Relier Pairs Managing Product Life Cycle IVersion en ligne Managing The Product Life Cycle par Bryan Guerra 1 Market modification strategy 2 Find new customers 3 Trade up 4 Product manager responsibilities 5 Product bundling 6 Trade down 7 Create a new use situation 8 Product modification 9 Reacting to a competitor´s position 10 Reaching new markets 11 Product repositioning 12 Downsizing 13 Changing the value offered 14 Catching a rising trend 15 Increasing product use It involves adding value to the product (or line) through additional features or higher-quality materials. It involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales. A company can decide to change the value it offers buyers and trade up or down. Reducing the package content without changing package size and maintaining or increasing the package price. A strategy that company uses to find new customers, increase a product’s use among existing customers, or create new use situations. One of the objectives of the market modification strategy. What Unilever did when they introduced iced tea in Britain, sales were disappointing. The company made its tea carbonated and repositioned it as a cold soft drink to compete as a carbonated beverage and sales improved. It involves reducing a product’s number of features, quality, or price. The sale of two or more separate products in one package. Reason to reposition a product because a competitor’s entrenched position is adversely affecting sales and market share. It has been a strategy of the Campbell Soup Company by advertising more heavily in warm months to encourage consumers to think of soup as more than a cold-weather food. Changing consumer trends can also lead to product repositioning. Strategy that Dockers uses for its casual pants by promoting different looks for different usage situations: work, weekend, dress, and golf. Managing existing products through the stages of the life cycle, developing new products, developing and executing a marketing program for the product line described in an annual marketing plan and approving ad copy, media selection, and package design. It changes the place a product occupies in a consumer’s mind relative to competitive products.
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