" (Briggs, 2005)
The following figure labeled Figure 2 illustrates the "Brand-Crossroads Decision Points"
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)
(Briggs, 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.
Impact of Branding on Product Development Process
