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Product e Brand management - Coggle Diagram
Product e Brand management
Products categorized by the way clients purchase them
Specialty goods
Need products
Convenience products
Products categorized by the level of involvement in their purchase
Low involvement products
High involvement products
Products categorized by the benefits they provide consumers
Functional benefits
Emotional benefits
Products classified by their physical state
To market them, you should look at products using more than one dimension
When launching new products:
Having clarification of which consumer you're trying to satisfy and what type it is
Verify that the essential product is capable of satisfying that need
Understand how to recommend the product to create the consumer's experience more gratifying
Product mix
Understanding your product mix is crucial, because it needs to be
differentiated enough to address distinctive needs from the customer's point of view.
Product Lifecycle
Market development or introductory phase
Growth phase
Maturity phase
Declination stage
Allows us to envisualize our products and competitors' position in the market, and plan ahead to take advantage of the opportunities and avoid the threats
Developing and launching your product
Analyze your strategic options before investing any resources and identify costumer needs
How to grow your product offering
Market penetration
Product development
Market development
Diversification
How to calculate the demand for your product
Market volume = Number of buyers x (quantity of your product acquired per buyer)i
Market Value = Market Volume x Average Price per unit
How to develop and launch new products
Listen to the consumer along the way
Getting everyone onboard from the project's launch
Set specific go-no-go milestones with specific decision-making criteria and stick to them
When launching your products you have to consider the competitive advantage of your organization
Generate a business case that summarizes the concept's viability
How to organize your product launches
BCG Matrix
X axis: product relative position in the marketplace
Y axis: market growth
Stars; Cash cows; Dogs; Question marks
Helps to decide where to invest your resources for product development
Relative market share: ratio of the sales of your product to that of your largest competitor
Tools for defining and managing pipeline
Product map
Defines a string of products that a company is committed to develop
Platform for products or services
Product strategy
Who buyes your product and why
Growth sequence
Dimensions:
Purpose
Eliciting joy, Enabling connection, Inspiring exploration, Evoking pride, Impacting society
Visual identity
Physique, Relationship, Self-Reflection
Values
Memorable, Unique, Actionable, Meaningful, Clear, Defined, Timeless
Positioning
Leader brand; Challenger or Follower brand; Game changer or Disruptor brand
Brands
Worthwhile investment
Adds value to your product
People tend to do business with companies they're familiar with
A strong brand is capable of building loyalty towards your product
A brand provides motivation and direction for your team
Creates value for your organization by generating an asset
Business Strategy
Understanding your existing brand image
Identify the market trends
Customer analysis
Five Whys techniques
Competitive analysis
Competitive assessment to determine what is the space available for the brand
Step 1. Define your competitor set
Step 2. Gain insight into how local competitors position their brands in the minds of the customers
Step 3. Dissect the different elements of their positioning
Credibility
Positioning map