In modern-day marketing, brand equity is generally highly sought-after. Brand equity can deliver financial benefits to the firm – primarily through greater market share, price premium, and increased customer loyalty.There are multiple decisions to be made however, when introducing a new product into the marketplace. This particular article provides an overview of this process, while […]
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When developing a new product for a company, a series of steps need to be completed – as often discussed in marketing principles textbooks in the product mix chapter, under the heading of the individual product decisions.The main steps that are usually discussed in marketing textbooks include:product attribute decisionsbranding decisionspackaging and labeling decisionsproduct support services/product
Individual product decisions Find Out More...
Marketing textbooks, when discussing the product mix, usually outline a series of decisions in regards to product attribute decisions.Attributes of a product are the various components that make up the product. Usually product attributes extend to actual features, as well as uses and benefits. But it is probably easiest to think of attributes as the
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The overall product mix for a firm is the complete range of products that they offer in the marketplace. It is also sometimes referred to as their product assortment.There are multiple decisions to make in regards to an overall product mix for a company. Product mix decisions are quite strategic and will determine how the
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What is a product mix?A product mix is also referred to as a product assortment. It is the full range of products offered by a firm. As discussed in another article on this website, firms will have sets of products in what is known as a product line.Large firms would generally offer several product lines
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What is a product line?A product line is a related set of products offered by a firm. For example, Apple offers computers, smart phones, tablets, MP3 players, smart watches, and online services. Each of these would be considered a separate product line and under each product line they could offer a broad range of different
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What is a product line?A product line can be defined as a set of products offered by a company that are similar in function and benefit. These sets of products are also usually sold through the same distribution channels to the same target market at a relatively similar price range.In many ways, the decision of
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Advertising awareness metricsIn addition to measuring brand awareness, firms will often look to measure advertising awareness through a similar/same survey of the target market. This would be an extension of the questionnaire discussed in the article on brand awareness metrics.There are four main advertising awareness metrics that can be measured through a questionnaire, namely;unprompted advertising
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Brand awareness: often the first marketing communications goalBrand awareness is fundamental to success in the marketplace; if consumers are unaware of the brand they are unlikely to become customers. This is why the first goal in a marketing communications plan for a new brand is to build awareness of the brand.What is brand awareness?As suggested
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Hierarchy of effectsThis is a marketing model designed to demonstrate how a consumer transitions from being unaware of a brand, to forming attitudes and understanding of that brand, to ultimately becoming an end customer.There are many versions of this hierarchy of effects model found in textbooks, but let’s start with a very basic three-step model
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