Now that you’ve analyzed the environmental situation and established who is in the target market, it is time for product development. Product design is crucial because new products are being introduced every day. So, while other people focus on that aspect of development, you turn your attention to branding. Primary Task Response: Within the Discussion Board area, write 400-600 words that respond to the following questions with your thoughts, ideas, and comments. This will be the foundation for future discussions by your classmates. Be substantive and clear, and use examples to reinforce your ideas.This morning, walking into the office, you greet Michelle who says, “I’d like to meet with you tomorrow to develop the branding strategy for the new product. Let’s meet for a working lunch and brainstorming session.”
“That sounds great,” you reply. “I’ll schedule the meeting and order in lunch.”Entering your office, you begin to think about the items that you will be discussing during tomorrow’s meeting with Michelle. We haven’t even come up with a product name yet, you think. We also need to work on an advertising slogan or tag line. You know that Michelle has an extensive background in marketing, but you really want to make a good impression and bring a sound branding strategy to the meeting. How are we going to distinguish our product from our competitors? What are the benefits that we are going to highlight in our brand that will meet the needs or wants of our target customers?You create the following list of items that you need to address: Identify in one sentence your overall branding strategy or brand image you want to achieve in the mind of your target segment.
Product name
Advertising slogan or tag line
Product attributes
Product benefits Within the Discussion Board area, write 400-600 words (more is better) that respond to the following branding strategy list with your thoughts, ideas, and comments. Identify your overall branding strategy or brand image you want to achieve in the mind of your target segment.
Product name
Advertising slogan or tag line
Product attributes
Product benefits
The students should include secondary data in the form of valid, evidence-based sources of information from the CTU classroom learning materials (textbook and MUSE), include a short introductions using in text cititations and APA format.
competition_and_product_development_.pdf
faq_product_growth__branding____promotion.pdf
global_marketing_mix_.pdf
product_development.pdf
selecting_market_channels_.pdf
Unformatted Attachment Preview
Competition and New Product Development
This unit reviews competitive responses, segmenting and targeting key market
segments, positioning the product or service, and developing new products in
both the domestic and global markets. In order to maintain its viability, the
company must have a market orientation that includes a focus on the customer
and an awareness of the competition. Prioritizing the market segments
identified in the organization’s market research will enable the organization to
focus not only on the customers’ present needs and requirements but to also
forecast their future needs. This future orientation helps the organization
decide on which segments it should target. Product positioning is the design of
the organization’s offering and image so that the target market understands
the value of the offering relative to competitive offers. Effective positioning can
drive the company to new markets and new products both domestically and
internationally.
Competition
Competition can be defined by the five competitive forces in business: new
entrants, threat of substitution, the bargaining power of buyers, the bargaining
power of suppliers, and rivalry among current competitors. No organization
exists without competitors. Effective marketing management requires an
analysis of the competitive environment and an understanding of the nature
and conditions of the industry rivalry. In a competitive analysis, you should
identify the major competitors, review their business practices, strengths, and
weaknesses, and look for market opportunities for your organization within
those competitive gaps.
Market Segmentation and Segment Selection
Market segmentation is one of the most fundamental concepts in marketing,
and your choice of which approach to adopt will directly affect the impact of
segmentation on your business. Market segmentation, correctly applied, is
about understanding the requirements of customers and, therefore, how they
decide between one offer and another. This insight is used to form groups of
customers who share the same or very similar value criteria. A company is then
able to determine which groups of customers it is best suited to serve and
which product and service offers will both meet the requirements of its selected
segments and outperform any competition. Once you identify the segments,
you should select the segments whose needs the organization can best satisfy
and from which the organization can generate an appropriate return on its
investment.
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Competition and New Product Development
Positioning
Positioning is a matter of perceptions. It is how your product or service is
perceived by the marketplace. Effective positioning puts you in the top of mind
position among potential customers.
New Market and Global Market Offerings
Mature and declining products must be replaced with newer products so that
the organization’s life cycle can be revitalized. If the firm does not obsolete its
products and create new ones, its competitors surely will. Similarly, companies
cannot continue to focus only on the domestic market. The approach to global
markets may require any or all of market development, product development,
and diversification strategies.
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FAQ: Product Growth, Branding, and Promotion
Question 1: How is the growth share matrix used to measure product growth?
Answer 1: Product growth can be measured along two dimensions: market
growth and relative market share. Based on these measures, products can
belong to any one of the four quadrants:




High relative market share and low market growth: Products in
this category are termed cash cows. These products generate significant
revenue that is used to feed the problem children and maintain the
stars.
High relative market share and high market growth: Products that
fall in this category are the stars. These products occupy dominant
positions in the category and do need cash to maintain their position.
However, they also generate significant revenue.
Low relative market share and low market growth: Products that
fall in this quadrant are labeled dogs. These products will be phased out
over time.
Low relative market share and high market growth: Products in
this quadrant are called the problem children or the question marks.
These products need investments for further improvements.
Question 2: What are the different types of brands available to a retailer to
sell?
Answer 2: A retailer has five different brands to choose from:





National brands: These are brands that are available nationally and
belong to large organizations.
Regional brands: These are brands available only in specific regions of
the country.
Value brands: These are lower priced alternatives to national brands
that are available to the consumers.
Private labels: These are the retailer’s label and are also lower priced.
Generics: These brands do not have a name and are priced lower than
the national brands.
Question 3: What are the three approaches in the new product development
process?
Answer 3: The three approaches are as follows:

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The linear approach: In this approach, the new product development
FAQ: Product Growth, Branding, and Promotion


process takes a sequential approach. When one step in the process
ends, the next step in the process begins.
The rugby method: In this approach, the team members work
together in unison from start to actual product introduction. The process
is not handed over from one department to another because the team is
made up of individuals who come from the various departments.
The target costing approach: In this approach, the approximate price
that the customer is willing to pay for the product is first determined.
With this information, costs are controlled so that the product can be
produced and sold at the price the target segment is willing to pay.
Question 4: What are the various elements of an organizations
communications mix? What is integrated marketing communications (IMC)?
Answer 4: The various elements of an organization’s communications mix
include the following:






Advertising
Direct marketing
Personal selling
Sales promotion
Publicity (PR)
Miscellaneous
As an organization communicates with the customers, it must send a clear and
consistent message each time. Organizations use more than one channel to
communicate with its target audience. Advertisements are placed over various
media. Some organizations reach their audience directly using the direct
marketing approach. Based on the type of product, some engage in personal
selling where their sales force meet their customers directly. Organizations
engage in sales promotions as an incentive to their customers. Further, their
public relations department also communicates with their customers.
Regardless of which channel is used or combination of channels, the message
to the end user has to always be clear and consistent. This helps to minimize
confusion because customers are constantly being inundated with information
from all directions.
Question 5: Advertising is the major communication channel for marketing
managers to reach their target audience. What are the various media available
to reach an audience?
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FAQ: Product Growth, Branding, and Promotion
Answer 5: The various media available include the following:






Television: This medium has a large audience, and the marketer can
reach the target audience quickly. The cost of producing a television
advertisement is expensive. Further, it is not unusual for the viewer to
channel surf or move away from the room when an advertisement is
showing.
Print (newspapers, magazines): Advertisements placed in print
media can be targeted to very specific audiences. Further, they can be
viewed over and over again so long as the newspaper or magazine is
not discarded.
Radio: Like television, advertisements aired on the radio can reach the
specific target audience quickly. Advertisements placed on radio have to
be visualized by the listener. It will not be effective to place
advertisements that demonstrate product usage in this media.
The World Wide Web: This medium has seen growth in
advertisements. The technology now allows for banners to appear when
certain keywords are typed in (keyword banners). There are also
random banners that pop up on the screen. Advertisements placed on
the Web are available to the viewer any time of the day or night.
Furthermore, these advertisements can be updated instantly.
Billboards: This medium helps to serve as a good reminder. However,
the message content has to be very brief because the amount of time
one has to read the message is extremely short.
Cable TV: This medium is similar to television and radio in that one can
reach the target audience quickly. One drawback is that the viewership
of a particular channel may not be very large.
Question 6: As a marketing manager, how can I forecast the demand of my
new product?
Answer 6: There are several approaches to forecasting the demand of a new
product. They include the following:



Product use tests
Test markets
Quantitative forecasting models
Product Use Tests
In this approach, potential customers of the product get to use the product.
Careful attention is given to gain new insight. Marketers watch for anything
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FAQ: Product Growth, Branding, and Promotion
missing in the product and whether the product needs to be reformulated to be
more effective.
There are three different kinds of product use tests. In the first type of product
use test, a handful of customers may get to try the product. The aim here is to
discover any serious flaws in the product.
In the second type of product use test, customers are allowed to try the
product on a trial basis. The customers use the product, and at the end of the
trial time, they provide their feedback. Customers could be asked if they would
buy the product. Sometimes, they are given a choice set to choose from, with
the new product being part of the set.
In the third type of product use test, the product is left with the customer for a
longer time period. The customer has to document the use of the product and
the competitive products over the trial period, which may last two months. The
customer also has to fill out a before and after survey. This test allows the
marketer to observe the actual wear and tear of the product and realize any
problems that may occur over time.
Test Markets
In this approach to forecast demand, the actual product is made available in
certain test markets. The marketer monitors the trial rate for the new product,
the repeat purchase rate, and the usage rate. The information gathered is
analyzed to predict sales and profits for the new product. Test marketing a new
product also helps to iron out any quirks in the marketing, distribution, and
production processes of the product before the national launch.
Quantitative Forecasting Models
Researchers develop quantitative models to help forecast product demand
based on data collected through market research. Product awareness, trial
data, repeat purchase information, and product usage rate all help forecast new
product demand.
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Global Marketing Mix
Introduction
In this article, we will discuss the Global Marketing Mix. First, we will examine
the major dimensions of global product and brand decisions. Pricing
decisions, specifically those reflecting costs, competitive factors, and
customer value perceptions, are another extremely important component of
the marketing mix. Finally, we will delve into marketing channels and
distribution, which are integral parts of the total marketing program that
must be appropriate to the product design, price, and communications
aspects of the total marketing program.
Product and Brand Decisions
The product is the most important element of a marketing program. Global
marketers face the challenge of formulating coherent product and brand
strategies on a worldwide basis. A product can be viewed as a collection of
tangible and intangible attributes that collectively provide benefits to a buyer
or user. A brand is a complex bundle of images and experiences in the mind
of the customer. Products and brands can be classified as local, international
and global. A global product meets the wants and needs of a global market. A
global brand has the same name and a similar image and positioning
throughout the world. Many global companies have leveraged favorable brand
images and high brand equity by employing combination (tiered) branding,
cobranding, and brand extension strategies.
Product and communications strategies can be viewed within a framework of
extend, adapt, or create. Five strategic alternatives are open to companies
pursuing geographic expansion: product-communication extension; product
extension/communication adaptation; product adaptation/communications
extension; product-communication adaptation; and product invention. The
strategic alternative(s) that a particular company chooses will depend on the
product and the need it serves, customer preferences and purchasing power,
and the costs of adaptation versus standardization. Global competition has
put pressure on companies to excel at developing standardized product
platforms that can serve as a foundation for cost-efficient adaptation.
Pricing
Pricing decisions are a critical element of the marketing mix that must reflect
costs, competitive factors, and customer perceptions regarding value of the
product. Pricing strategies include market skimming, market penetration, and
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Global Marketing Mix
market holding. Price escalation is the accumulation of costs that occurs when
products are shipped from one country to another. Expectations regarding
currency fluctuations, inflation, government controls, and the competitive
situation must also be factored into pricing decisions. Global companies can
maintain competitive prices in world markets by shifting production sources
as business conditions change.
Several additional pricing issues are related to global marketing. The issue of
gray market goods arises because price variations between different countries
lead to parallel imports. Dumping is another contentious issue that can result
in strained relations between trading partners. Transfer pricing is an issue
because of the sheer monetary volume of intra-corporate sales and because
country governments are anxious to generate as much tax revenue as
possible.
Marketing Channels and Distribution
A channel of distribution is the network of agencies and institutions that links
producers with users. Marketing channels can create place, time, form, and
information utility for buyers. The characteristics of customers, products,
middlemen, and environment all affect channel design and strategy.
Consumer channels may be relatively direct, utilizing direct mail or door-todoor selling, as well as manufacturer-owned stores. Piggyback marketing is a
distribution innovation in which one manufacturer gains distribution in a
particular country market by “riding along” with the products of another
manufacturer.
Retail distribution takes many different forms, including department stores,
specialty retailers, supermarkets, convenience stores, discount stores,
warehouse clubs, hypermarkets, super centers, and category killers. Global
retailing is a growing trend as successful retailers expand around the world in
support of growth objectives. Selection, price, store location, and customer
service are a few of the competencies that can be used strategically to enter
a new market. Global retail expansion can be achieved via organic growth,
franchising, chain acquisition, and joint venture.
Transportation and physical distribution issues are critically important in
global marketing because of the geographical distances involved in sourcing
products and serving customers in different parts of the world. To cut costs
and improve efficiency, many companies are reconfiguring their supply chains
by outsourcing some or all activities. Four transportation modes—air, truck,
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Global Marketing Mix
water, and rail—are widely used in global distribution.
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Product Development
Product Development Process
The product development process ensures the proper manufacture of
product. The next step is costing, ordering, and financing. Basic steps to the
product development process include the following:
Planning a line. This involves the work of a designer or a product
development team (depends on the organization of the company).
Past sales information, trends, and markdowns are reviewed as well as
information on color, textiles, and components (thread, buttons,
linings, trims, zippers). The purpose is to present the best possible
product line to the consumer.
Creating the design concept. Designer sketches are reviewed and
discarded with the purpose of choosing the best possible design for
the product line. Discarded concepts either are not a good fit for the
line or may be too costly to produce.
Developing the designs. Design concepts chosen to be developed are
sewn as sample garments. Another process of review takes place with
some designs being discarded on account of cost while others are sent
for modification. Those designs accepted are assigned a style number
and will become part of the line.
Planning production. The planning of production begins with sourcing
textiles, components, and choosing a manufacturer.
Production. The steps to garment production involve pattern making,
sewing, and finishing (tags, labels, and preparation for shipping).
Quite often, the search for offshore manufacturing is outsourced to
companies that specialize in that component of the product
development cycle. After production, the final step is product
inspection or quality assurance.
Distribution. Before a garment is shipped to the warehouse or retailer,
bar codes and sales tickets are added.
The production of apparel product can happen both domestically (United
States) or offshore (East Asia, Taiwan, South Korea, Southeast Asia).
Offshore production is typically utilized by larger companies for reasons of
price reduction, exclusivity of design, and quality workmanship. Many smaller
companies have chosen to continue to produce their apparel products
domestically while still maintaining their competitive edge in their retail
category.
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Product Development
Retail Product Life Cycle
Businesses take into account the various stages of the retail product life cycle
or the fashion life cycle: introduction, growth, peak, and decline.
Introduction. Product is introduced to the marketplace or consumer at
a high level and purchased by trend setters willing to pay a high price
for exclusive designer apparel.
Growth. This takes into account the rise of the product to the mass
market in terms of rapid sales growth and popularity. Related to
apparel, knock-offs are adopted by fashion followers.
Peak. Sales hit their peak and the product experiences steady sales.
Decline. This signifies a loss of popularity and would be considered the
markdown/clearance stage.
Product Development Options
Product development, used by both retailers and wholesale manufacturers, is
a joining together of market and trend research, merchandising, design, and
technical processes.
Wholesalers utilize product development in the production of branded
merchandise, also known as signature brands.
Retailers utilize product development in the production of private-label
merchandise, also called specification buying. Private-label merchandise is
manufactured to the specification of the buyer or store as opposed to the
manufacturer’s specifications and carries the name used exclusively by the
retailer.
Licensed merchandise is a way for top designers to get their product in the
hands of the midmarket. Licensing means to give permission, and retailers
who license product are awarded the right to use likeness, n …
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