This document discusses key concepts in product and brand management including defining a product, stages of new product development, challenges with new products, and factors that influence product mix, branding, packaging, and labeling. It notes that most new products are improvements on existing offerings, and the success rate of truly new products is less than 5%. Branding provides advantages like reduced costs and ability to charge premium prices by developing brand equity and loyalty over time.
Ensuring a good product catalog is a necessity to improve a seller’s performance on e-marketplace. In this course you will learn how to make a good catalog.
Ensuring a good product catalog is a necessity to improve a seller’s performance on e-marketplace. In this course you will learn how to make a good catalog.
An entrepreneurial culture consists of a group of individuals who have suppressed individual interests in an effort to achieve group success because group success will advance their individual interests. More Details available Inside.
This presentation is Made by Ruchi Sinha.
Developing and ManagingProductsUnrestricted• Sus.docxhcheryl1
Developing and Managing
Products
Unrestricted
• Sustain growth
• Increase revenue/profit
• Replace obsolete items
Why introduce new products?
• New-to-the-world: discontinuous innovations
• New product lines: enter an established market
• Product line additions
• Improvements or revisions
• Repositioned products: existing products
• Lower-priced products: like competition, but at
a lower price
Categories of new products
1. New product strategy
2. Idea generation
3. Idea screening
4. Business analysis
5. Development
6. Test marketing
7. Commercialization
8. New product
New product development process
• “Plan that links the new product development
process with the objectives of the:
• Marketing department
• Business unit
• Corporation”
• Should specify the role the new products will
play in the organization’s overall strategy
New product strategy
• Sources of new-product ideas
• Customers
• Employees
• Distributors
• Competitors
• Research and development
• Consultants
• Other experts
Idea generation
• Screening:
• Eliminates ideas that are inconsistent with
organizational strategy or are inappropriate for some
other reason
• Concept test:
• Test to evaluate a new-product idea, usually before
any prototype has been created
• Involves consumer reactions to product descriptions
or visual representations of the proposed new
product
Idea screening and concept test
Demand Cost
Sales Profitability
Business analysis stage
• “The stage in the product development process
in which a prototype is developed and a
marketing strategy is outlined”
• Involves:
• Prototype
• Marketing strategy
• Packaging, branding, and labeling
• Promotion, price, and distribution strategy
• Examining manufacturing feasibility
Development
• Team oriented approach
• Marketing, R&D, engineers, production, and suppliers
• Shortens process and reduces costs
Development
• Test marketing:
• “Limited introduction of a product and a marketing
program to determine the reactions of potential
customers in a market situation.”
• Alternatives to test marketing:
• Scanner-based research
• Simulated market testing
• Online test marketing
Test marketing
• Decision to market a product involves:
• Ordering production materials and equipment
• Starting production
• Building inventories
• Shipping the product to field distribution points
• Training the sales force
• Announcing the product to the trade
• Advertising to potential customers
Commercialization
Why do some products fail?
• No discernible benefit compared to existing
products
• Poor match between product features and
customer desires
• Overestimation of market size
• Incorrect targeting
• Too high or too low prices
• Inadequate distribution
Reasons for product failure
Diffusion of Innovation
Spread of new products
Complexity Compatibility Relativeadvantage
Observability Trialability
Product characteristics and rate of adoption
Product life cycles
• Hi.
The marketing mix refers to the set of actions, or tactics, that a company uses to promote its brand or product in the market. The 4Ps make up a typical marketing mix - Price, Product, Promotion and Place. However, nowadays, the marketing mix increasingly includes several other Ps like Packaging, Positioning, People and even Politics as vital mix elements.
Product mix and branding decisions,product line concept, product mix concept, example of product mix, width of product mix, length of product mix, depth of product mix,consistency of product mix, pricing of product mix, branding decisions, brand positioning, brand name selection, brand sponsorship, brand development.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
The Forgotten Secret Weapon of Digital Marketing: Email
Digital marketing is a rapidly changing, ever evolving industry--Influencers, Threads, X, AI, etc. But one of the most effective digital marketing tools is also one of the oldest: Email. Find out from two Houston-based digital experts how to maximize your results from email.
Key Takeaways:
Email has the best ROI of any digital tactic
It can be used at any stage of the customer journey
It is increasingly important as the cookie-less future gets closer and closer
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
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Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Top 3 Ways to Align Sales and Marketing Teams for Rapid GrowthDemandbase
In this session, Demandbase’s Stephanie Quinn, Sr. Director of Integrated and Digital Marketing, Devin Rosenberg, Director of Sales, and Kevin Rooney, Senior Director of Sales Development will share how sales and marketing shapes their day-to-day and what key areas are needed for true alignment.
Digital marketing is the art and science of promoting products or services using digital channels to reach and engage with potential customers. It encompasses a wide range of online tactics and strategies aimed at increasing brand visibility, driving website traffic, generating leads, and ultimately, converting those leads into customers.
https://nidmindia.com/
Mastering Multi-Touchpoint Content Strategy: Navigate Fragmented User JourneysSearch Engine Journal
Digital platforms are constantly multiplying, and with that, user engagement is becoming more intricate and fragmented.
So how do you effectively navigate distributing and tailoring your content across these various touchpoints?
Watch this webinar as we dive into the evolving landscape of content strategy tailored for today's fragmented user journeys. Understanding how to deliver your content to your users is more crucial than ever, and we’ll provide actionable tips for navigating these intricate challenges.
You’ll learn:
- How today’s users engage with content across various channels and devices.
- The latest methodologies for identifying and addressing content gaps to keep your content strategy proactive and relevant.
- What digital shelf space is and how your content strategy needs to pivot.
With Wayne Cichanski, we’ll explore innovative strategies to map out and meet the diverse needs of your audience, ensuring every piece of content resonates and connects, regardless of where or how it is consumed.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
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Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
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Disclaimer: Some of the prompts mentioned here are the examples of Matt Diggity. Please use it as reference and make your own custom prompts.
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Key Takeaways:
• Uncover the power of a foundational marketing system that dynamically communicates with prospects and customers on autopilot.
• Harness neuroscience and Tribal Alignment to transform your communication strategies, turning potential clients into fans and those fans into loyal customers.
• Discover the art of automated segmentation, pinpointing your most lucrative customers and identifying the optimal moments for successful conversions.
• Streamline your business with a content production plan that eliminates guesswork, wasted time, and money.
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Join us as Sarjak Patel and Naitry Saggu from 3rd Eye Consulting unveil a transformative framework. This approach seamlessly integrates your unique context, consumer insights, and conversion goals, paving the way for unparalleled success in personalization.
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Understand Why Personal Stories Connect Better
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2. What is a product?
• A product is any offering by a company to a
market that serves to satisfy customer needs
and wants.
• It can be an object, service, idea,etc.
3. New Product Development
• Most new product development is an
improvement on existing products
• Less than 10% of new products are totally
new concepts.
4. Success rate of new products
• The success rate of new products is very
low – less than 5%. ‘You have to kiss a lot
of frogs to find a prince.”
• Product obsolescence is rapid with
improvements in technology
• Shorter PLCs
5. Product Development Stages
• Idea generation
• Idea screening
• Concept development and testing
• Concept testing
• Conjoint analysis – to find out the best
valued attributes by consumers
6. Business analysis
• The most customer appealing offer is not
always the most profitable to make
• Estimate on costs, sales volumes,pricing
and profit levels are made to find out the
optimal price – volume mix.
• Breakeven and paybacks
• Discounted cash flow projections
7. Market testing
• Test markets
• Test periods
• What information to gather?
• What action to take?
14. Industrial goods classification
• Materials and Parts
- raw materials
- manufactured materials and parts
• Capital items
• Supplies and business services
15. Product Mix
• The assortment of products that a company offers
to a market
• Width – how many different product lines?
• Length – the number of items in the product mix
• Depth – The no. of variants offered in a product
line
• Consistency – how closely the product lines are
related in usage
16. Product Line decisions
• Product rationalization
• Market rationalization
• Product line length
too long – when profits increase by dropping a
product in the line
too short – when profits increase by adding
products to the product line
• Line pruning – capacity restrictions to decide
17. Brand
• A name becomes a brand when consumers
associate it with a set of tangible and
intangible benefits that they obtain from the
product or service
• It is the seller’s promise to deliver the same
bundle of benefits/services consistently to
buyers
18. Brand Equity
• When a commodity becomes a brand, it is
said to have equity.
• The premium a brand can command in the
market
• The difference between the perceived value
and the intrinsic value
19. Levels of meaning
• Attributes
• Benefits
• Values
• Culture
• Personality
• Users
20. Brand Power
• Customer will change brands for price
reasons
• Customer is satisfied. No reason to change.
• Customer is satisfied and would take pains
to get the brand
• Customer values the brand and sees it as a
friend
• Customer is devoted to the brand
21. Brand Equity – Competitive
Advantages
• Reduced marketing costs
• Trade leverage
• Can charge a higher price
• Can easily launch brand extensions
• Can take some price competition
22. Managing Brand Equity
• Brand Equity needs to be nourished and
replenished. We must not flog the brand for
equity to be diluted or dissipated
• Store brands
23. Advantages of branding
• Easy for the seller to track down problems and
process orders
• Provide legal protection of unique product
features
• Branding gives an opportunity to attract loyal and
profitable set of customers
• It helps to give a product category at different
segments, having separate bundle of benefits
• It helps build corporate image
• It minimises harm to company reputation if the
brand fails
25. Umbrella Brand
• Products from different categories under
one brand
• Dangerous to the brand if the principal
brand fails
• Sometimes the company name is prefixed to
the brand. In such cases the company name
gives it legitimacy. The product name
individualises it.
26. Naming the Brand
• Product benefits
• Product qualities
• Easy to pronounce
• Should be distinctive
• Should not have poor meanings in other
languages and countries
27. Brand strategy
• Line extension – existing brand name extended to
new sizes in the existing product category
• Brand extension – brand name extended to new
product categories
• Multibrands – new brands in the same product
category
• New brands – new product in a different product
category
• Cobrands –brands bearing two or more well
known brand names
28. Brand Repositioning
• This may be required after a few years to
face new competition and changing
customer preferences
29. Packaging
• Includes the activities of designing and
producing the container for a product
• Packaging is done at three levels
- primary
- secondary
- shipping
30. Packaging as a marketing tool
• Self service
• Consumer affluence
• Company and brand image
• innovation