BUSMKT 1040 Chapter Notes - Chapter 10: Kroger, Umbrella Brand, Hair Removal
Document Summary
Chapter 10: managing successful products, services, and brands. Section 1 charting the product life cycle: product life cycle: describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. To help differentiate a company"s brand from competitors, an improved version or new features are added to the original design, and product proliferation occurs. In this way, as competitors rapidly enter, most retail outlets already have the innovator"s product. Increasing a product"s use: ex: soup consumption rises in the winter and declines during the summer; thus, British consumers viewed it as leftover hot tea, not suitable for drinking. The company made its tea carbonated and repositioned it as a cold soft drink to compete as a carbonated beverage and sales improved. Develop positive brand awareness and an association of the brand in consumers" minds with a product class or need to give the brand an identify: ex: gatorade is in the sports drink product class, 2.
