Demographics
The fourth factor you should consider when creating your labeling strategy is demographic: Labels designed for product targeted for children are often colorful, fun, and entertaining- to attract their attention.
Conversely, quality products created for mature customers, such as classical music or designer clothing, typically features more defined labeling designs to appeal to discriminating ***** tastes.
New Product Development:
· Identify the four product development strategies
· Sequence tire steps of the product development process in the correct order
The development and introduction of new products keeps your organization competitive and establishes new opportunities for sales and revenue. To create new avenues for growing your company, you may implement one of four product development strategies.
Product Development Strategies:
· Market penetration
The first strategy, market penetration, involves increasing the sales of your current products in existing markets. The focus of this strategy is to convince your competitors' customers and the non-users in the market to use your product, or to encourage your current customers to use more of your product more often. To do so, you can alter the product's size or offer price discounts.
· Market development
Another strategy you can implement is market development. When you execute this strategy, you want to expand sales of current products in new markets. To do so, you should establish new distribution channels or develop and promote new uses for your product.
For example, the makers of baking soda used the market development strategy to promote their product not only as a baking ingredient, but also as a room deodorizer and toothpaste.
· Product development
The third strategy you can use is product development. Organizations often select this strategy to introduce a new product into an established market. For example, a car manufacturer might introduce a new or redesigned model to its current market. Or, a candy maker might create ice cream treats that taste like its popular candy bars.
· Product diversification
The final strategy you can implement, product diversification, involves developing new products for new markets. This option is typically regarded as the most risky product development strategy because the organization must convince new consumers that they need the new product.
For example, an appliance manufacturer known for producing stoves might use the product diversification strategy to market a new microwave oven that uses the intense heat from halogen light bulbs to cook food.
Since the research and development of new products is important to your organization's growth and success, you should establish a process or structure that allows you to take advantage of your company's abilities and core competencies. You can choose from several options to manage new product development effectively.
The fourth factor you should consider when creating your labeling strategy is demographic: Labels designed for product targeted for children are often colorful, fun, and entertaining- to attract their attention.
Conversely, quality products created for mature customers, such as classical music or designer clothing, typically features more defined labeling designs to appeal to discriminating ***** tastes.
New Product Development:
· Identify the four product development strategies
· Sequence tire steps of the product development process in the correct order
The development and introduction of new products keeps your organization competitive and establishes new opportunities for sales and revenue. To create new avenues for growing your company, you may implement one of four product development strategies.
Product Development Strategies:
· Market penetration
The first strategy, market penetration, involves increasing the sales of your current products in existing markets. The focus of this strategy is to convince your competitors' customers and the non-users in the market to use your product, or to encourage your current customers to use more of your product more often. To do so, you can alter the product's size or offer price discounts.
· Market development
Another strategy you can implement is market development. When you execute this strategy, you want to expand sales of current products in new markets. To do so, you should establish new distribution channels or develop and promote new uses for your product.
For example, the makers of baking soda used the market development strategy to promote their product not only as a baking ingredient, but also as a room deodorizer and toothpaste.
· Product development
The third strategy you can use is product development. Organizations often select this strategy to introduce a new product into an established market. For example, a car manufacturer might introduce a new or redesigned model to its current market. Or, a candy maker might create ice cream treats that taste like its popular candy bars.
· Product diversification
The final strategy you can implement, product diversification, involves developing new products for new markets. This option is typically regarded as the most risky product development strategy because the organization must convince new consumers that they need the new product.
For example, an appliance manufacturer known for producing stoves might use the product diversification strategy to market a new microwave oven that uses the intense heat from halogen light bulbs to cook food.
Since the research and development of new products is important to your organization's growth and success, you should establish a process or structure that allows you to take advantage of your company's abilities and core competencies. You can choose from several options to manage new product development effectively.