Branding and New Product Development

Branding and New Product Development

One of the biggest challenges for marketing any product is determining how to ensure that the message reaches the target audience. The best way to achieve this objective is to look at the underlying strategy and decide the most effective approach that can be utilized. In these case studies we will be examining, these factors and how to reach out to customers are an essential part of any business.

What is the product evaluation?

A product evaluation is when you are looking at the merchandise and determining the various attributes of what is being delivered. These include: the price, the market, possible challenges with providing it and the strengths of product. In the case of the hospital that we are looking at, their evaluation is going to be based on: the demographics of customers, possible government regulations, the costs and the profitability for the organization. These different elements are important, because they will help an entity to determine the economic viability of their merchandise and the possible challenges they could face in delivering it.

1B. Should the new division make evaluations the same way as our divisions that make goods?

No. This is because the new division is going to be focused on effective marketing and delivering the product to customers. This means that they cannot utilize the same kind of strategy. As, this will prevent them from: offering the best services available and adapting to the changes that are occurring in the industry. Therefore, there needs to be an approach taken that will allow the new division to most effectively respond to the needs of customers. The only way that this can be achieved is by taking a different approach when it comes to product evaluations.

1C. Why or why not?

The reason why, is because the hospital needs to have a division that will be able to understand the marketplace differently. Where, executives can comprehend what transformations are taking place. The only way that they can achieve this objective is to focus on how they can address these issues through: having the new division analyzing the various products or services another way. Once this occurs, it will allow them to effectively adapt to the various shifts and respond to the underlying needs of customers.

2A. What type of product do boxer shorts belong to (New to the world product, new product lines, me-too products etc.)

The type of category that the boxer shorts belong to is: me to products. The reason why, is because there are already a number of manufacturers. What is making them different is that they have unique designs that will allow them standout in the minds of consumers. This will create a situation where others have to own this item, based on them seeing or hearing about someone else utilizing them.

2B. To what extent do you believe following statement is true: With marketing people like those at Joe Boxer, we do not need great new product concepts or even new product development at all!

This is not true. The reason why, is because consumers will see beyond the hype that is associated with marketing a particular product. What will make them want to purchase what the company is offering and tell others about the merchandise is: unique concepts. This means that the firm must be focused on new product development at all times.

Branding

1. Evaluate the appropriateness of Kapferer's Brand identity Prism and Gad's 4-D Branding model in helping organizations develop brands which communicate clear values and meaning to their target audiences. Provide a range of examples to illustrate and support your answer.

The 4D Branding Model is effective because it helps an organization to develop products and communicate how they can address their underlying needs. This is based on four different categories to include: functional, mental, social and spiritual. A good example of this can be seen with I Pod. As, this addresses the functional need through: creating a new way to listen to music. The design and the use of the product created favorable views in the minds of consumers. At which point, there were social perceptions about how it is considered to be superior to others. Once this occurs, it creates fierce amounts of loyalty among consumers, with this being a must have product. (Pride 2009, pg. 105) (Duong 2010, pg. 6)

2. Clearly established and well understood brand associations help define a brands position in the mind's eye of the consumer. Evaluate this statement with reference to examples to support your answer.

This statement is correct. Those products that have established and favorable perceptions help to determine if it is in demand. This is because consumers will perceive them as a superior in quality to other products on the market. A good example of this can be seen with the I Pod. Despite the fact that there are similar products on the market, they are seen as superior because of: how well-known and established they are. This means that they can be able to effectively market new models. At which point, consumers will want to purchase the latest version because of these factors. (Pride 2009, pg. 105)