BTEC Level 4 Lesson 2.3: Products, branding and packaging

Congratulations for having completed the previous topics successfully on (S-P-T). We are about looking at another important element as far as marketing is concerned, as stated in the heading. Take a sigh and let us hit it! 

Key terms:

Auxiliary characteristics, early adopters, primary characteristics, brand extension, early majority, Problem Child, business-to-business, family branding, product life cycle plc, (B2B) products, innovators, re-invention, cash cows, laggards, relative advantage, consumer products, late majority, Stars, complexity, line family branding, trialability, compatibility, new product, warhorses, Dodos, development(NPD) dogs, observability.

 

                   Having gone through this section you should be able to:

  • Describe the stages that a product goes through from introduction to obsolescence 
  • Assess products in a given range and decide which ones are worth keeping and which should be dropped from the range
  • Decide on an appropriate policy for developing and introducing new products to the market
  • Identify some of the risks inherent in new product development
  • Understand what a marketer by product

Introduction: 

This chapter is about developing new products and about product policy. The success of an organization will depend, ultimately, on what bundles of benefit it offers to Consumers; the decisions about what the firm should be offering need to be made in the light of the consumers’ needs and wants.

There is a strong positive relationship between a firm’s Innovative activities and its ability to survive and prosper(Hart 1993), so many companies play a strong emphasis on developing new products to replace those which become obsolete or which are superseded by competitors offerings.