Hi, I need some assistance with this assignment, I am not too sure how to formulate an appropriate response.
Task: Rubbermaid's record of new product innovation is remarkable. With almost 5, 000 products, the firm continues to crank out a new one almost everyday and with great success. It looks like traditional wisdom teaches us that a company may win market share by offering a wide variety of products, increasing the chance of appealing to a wider variety of customers. It this true? Can you find some success stories and failure stories?
Please refer to the article by John Gourville:
Companies strive to increase their market consumer share with high quality products that produce long-term brand equity.The objective is improving on a successful product line that produces continued sales leading to profitability and increasing brand identity. With Rubbermaid's record of producing new innovated products, the concept of alignability occurs, where the alternative (additional) product line entails a single compensatory dimension. We find this in the Rubbermaid's variety of product sizes, colors, and functionality to solving the consumer's direct needs. In product design, the concept is to align core specifications for what the targeted consumer prefers to utilize the product.
Try and keep in mind the following:
Marketing strategies are successful only with proper research to the targeted consumer behavior patterns for what, when, who motivates the purchasing of the product. When a successful product line is designed for market release, the company usually already tested the consumer's interest through a field study, hence, samples given for ...
Identifying the product initative in the targeted marketplace for success based on innovationto increasing the overall brand identity within a competitive market.