product development a business needs a variety of products at diffrent stages of the product life cycle
what is brand image
how can they diffrentiate their products
what is market driven
devolping new products
benefits
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risks
why do they need to balane their portfiolio
to increase sales and profits
if something is market driven it means the company specifically makes a product with the market research information that they have
market invention when you create the market and then try to find a market to sell your product in
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making your product different from your competitors usp unique selling point
packaging could be different or design /function
brand image is how it appears to the customer want a strong brand image
easily recognised and well liked
built up over a numbe r of years the marekting mix 4 ps price promotion etc should be used well if you wnt a good brand image
boston matrix
use boston matrix knowledge use cash cows to fill question marks and remove dogs
add new products to stardevolop new products devolop new products and diversify reduces risk if one product does not go well less threat to profits if something fails
can go high price initial to make more profit
good reputaton
business failure
new market segment
higher prices before competitors
extend product life cycle customer loyalty
new products take long time
products need cash startup
may be no decline for product waste of cash
economy to scale idea increased cost
reputation
could decrease if product bad qaulity
increased sales