Sign Up Now
Get instant access to over 1 million+ study documents
OR
Already registered? click here to login
By creating your account, you agree to our terms of service, privacy policy and student honor code.
" (Briggs, 2005)
The following figure labeled Figure 2 illustrates the "Brand-Crossroads Decision Points" (Briggs, 2006)
Brand-Crossroads Decision Points
Source: Briggs (2005)
At this point the questions asked are those of:
Does the new product fit under the brand's current umbrella?
If yes, how does this product enhance the brand?
If not, is it possible to broaden the umbrella?
If not, is the opportunity great enough to justify the expense of creating a new brand for this product? (Briggs, 2005)
According to the work entitled "Product Development Stages": During the product concept' stage several important questions must be asked in order to identify the value proposition of the product. Those questions are:
What extra value does the product bring to the marketplace?
How does the product create value for the customer?
How is the product different from what is offered in the marketplace now?
Will customers be interested in and willing to buy your product?
How many customers will buy your product? Will they buy more than one? (Product Development Stages, 2006)
Additionally stated is the fact that there are: "four businesses processes where value can be added" which are the:
1. New product development process: innovation by addressing a need, introducing new materials, design features, brand name value, workmanship, packing, quality.
2. Inventory management process - lowers inventory of raw materials and finished goods.
3. Order-to-delivery-to-payment process - reduces the time and efficiency of taking orders, producing goods, and delivering.
4. Customer service process - builds an effective communication process with customers during initial inquiries, order and delivery, and post-purchase questions. (Product Development Stages, 2006)
CONCLUSION
The importance of branding considerations during the product development phase cannot be ignored by the company that hopes for successful marketing of its product. Branding a product in the development phase is considered by all experts to be crucial in the success of a product.
References
Briggs, Harvey (2005) The Value of Integrating the Brand Experience Into the Product Development Process. Product Development and Management Association. VISIONS Online available at http://www.pdma.org/visions/oct04/npd-practices.html.
Positioning and Branding Research -- Creative Brand Name Development July 7, 2006 Power Decisions Group Market Research Stories http://www.powerdecisions.com/successbrandpositioning.cfm.
Creative Branding Research -- Marketing Research Applications July 7, 2006 Power Decisions Group Market Research Stories http://www.powerdecisions.com/successbrandpositioning.cfm.
Product Development Stages (2006) The Cutting Edge Apparel Business Guide. Online available at http://instruct1.cit.cornell.edu/courses/cuttingedge/productDev/10prodDev.htm.
Some of the key strategies include outsourcing many of its manufacturing processes, collaborating with suppliers to implement design changes quickly and efficiently, and communicating these changes across the entire supply chain to support Just-In-Time (JIT) parts supply. Initially, Precor had its focus on integrated manufacturing strategies, performing every aspect of manufacturing from assembling own circuit boards to printing product labels and manuals in house. With the expansion and growth
New product development is pivotal and vital for the success of any business and organization. By developing and unveiling new products, a company is able to generate new prospects and reach markets. One particular important aspect that is deemed important in achieving successful product development is attaining innovative feedback and participation from consumers and markets, as they provide a concrete basis (Zemlickiene and Maditinos, 2012). Despite the fact that new
Describe eGO's design process. How is it similar to the process detailed in the chapter? The eGO design process is comparable to the concepts in the book in that it strives to create innovative solutions to long-established and well-known problems. The costs of transportation continue to escalate, and eGO concentrates on creating a solution for the challenge of short-range transactions with their products. Visit eGO's website to learn more about products the
New Product Development "I work a financial services firm. We products development time, a lot incremental variety. You, bundle credit card access a savings account, bundle savings account a money market account, add IRA investment option, things sort. "I work for a financial services firm. We do new products development all the time, and a lot of it is of the incremental variety. You know, bundle credit card access to a savings
Making the most of the differentiation available in an entirely new product, in addition to introducing an entirely new product generation will lead to new markets potentially is the strategic objective. The growth phase of the product lifecycle concentrates on getting sales to increase, increasing trial and use of the specific network component, working with distributors and dealers to more illustrate the performance advantages, and also concentrate on the
New Product Development A successful idea generation process is part of searching for an idea that is superior and which has not been discovered. There are various methods that can be used in generating an idea for the new product such as Delphi and focus groups, brain storming. Ideas for the new product can be got from research using various aspects such as SWOT analysis, the trends of market and consumers,