strategies around the concept of the product life cycle--the idea that after introduction‚ products inevitably follow a course of growth‚ maturity‚ and decline. It doesn’t have to be that way‚ says Harvard Business School marketing professor Youngme Moon. By positioning their products in unexpected ways‚ companies can change how customers mentally categorize them. In doing so‚ they can shift products lodged in the maturity phase back--and catapult new products forward--into the growth phase. The author
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Analyzing Consumer Behaviour To study and analyze the consumer behaviour we conducted an online survey. [URL: http://www.esurveyspro.com/Survey.aspx?id=a9b6dcf2-a700-4357-aae7-02942c717568]. The survey asked a total of 10 questions including one question asking them to rate McDonald’s on various parameters like taste‚ variety‚ speed of service‚ etc. Response was received from 132 customers of McDonald’s. Profile of respondents To know the age group of respondents we asked them
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Product Life Cycle stages Examples Decline: Hindustan Motors Ambassador HM decides to increase sales of their age old classic model – Ambassador in the country. They are planning to sell 12‚500 units this year with the introduction of their new fuel efficient engine. This engine will be compliant with the Bharat Stage 2 & 3 emission norms. It’s probably delivering the mileage of 16 km/l against a 11 km/l mileage from the existing diesel engine. Hindustan Motors plans to invest Rs 6 crores in
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copycat brand to product leader? There are three main factors that lead product to be cutting edge product. That comes under LEE’S “new management” top to bottom strategy for the entire company. The goal he wanted Samsung to become a premier brand that would dethrone sony as the biggest consumer electronics firm in the world. Factors that used under “new management” are: 1. New Product Development. 2. Product “Test Marketing”. 3. Positioning and commercialization New Product Development: Hired
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About The Product * The brand was first introduced in the United States in 1991 for a breakfast cereal bars consisting of fruit filling covered in a crust without added sugar. * There were four varieties initially (rye‚ corn‚ barley and wheat); later these were reduced to corn and wheat * There are various Nutri-Grain Bars made from the breakfast cereal bonded together‚ available in the markets where the cereal is available. The bars became popular in the 1990s as an "on-the-go" food
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Parents are getting mobile phones for their children because they want to communicate in case of an emergency‚ or to know where they are. For a lot of people‚ cell phone is already part of their lives. Customers are very familiar with the cell phone products and they are deciding which models to buy‚ but not whether they should buy. Customers are comparing features of different phones before they make the purchase. Increase in sales volume According to a market report by Gartner‚ Inc. (http://www
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Presented below ten strategies that the marketers can consider: 1. New strategies for new times The changed economic conditions are affecting consumer behavior and attitudes. Can the marketing strategies based on the understanding of the consumers in the prosperous times still hold water now? Consumers are changing their behavior in several different ways and various underlying attitudes and values govern these changes. It is critical for us to re-look at the consumer and refresh our understanding
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marketing mix: product and packaging The role of product in the marketing mix The product itself is the most important feature of the marketing mix. After deciding the market segment for the product‚ the other parts of the marketing mix will be decided. Large companies often have a department to develop new products. Whilst deciding the marketing mix‚ the company will also have to take into account the competitor’s products. Types of product There are several types of products involved in
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find and develop new-product ideas. Companies find and develop new-product ideas from variety of sources. Many new product ideas stem from internal sources. Companies conduct formal research and development‚ pick the rains of their employees‚ and brainstorm at executive meetings. Other ideas come from external sources. By listening to and working with customers‚ conducting surveys and focus groups‚ and analyzing customer questions and complaints‚ companies can generate new-product ideas that will meet
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What is a Product? In marketing‚ the term “product” is often used as a catch-all word to identify solutions a marketer provides to its target market. We will follow this approach and permit the term “product” to cover offerings that fall into one of the following categories: * Goods – Something is considered a good if it is a tangible item. That is‚ it is something that is felt‚ tasted‚ heard‚ smelled or seen. For example‚ bicycles‚ cellphones‚ and donuts are all examples of tangible goods
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