Product Features and Functions of Designer/Brand Products/Goods
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Assume that you are the newly hired product manager for Burberry and that the VP of Marketing, wants a report on how the (designer's) product/brand/good is currently marketed and wants you to begin to think about what changes, if any, you might want to see made in that designer's/brand's products/goods.
What product features and functions make the designer's/brand's products/goods different from its competitors?
Defend your position.
In terms of designer/brand product/good marketing, what features would you change?
Defend your position.
In terms of designer/brand product/good marketing, what functions would you stop offering and what functions would you continue to offer?
Defend your position.
In terms of designer/brand product/good marketing, what features would you change?
Defend your position.
In terms of designer/brand product/good marketing, what functions would you stop offering and what functions would you continue to offer?
Defend your position.
The Task
Thus, in response to the request from your VP of Marketing, using the information you gather about your designer's brands/products/goods, you are to answer the question: "What is the relative importance of product factors in driving product choice: brand and quality?" Defend your position. Either way, if they have relationships or do not have relationships with your designer's products/brands/goods, so what?
1. Explain fundamental product management concepts related to products, both goods and services, including what each of these are, as well as brands, and the Product Life Cycle.
2. Analyze whether customers develop relationships with a (designer's) products/brands/goods and the implications of this for management of a (designer's) products/brands/goods.
3. Identify and research top Marketing Journals and explain some the cutting edge product/brand/good issues such as brand relationships and brand communities.
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Solution Summary
The solution discusses products and branding strategies for the marketing mix.
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Marketing Mix: Products and Branding Strategies
Product Management Concept
There are several product management concepts, some of which are as follows:
Product Life Cycle:
A product life cycle (PLC) is important to reflect the sequence by which a new product or services processes (Cant, Strydom and Jooste 2009). A product progresses through different stages such as introduction, growth, maturity and decline. PLC is associated with marketing situation changes and it is the reason that impact on the marketing mix and marketing strategies of a company.
Product Life Cycle (Source: Cant, Strydom and Jooste 2009)
During introduction stage, a company introduces its product in the market and for this reason there are few profits and slow growth in sales. Growth stage reflects the rapid market acceptance for product and sustainable profit improvement for the company (Cant, Strydom and Jooste 2009). Besides these stages, at maturity stage, growth in sales slow down as most of potential buyers attain product acceptance. At this stage profits are also stabilized or declined due to the increasing competition. Last stage of PLC is decline stage in which sales are declining and profits are eroded (Cant, Strydom and Jooste 2009).
Brand:
A brand refers to a term, sign, symbol, design, name or a combination of all or some of these factors (Loudon, Stevens and Wrenn 2004). Brand is an important source for customers because with the help of this they can easily identify the goods or services that are provided by different sellers. It is also important for companies because with the help of it, companies can differentiate their products or services from their competitors. A brand is a product or service whose attributes differentiate it in some ways from other products or services that are developed by organizations to fulfill same customer demands (Parry 2004). Brand plays a crucial role to enhance the consumers live and also to enhance the financial value of a firm. Burberry also develops a strong brand for its designer products that help it in making good image in the international market.
Customer Relationship with brands
Customers develop relationship with a designer's product or brand. Most of customers want to deal with organizations they feel comfortable. They also want to deal companies that treat them honestly and fairly. Most of ...
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