenceit.Theproductlifecycle(PLC)starts withtheproduct’sdevelopmentandintroduction,thenmovestowardmaturity,withdrawalandeventualdecline.Thisprogression isshowninthegraph,below. ThefivestagesofthePLCare: Productdevelopment Marketintroduction Growth Maturity Decline Thetablebelowshowscommoncharacteristicsofeachstage. CommonCharacteristics 0.Productdevelopment stage investmentismade saleshavenotbegun newproductideasaregenerated,operationalized,andtested 1.Marketintroductionstage costsareveryhigh slowsalesvolumestostart littleornocompetition demandhastobecreated customershavetobepromptedtotrytheproduct makeslittlemoneyatthisstage 2.Growthstage costsreducedduetoeconomiesofscale salesvolumeincreasessignificantly profitabilitybeginstorise publicawarenessincreases competitionbeginstoincreasewithafewnewplayersinestablishingmarket increasedcompetitionleadstopricedecreases 3.Maturitystage costsareloweredasaresultofincreasingproductionvolumesandexperiencecurveeffects salesvolumepeaksandmarketsaturationisreached new competitorsenterthemarket pricestendtodropduetotheproliferationofcompetingproducts branddifferentiationandfeaturediversificationisemphasizedtomaintainorincreasemarketshare profits decline 4.Declinestage costs increaseduetosomelossofeconomiesofscale salesvolumedeclines pricesandprofitabilitydiminish profitbecomesmoreachallengeofproduction/distributionefficiencythanincreasedsales PracticeQuestion UsingtheProductLifeCycle Theproductlifecyclecanbeausefultoolinplanningforthelifeoftheproduct,butithasanumberoflimitations. Notallproductsfollowasmoothandpredictablegrowthpath.Someproductsaretiedtospecificbusinesscyclesorhaveseasonalfactorsthatimpactgrowth.Forexample,enrollmentinhighereducationtrackscloselywitheconomictrends.Whenthereisaneconomicdownturn,morepeoplelosejobsandenrollincollegetoimprovetheirjobprospects.Whentheeconomyimprovesandmorepeoplearefullyemployed,collegeenrollmentsdrop.Thisdoesnotnecessarilymeanthateducationisindecline,onlythatitisinadowncycle. Furthermore,evidencesuggeststhatthePLCframeworkholdstrueforindustrysegmentsbutnotnecessarilyforindividualbrandsorprojects,whicharelikelytoexperiencegreatervariability.[4] Ofcourse,changesinotherelementsofthemarketingmixcan alsoaffecttheperformanceoftheproductduringitslifecycle.Changeinthecompetitivesituationduringeachofthesestagesmayhaveamuchgreaterimpactonthe marketingapproachthanthePLCitself.Aneffective promotionalprogramoradramaticloweringofpricemayimprovethesalespictureinthedeclineperiod,atleasttemporarily.Usuallytheimprovementsbroughtaboutbynon-producttacticsarerelativelyshort-lived,andbasicalterationstoproductofferingsprovidelongerbenefits. WhetheroneacceptstheS-shapedcurveasavalidsalespatternorasapatternthatholdsonlyforsomeproducts(butnotforothers),thePLC conceptcanstillbeveryuseful.Itoffersaframeworkfordealingsystematicallywithproductmarketing issuesandactivities.The marketerneedstobeaware ofthecharacteristicsthatapplytoagivenproductasitmovesthroughthevariousstages. MarketingthroughtheProductCycle Therearesomecommon marketing considerationsassociatedwith eachstageofthePLC.How marketersthinkaboutthemarketingmixandtheblendofpromotionalactivities–alsoknownasthepromotionmix–shouldreflectaproduct’slife-cyclestageandprogresstowardmarketadoption. Theseconsiderations cannotbeusedasaformulatoguaranteesuccess,buttheycanfunctionasguidelinesfor thinkingaboutbudget,objectives,strategies,tactics,andpotentialopportunitiesandthreats. Keepinmindthatwewilldiscussthenew-productdevelopmentprocessnext,soitisnotcoveredhere. MarketIntroductionStage Thinkofthemarketintroductionstageastheproductlaunch.ThisphaseofthePLCrequiresasignificantmarketingbudget.Themarketisnotyetawareoftheproductoritsbenefits.Introducingaproductinvolvesconvincingconsumersthattheyhaveaproblemorneedwhichthenewoffering canuniquelyaddress.Atitscore,messagingshouldconvey,“Thisproductis agreatidea!Youwantthis!”  Usually apromotionalbudgetisneededtocreatebroadawarenessandeducatethemarketaboutthenewproduct.Toachievethesegoals,oftenaproductlaunchincludespromotionalelementssuchasanewWebsite(orsignificantupdatetotheexistingsite),asocialmediacampaign,printorbroadcastadvertising,apressreleaseandpresscampaign. Thereisalsoaneedtoinvestinthedevelopmentofthedistributionchannelsandrelatedmarketingsupport.ForaB2Bproduct,thisoftenrequirestrainingthesalesforceanddevelopingsalestoolsandmaterialsfordirectandpersonalselling.InaB2Cmarket,itmightincludetrainingandincentivizingretailpartnerstostockandpromotetheproduct. Pricingstrategiesintheintroductionphasearegenerallysetfairlyhigh,astherearefewercompetitorsinthemarket.Thisisoftenoffsetbyearlydiscountsandpromotionalpricing. GoogleGlass Itisworthnotingthatthelaunchwilllookdifferentdependingonhownewtheproductis.Iftheproductisacompletelynewinnovationthatthemarkethasnotseenbefore,thenthereisaneedtobotheducatethemarketaboutthenewofferingandbuildawarenessofit.In2013whenGooglelaunchedGoogleGlass—anopticalhead-mountedcomputerdisplay—ithadnotonlytogetthewordoutabouttheproductbutalsohelpprospectivebuyersunderstandwhatitwasandhowitmightbeused.Googleinitiallytargetedtech-savvyaudiencesmostinterestedinnoveltyandinnovation(moreaboutthemlaterwhenwediscussdiffusionofinnovation).Byofferingthenewproductwithalotofmediafanfareandlimitedavailability,Google’spromotionalstrategyigniteddemandamongthesesegments.TechbloggersandinsidersbloggedandtweetedabouttheirGoogleGlassadventures,andword-of-mouthsharingaboutthenewproductspreadrapidly.YoucanimaginethatthiswasverydifferentfromthelaunchofWheatThinsSpicyBuffalocrackers,anextensionofanexistingproductline,targetingadifferentaudiences(retailers,consumers)withpromotionalactivitiesthatfittheproduct’smarketinganddistributionchannels.TheGoogleGlasssituationwasalsodifferentfromthelaunchofTesla’shomebattery.InthatcaseTeslaofferedanewlineofhomeproductsfrom a companythathadpreviouslyonlyofferedautomobiles.Breakingintonewproductcategoriesandmarketsischallengingevenforawell-regardedcompanylikeTesla.Asyoumightexpect,thegreaterthedifferenceinnewproductsfromacompany’sexistingofferings,thegreaterthecomplexityandexpenseoftheintroductionstage. Oneotherconsiderationisthematurityoftheproductitself.Sometimesmarketerswillchoosetobeconservativeduringthemarketingintroductionstagewhentheproductisnotyetfullydevelopedorproven,orwhenthedistributionchannelsarenotwellestablished.Thismightmeaninitiallyintroducingtheproducttoonlyonesegmentofthemarket,doinglesspromotion,orlimitingdistribution(aswithGoogleGlass).Thisapproachallowsforearlycustomerfeedbackbutreducestheriskofproductissuesduringthelaunch. Whileweoftenthinkofanintroductionorlaunchasasingleevent,thisphasecanlastseveralyears.Generallyaproductmovesoutoftheintroductionstagewhenitbeginstoseerapidgrowth,thoughwhatcountsas“rapidgrowth”variessignificantlybasedontheproductandthemarket. GrowthStage Oncerapidgrowthbegins,theproductorindustryhasenteredthegrowthstage. Whenaproductcategorybeginstodemonstratesignificantgrowth,themarketusually responds:newcompetitorsenterthemarket,andlargercompaniesacquirehigh-growthcompaniesandproducts. Theseemergingcompetitivethreatsdrivenewmarketingtactics.Marketerswhohavebeenseekingtobuildbroadmarketawarenessthroughtheintroductionphasemustnowdifferentiatetheirproductsfromcompetitors,emphasizinguniquefeaturesthatappealtotargetcustomers.Thecentralthrustofmarketmessagingandpromotionduringthisstageis“Thisbrandisthebest!” Pricingalsobecomesmorecompetitiveandmustbeadjustedtoalignwiththedifferentiationstrategy. Ofteninthegrowthphasethemarketermustpaysignificantattentiontodistribution.Withagrowingnumberofcustomersseekingtheproduct,moredistributionchannelsareneeded.Massmarketingand otherpromotionalstrategiestoreachmorecustomersandsegmentsstarttomakesenseforconsumer-focusedmarketsduringthegrowthstage.Inbusiness-to-businessmarkets,personalsellingandsalespromotionsoftenhelpopendoorstobroadergrowth. Marketersoftenmustdevelopandsupportnewdistributionchannelstomeetdemand.Throughthegrowthphase,distributionpartnerswillbecomemoreexperiencedsellingtheproductandmayrequirelesssupportovertime. Theprimarychallengesduringthegrowthphasearetoidentifyadifferentiatedpositioninthemarketthatallowstheproducttocaptureasignificantportionofthedemandandtomanagedistributiontomeetthedemand. MaturityStage Whengrowthbeginstoplateau,theproducthasreachedthematurityphase.Inordertoachievestrongbusinessresultsthroughthematuritystage,thecompanymusttakeadvantageofeconomiesofscale.Thisisusuallyaperiodinwhich marketersmanagebudgetcarefully,oftenredirectingresources towardproductsthatareearlierintheirlifecycleandhavehigherrevenuepotential. Atthisstage,organizations aretryingtoextractasmuchvaluefromanestablishedproductastheycan,typicallyinaverycompetitivefield.Marketingmessagesandpromotionsseektoremindcustomersaboutagreatproduct,differentiatefromcompetitors,andreinforcebrandloyalty:“Rememberwhythisbrandisthebest.” Asmentionedintheprevioussection,thislateinthelifecycle,promotionaltacticsandpricingdiscountsarelikelytoprovideonlyshort-termbenefits.Changestoproducthaveabetterchanceofyielding moresustainedresults. Inthematuritystage,marketersoftenfocusonnichemarkets,using promotionalstrategies,messaging,andtacticsdesignedtocapturenewshareinthesemarkets.Sincethereisnonewgrowth,theemphasisshiftsfromdrawingnewcustomerstothemarkettowinning moreoftheexistingmarket.Thecompanymayextendaproductline,addingnewmodelsthathavegreaterappealtoasmallersegmentofthemarket. Often,distributionpartnerswillreducetheiremphasisonmatureproducts.Asalesforcewillshiftitsfocustonewproductswithmoregrowthpotential.Aretailerwillreallocateshelfspace.Whenthishappensthemanufacturermayneedtotakeonastrongerroleindrivingdemand. Wehaverepeatedlyseenthistacticinthesoftdrinkindustry.Asthemarkethasmatured,thenumberofdifferentflavorsoflargebrandslikeCokeandPepsihas grownsignificantly.Wewilllookatotherproducttacticstoextendthegrowthphaseandmanagethematurityphaseinthenextsection. DeclineStage Onceaproductorindustryhasentereddecline,thefocusshiftsalmostentirelytominimizingcosts.Marketingspendisreducedforproductsinthislifestage,becausethemarketinginvestmentisbetterspentonotherpriorities.For goods,distributorswillseektoeliminateinventorybycuttingprices.For services,companieswillreallocatestafftoensurethatdeliverycostsareincheck.Wherepossible,companiesmayinitiateaplannedobsolescenceprocess.Commonlytechnologycompanieswillannouncetocustomersthattheywillnotcontinuetosupportaproductafterasetobsolescencedate. Oftena primaryfocusformarketersduringthisstageistotransitioncustomerstonewerproductsthatareearlierintheproductlifecycleandhavemorefavorableeconomics.Promotionalactivitiesandmarketingcommunicationstypicallyfocusonmakingthistransitionsuccessfulamongbrand-loyalsegmentswho stillwanttheoldproduct.Atypicalthemeofmarketingactivityis“Thisfamiliarbrandisstillhere,butnowthere’ssomethingevenbetter.” PracticeQuestion TheNew-ProductDevelopmentProcess Thereareprobably asmanyvarietiesofnew-productdevelopmentsystemsastherearetypes ofcompanies,butmostofthemsharethesamebasicstepsor stages—theyarejustexecutedindifferentways.Below, wehavedivided theprocessintoeightstages,groupedintothreephases. Manyoftheactivitiesareperformedrepeatedly throughouttheprocess,buttheybecomemoreconcreteastheproductideaisrefinedandadditionaldataaregathered.Forexample,ateachstageoftheprocess,theproductteamisasking,“Isthisaviableproductconcept?”buttheanswerschangeastheproductisrefinedandmoremarketperspectivescanbeaddedtotheevaluation. PhaseI:GeneratingandScreeningIdeas PhaseII:DevelopingNewProducts PhaseIII:CommercializingNewProducts Stage1: GeneratingNewProductIdeas Stage4:BusinessCaseAnalysis Stage6:TestMarketing Stage2:ScreeningProductIdeas Stage5:TechnicalandMarketing Development Stage7:Launch Stage3:ConceptDevelopmentandTesting Stage 1:GeneratingNewProductIdeas Generatingnewproductideasisacreativetaskthatrequiresaparticular wayofthinking.Comingupwith ideasiseasy,butgeneratinggoodideasisanotherstory.Companiesusearangeofinternalandexternalsourcestoidentifynewproductideas.ASWOTanalysismightsuggeststrengthsinexistingproductsthatcouldbethebasisfornewproductsormarketopportunities.Researchmightidentifymarketandcustomertrends.Acompetitiveanalysismightexposeaholeinthecompany’sproductportfolio.Customerfocusgroupsorthesalesteammight identifyunmetcustomerneeds.Many amazingproductsarealsotheresultof luckymistakes—productexperimentsthatdon’tmeettheintendedgoalbuthaveanunintendedandinterestingapplication.Forexample,3MscientistDr.SpencerSilverinventedPost-ItNotesinafailedexperimenttocreateasuper-strongadhesive. Thekeytotheideagenerationstage istoexplorepossibilities,knowingthatmostwillnotresultinproductsthatgotomarket. Stage 2:ScreeningProductIdeas Thesecondstage oftheproductdevelopmentprocessisideascreening.Thisisthefirstofmanyscreeningpoints.Atthisearlystagemuchisnotknownabouttheproductanditsmarketopportunity.Still,productideasthatdonotmeettheorganization’soverallobjectivesshouldberejectedatthisstage.Ifapoorproductideaisallowedtopassthescreeningstage,itwasteseffortandmoneyinlater stagesuntilitisabandoned.Evenmoreseriousisthepossibilityofscreeningoutaworthwhileideaandmissingasignificantmarketopportunity.Forthisreason,thisearlyscreeningstageallowsmanyideastomoveforwardthatmaynoteventuallygotomarket. Atthisearlystage,product ideasmaysimplybe screenedthroughsomesortofinternalratingprocess.Employeesmightratetheproductideasaccordingto asetofcriteria,forexample;thosewithlow scoresare droppedandonlythehighestrankedproductsmoveforward. Stage3:ConceptDevelopment andTesting Today,itisincreasinglycommonforcompaniesto runsomesmallconcepttestinarealmarketingsetting.Theproductconceptisasynthesisoradescriptionofaproductideathatreflectsthecoreelementoftheproposedproduct.Marketingtries tohavethemostaccurateanddetailedproductconceptpossibleinordertogetaccuratereactionsfromtargetbuyers.Thosereactionscanthenbeusedtoinformthefinalproduct,themarketingmix,andthebusinessanalysis. New toolsleveragingtechnologyforproductdevelopmentareavailablethatsupporttherapiddevelopmentofprototypeswhich canbetestedwithpotentialbuyers.Whenconcepttestingcanincludeanactualproductprototype,theearlytestresultsaremuchmorereliable.Concepttestinghelpscompaniesavoidinvestinginbadideasandatthesametimehelpsthemcatchandkeepoutstandingproductideas.  Stage4:BusinessCaseAnalysis Beforecompaniesmakeasignificantinvestmentina product’sdevelopment,theyneedtobesurethatit willbringasufficientreturn. Thecompanyseekstoanswersuchquestionsasthefollowing: Whatisthemarketopportunityforthisproduct? Whatarethecoststobringtheproducttomarket? Whatarethecoststhroughthestagesoftheproductlifecycle? Wheredoestheproductfitintheproductportfolioandhowwill itimpactexistingproductsales? Howdoesthisproductimpactthebrand? Howdoesthisproductimpactothercorporateobjectivessuchassocialresponsibility? Themarketingbudgetandcostsareoneelementofthebusinessanalysis,butthefullscopeoftheanalysisincludesallrevenues,costs,andotherbusinessimpactsoftheproduct. Stage5:TechnicalandMarketingDevelopment Aproductthathaspassedthescreeningandbusinessanalysisstagesisreadyfortechnicalandmarketingdevelopment.Technicaldevelopmentprocessesvarygreatlyaccording to thetypeofproduct.Foraproductwithacomplexmanufacturingprocess,thereisalabphase to createspecificationsandanequallycomplexphase todevelopthemanufacturingprocess.Foraserviceoffering,theremaybenewprocessesrequiringnewemployeeskillsorthedeliveryofnewequipment.Theseareonlytwoofmanypossibleexamples,butineverycasethecompanymustdefinebothwhattheproductisandhowitwillbedeliveredto manybuyers. Whilethetechnicaldevelopmentisunderway,themarketingdepartmentistestingtheearlyproductwithtargetcustomerstofindthebestpossible marketingmix.Ideally,marketingusesproductprototypesor earlyproductionmodels tounderstandandcapturecustomerresponsesandtoidentifyhowbesttopresenttheproducttothemarket.Throughthisprocess,productmarketing mustprepareacompletemarketingplan—onethatstartswithastatementofobjectivesandendswithacoherentpictureof productdistribution,promotion,andpricingintegratedintoaplan ofmarketingaction. Stage6:TestMarketingandValidation Testmarketingisthefinalstagebeforecommercialization;theobjectiveistotestallthevariables inthemarketingplanincludingelementsoftheproduct.Testmarketingrepresentsanactuallaunchingofthetotalmarketingprogram,doneonalimitedbasis. Initialproducttestingandtestmarketingarenotthesame.Producttestingistotallyinitiatedbytheproducer:heorsheselectsthesampleofpeople,providestheconsumerwiththetestproduct,andofferstheconsumersomesortofincentivetoparticipate. Testmarketing,ontheotherhand,isdistinguishedbythefactthatthetestgroup representsthefull market,theconsumermustmakeapurchasedecisionandpayfortheproduct,andthetestproductmustcompetewiththeexistingproductsintheactualmarketingenvironment.Fortheseandotherreasons,amarkettestisanaccuratesimulationofthebroader marketandservesasamethodforreducingrisk.Itshouldenhancethenewproduct’sprobabilityofsuccessandallowforfinaladjustmentinthemarketingmixbeforetheproductisintroducedonalargescale. Stage7:Launch Finally,theproductarrivesatthecommerciallaunchstage.Themarketingmixcomestogethertointroducetheproducttothemarket.Thisstagemarksthebeginningoftheproductlifecycle. Stage8:Evaluation Thelaunchdoesnotinanywaysignal theendofthemarketingrolefortheproduct.Tothecontrary,afterlaunchthemarketerfinallyhasrealmarketdataabouthowtheproduct performsinthewild,outsidethe testenvironment.These marketdatainitiate anewcycleofideagenerationaboutimprovementsandadjustmentsthatcanbemadetoallelementsofthemarketingmix. PracticeQuestion AmericanMarketingAssociation."Product."Dictionary.AccessedJune10,2019.https://www.ama.org/resources/Pages/Dictionary.aspx?dLetter=P#product.↵BusinessDictionary."IndustrialGoods."AccessedJune10,2019.http://www.businessdictionary.com/definition/industrial-goods.html↵"OurBrands."Safeway.AccessedJune25,2019.http://www.safeway.com/ShopStores/Brands/Our-Brands.page.↵Mullor-Sebastian,Alicia.“TheProductLifeCycleTheory:EmpiricalEvidence.”JournalofInternationalBusinessStudies14.3(1983):95–105.↵ LicensesandAttributions 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