‘Exploring a product, product line or product portfolio, in relation to a chosen company and the positioning of the product in relation to market share, value and product lifecycle stage, considering tools and techniques that the company has or should employ to strengthen their market position.’
* Product Management?
* New Product Development
* Ansoff Matrix
* Marketing Mix and 4 P’s
* References and Further Reading
Product management is the development, marketing and sale of a product or product line throughout its life cycle. Product management is the mid point between the customer, the technology and the business. A product manager would be expected to draw all contributing elements together to achieve a high quality final product or product line. These elements are; finance, research and development, customer relations, operations, technology, engineering, manufacturing, marketing and sales. If the product manager can effectively incorporate all these aspects to the final product or product line it will be successful on the market. Product management, ‘it’s like the conductor of an orchestra. In the same way that each orchestra has different parts and first violins come in, and the various other instruments come in at different times, and make the sweet music: each product is a bit like that, and the Product Manager is the conductor, knowing when to bring in talents and how to produce a great experience.’ Chris Russell (BBC Head of Product Development) Available at: http://www.ukaop.org.uk/news/bbcheadofproductdevelopment-chrisrussell-videointerview2871.html#Lbm2E7YobTqc51Z1.99 [Accessed 11:42 18 January 2013]
‘Coca-Cola’ is one of the world’s leading companies dominating most market sectors surrounding beverages. It is recognised by 94 per cent of the earth's population and ‘Coca-Cola’ is the second most universally understood phrase after ‘OK’, it is now found on all five continents in everything from local stores to international supermarket chains. ‘Coca-Cola’ has an overall beverage based product portfolio containing several product lines such as; carbonated soda drinks, bottled waters, fruit juices, instant hot drinks and many more. Each of these product lines can then be separated into further product lines for example ‘Coca-Cola’, ‘Sprite’, ‘Fanta’, etc. until reaching individual products like ‘Coca-Cola’, ‘Diet Coke’, ‘Coke Zero’, ‘Cherry Coke’, etc. ‘Coca-Cola’ being a large company they are constantly looking to develop new products, rebrand existing products and make their production line as efficient as possible. In this essay I will explore some of the techniques used by ‘Coca-Cola’ to achieve this and also using other techniques to see if there are any areas to be improved upon.
New Product Development
All companies selling products will at some point have needed to develop new products whether it is to expand into a new market, take an existing product into a new market or remodelling an existing product to improve its market share. No matter the reason for new product development, companies will usually follow the same basic principle. A company will initially develop ideas with a unique selling point such as low price, high quality, new technology or new styling. The new ideas are then tested with the general public this I called screening. Once suitable products have been found, concept products will be produced and tested again by the public to find the final product to take into production. This product is then further developed along with a marketing strategy and business analysis. Once ready, the product is tested in a small area and if sales meet expectations the product will be...
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