Product marketing continued

1. Product marketing continued Product range management New Product Development

2. Creating a product range • Line extensions • same brand name, same product category, new features ‘lite’ ‘gti’ Levi’s sta-prest, twisted • targeting different segments/needs • Multi-brands • different brand names, same category eg VW/Audi, Thomson/Portland • avoids down/up-market associations • different marketing channels

3. Brand extensions • same brand name, new product categories • eg Virgin , Ministry of Sound CDs • exploiting ‘brand values’ • New Brands • new category with no relevant associations • diversification

4. Case Study http://www.eurocamp.co.uk/pages/help_advice/other_options.cfm Parent company Line extensions Brand extension Multi-branding New brands

5. Product Portfolio management • Used to allocate marketing resources • analyse products by • market share • market growth

6. The Boston matrix Market share Low High Stars Problem children Market growth Dogs Cash cows Low

7. The Boston matrix Market share Low High Problem children Stars Market growth Growth Polish Feed Introduction Dogs Cash cows Maturity Milk Decline Shoot Low

8. Where do new ideas come from? Pressures to cut costs Changing customer needs New technologies Creative response Adapting concepts from other sectors/countries Copying the competition ‘me too’ products eg from a PEST analysis

9. The New Product Development Process Idea generation Screening Concept testing Business Analysis Development Market testing Commercialisation

10. Idea generation Take a fresh look at Customer Benefits - what do they really want? Product Attributes - why do they choose? Delivery systems - can we meet the needs in a better way (technology, service, image)? There are no new leisure products only new ways of delivering the same benefits

11. Idea screening • Need? • Market? • Capability? • Compatibility • Profitability?