Product line extension is a part of every company’s marketing strategy. It’s a low-risk way to meet the needs of various customer segments and can be used as a competitive weapon to increase a brand’s control over the market.
What is a product line extension strategy
Product line extension is a marketing strategy that uses an established brand to introduce a new item into the same product line.
The new item may differ slightly from what a company already offers, such as in flavor, color, form, ingredients or packaging size.
What are the types of product line
Types of Product Line Decisions – Product Line Strategies The product line decisions are (1) product line expansion, (2) product line reposition and (3) product line contraction.
The marketing executive will make a variety of product line decisions over the life of a product.
How do you write an expansion plan?
- Executive Summary
- What You Do and What You Offer
- Executive and Management Team
- Plan of Expansion
- Marketing Analysis
- Marketing Strategy
- Financial History, Analysis and Forecasts
How do you create a product line?
- Define Your Target User
- Product Validation
- Develop a Go-To-Market Strategy
- Set The Pre-Launch Stage
- Develop the Next Product
- The Bottom Line on Launching a Product
How do you develop a product strategy?
- Identify your target audience
- Understand the problem
- Define your product vision
- Define the current state and target condition
- State product design principles
- Stay in sync with other teams
- Stay focused
- Define success metrics
What is the difference between product and product line
A product delivers a single feature set that gives benefits to a customer. It can be physical, a service, or digital.
Or it may be a combination of types. Product lines are groups of related products.
What are the 3 product strategies
There are three standard types of product positioning strategies brands should consider: comparative, differentiation, and segmentation.
What is it called when two brands work together
Co-branding is a marketing strategy that utilizes multiple brand names on a good or service as part of a strategic alliance.
Also known as a brand partnership, co-branding (or “cobranding”) encompasses several different types of branding collaborations, typically involving the brands of at least two companies.
What are the 5 stages of product development?
- Phase One: Idea Generation
- Phase Two: Screening
- Phase Three: Concept Development
- Phase Four: Product Development
What are the 4 market growth strategies?
- Market penetration
- Market development
- Product development
- Diversification
How do you write a product development strategy?
- Step 1: Empathize with users
- Step 2: Define the problem
- Step 3: Brainstorm potential solutions
- Step 4: Build a prototype
- Step 5: Test your solution
What is product development in Ansoff Matrix
Product Development – Focuses on introducing new products to an existing market. Diversification – The concept of entering a new market with altogether new products.
What are the product marketing strategies?
- Define your product’s target audience and buyer personas
- Determine the positioning and messaging to set your product apart
- Set goals for your product
- Price your product
- Launch your product
What are the four product development strategies
It helps companies to make strategic decisions, by looking at the various options and the associated risks.
It shows four routes to growth – market development strategy, diversification strategy, market penetration strategy and product development strategy – that are placed in a 4×4 grid matrix.
What are the 4 types of market segmentation
Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types.
What are the 8 stages of new product development?
- Step 1: Generating
- Step 2: Screening The Idea
- Step 3: Testing The Concept
- Step 4: Business Analytics
- Step 5: Beta / Marketability Tests
- Step 6: Technicalities + Product Development
- Step 7: Commercialize
- Step 8: Post Launch Review and Perfect pricing
Is Netflix example of product development strategy
Netflix’s product development strategy Netflix has a Profit and margin driven strategy to maximize adoption and retention.
Netflix is the largest streaming service in the world. Netflix’s core offer is a subscription including unlimited access to content.
Its product strategy emphasizes margin growth.
What is Apple’s product mix
Apple marketing mix (Apple’s 7Ps of marketing) comprises elements of the marketing mix that consists of product, place, price, promotion, process, people and physical evidence.
What growth strategy does Apple use
Apple uses market development as a low-priority intensive strategy for growth. Using the company’s competitive advantages, market development involves selling existing products in new markets.
What are the five marketing management functions?
- Promotion
- Selling
- Product management
- Pricing
- Marketing information management
- Financing
- Distribution
What are the 7 marketing functions
Such functions describe all things that form parts of the marketing practice. We’re going to take a closer look at the seven major functions of marketing in this article.
Marketing’s seven functions are distribution, market research, pricing, finance, product management, promotional channels, and consumer matching.
What’s a good product strategy
What should a product strategy include? A product strategy should include information about the product vision, unique value proposition, target market, and goals..
With this foundation, you can develop key product requirements, such as features, design, user flow, and technical specifications.
What are the 7 stages in the new product development process?
- Stage 1: Idea Generation
- Stage 2: Idea Screening
- Stage 3: Concept Development & Testing
- Stage 4: Market Strategy/Business Analysis
- Stage 5: Product Development
- Stage 6: Deployment
- Stage 7: Market Entry/Commercialization
What is product line strategies
A good product line strategy guides managers to improve their product line’s total performance.
It creates a focus on the whole line, not just products independent of one another.
And the focus also sets a course to avoid disjointed decisions, actions, and investments that may impact the line’s performance negatively.
How does Coca-Cola use brand extensions
(A good example of this would be Coca Cola introducing a soda on the market with a different flavor, CHERRY COKE, or with less calories, ZERO).
A brand extension falls outside of the original product line, using the same trademark.
What are the advantages of brand extension
Advantages of Brand Extension It increases brand image. The risk perceived by the customers reduces.
The likelihood of gaining distribution and trial increases. An established brand name increases consumer interest and willingness to try new product having the established brand name.
How do you create a product marketing plan?
- Know your product
- Conduct market research
- Define your audience
- Analyze your competitors
- Set Goals
- Develop core marketing messages
- Develop a marketing strategy (game plan)
- Set a budget
What are the 7 marketing concepts
The 7 Ps of Marketing These seven are: product, price, promotion, place, packaging, positioning and people.
As products, markets, customers and needs change rapidly, you must continually revisit these seven Ps to make sure you’re on track and achieving the maximum results possible for you in today’s marketplace.
How is marketing developed
Description: Market Development is a 2-step process to tap the untapped market. It begins with market research wherein a company does a segmentation analysis and short ists market segments which are worth pursuing.
It is an attempt to use the existing product or service to attract new customers.
Sources
https://www.professionalacademy.com/blogs/marketing-theories-explaining-the-ansoff-matrix/
https://www.allianz-trade.com/en_global/news-insights/business-tips-and-trade-advice/advantages-and-disadvantages-of-expanding-a-business.html
https://www.oxfordlearninglab.com/p/the-boston-matrix
