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Transcript
H o w t o m a n a g e y o u r p r o d u c t s t r a t e g y s e v e n Category Definition Nature Benefit Modification Altering a product feature Same number of product lines and products Combining the new with the familiar Line extension Adding more variety Same number of product lines, higher number of products Segmenting the market by offering more choice Diversification Entering a new business New product line, higher number of products Spreading risk and capitalizing on opportunities Remerchandising Marketing change to create a new impression Same product, same markets Generating excitement and stimulating sales Market extension Entering a new market Same products, new market Broadening the base Table 7.2: Categories of new products Categories of new products New products come in many different forms. This diversity can be reduced to varying degrees of technological and marketing newness. In terms of increasing degrees of technological change, you may want to distinguish among modification, line extension, and diversification. Table 7.2 presents the differences among these five categories of new products and points out the benefits of each. Combined approach for new product categories Rarely will the five categories of new products presented here be used separately. They lend themselves to combined applications for maximum impact. Moreover, you will probably want to avail yourself of a package approach to maintain steady growth in a rapidly changing environment. Line extension, for example, is often used with remerchandizing or market extension. Diversification is often combined with market extension. For increasing degrees of marketing newness, you can differentiate between re-merchandizing and market extension. The use of one category does not preclude the application of other approaches at the same time, possibly within the same market. What 154
