How stages of the product’s life cycle relate to a firm’s marketing objectives and marketing mix actions.Growing the company and the products is management’s job.
Different products have different shapes to their life cycles.
Don’t get attached to a distribution method for a product. Distribution models can always change, so tying yourself to one will eventually kill you. Be flexible and adaptable.
Five categories and profiles of product adopters
- Innovators — First out the gate. Adopt products that may or may not go anywhere.
- Early Adopters — Adopt products that seem likely to be big, but aren’t big yet. Help determine the success of products.
- Early Majority — Adopt technologies that are proven and on the rise. Follow the lessons of the Early Adopters.
- Late Majority — Adopt technologies that are proven and common
- Laggards — Adopt technologies when they can’t avoid doing so or the price falls
It’s the responsibility of a product manager to grow the brand/product.Brand equity is the value a product has beyond its functional benefits. The additional value a product has by carrying a brand name.
Branding Strategies
- Multiproduct Branding — Lots of products with the same brand, same logo. As long as the brand is respected, this helps all the individual products. Works best when products are semi-related. If the brand is devalued, all those products are getting kicked in the teeth.
- Multibranding Strategy — One company has lots of individual brands that may even compete in the same market. If one gets hurt, the others are still OK. You aren’t able to take advantage of brand equity as well.
- Private Branding — Company has brands it owns which do not compete against each other. Sears owns Craftsman Tools, for instance.
- Mixed Strategy — Combination of the above. Often a company will have its own brand, and make the same product for other companies to brand as their own.