Lecture 06: Terminologies Associated with Product - 4
IIT Roorkee July 2018・2 minutes read
Understanding product and brand management concepts is crucial, as products solve problems and satisfy specific needs through successful development and commercialization. Different product strategies like adaptation, recalls, and exits are key in enhancing brand equity and addressing customer needs effectively.
Insights
- Understanding product and brand management concepts is crucial, emphasizing the need to identify and solve problems to develop successful products that address specific needs.
- Commercialization plays a vital role in introducing products to the market, with branding adding significant value, and product adaptation being necessary to meet local conditions or preferences.
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Recent questions
What is the importance of product and brand management?
Product and brand management are crucial for understanding how products solve problems and satisfy needs by addressing specific issues. Successful product development relies on identifying and solving problems, with branding adding significant value and differentiation to products. Commercialization stages involve activities like manufacturing, distribution, and promotion to introduce products to the market, emphasizing the commercial value of a product.
How do organizations introduce new products to the market?
Organizations introduce new products to the market through product launches involving advertising and marketing communications. Various events and strategies are associated with different types of products to create awareness and generate interest among consumers. Product launches aim to showcase the unique features and benefits of the new product to attract potential customers and drive sales.
What are MVP and MMP in product development?
MVP (Minimum Viable Product) and MMP (Minimum Marketable Product) are versions of products with specific features tailored for early customers and market launch. These versions allow companies to test the product in the market, gather feedback, and make necessary improvements before a full-scale launch. MVP and MMP help in validating the product concept, ensuring that it meets customer needs and expectations effectively.
How do organizations enhance brand equity over time?
Organizations enhance brand equity over time by conducting campaigns and trust-building exercises that reinforce the brand's values and reputation. Consistent messaging, quality products, and positive customer experiences contribute to building brand loyalty and trust among consumers. By maintaining a strong brand image and delivering on promises, organizations can strengthen brand equity and differentiate themselves from competitors in the market.
Why do organizations consider product exit or discontinuation?
Organizations consider product exit or discontinuation as a strategic decision to discontinue a product that is no longer profitable or aligned with customer needs. Product exit is not necessarily a failure but can occur due to various reasons like changing market trends, technological advancements, or declining demand. By exiting products strategically, organizations can reallocate resources, focus on more profitable products, and introduce new offerings that better meet consumer preferences and market demands.
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Summary
00:00
"Product and Brand Management: Solving Problems"
- Product and Brand Management is the focus of the discussion, emphasizing the importance of understanding product and brand management concepts.
- The association between products and problems is highlighted, with the need to identify and solve problems being crucial in product development.
- Successful product development is linked to problem-solving, showcasing how products satisfy specific needs by addressing identified problems.
- Examples like applications for reaching markets and apps delivering medicines illustrate how products solve problems and satisfy needs.
- Commercialization is a critical stage in product development, involving activities like manufacturing, distribution, and promotion to introduce products to the market.
- The commercial value of a product is emphasized, with branding adding significant value and differentiation to products.
- Product launches involve introducing new products to the market through advertising and marketing communications, with various events and strategies associated with different types of products.
- Product adaptation involves altering products to meet local conditions or preferences, considering factors like cultural differences, climate, and customer preferences.
- MVP (Minimum Viable Product) and MMP (Minimum Marketable Product) are discussed as versions of products with specific features for early customers and market launch.
- Product recalls are addressed as proactive measures by manufacturers to remedy faults in products, ensuring quality and customer trust despite defects.
17:29
Enhancing Brand Equity Through Strategic Product Exits
- Organizations conduct campaigns and trust-building exercises successfully to enhance brand equity over time.
- Product abandonment is referred to as "exit," emphasizing the deliberate choice to discontinue a product.
- Authors have used terms like "product deletion" or "product elimination," but the preference is for "product exit."
- Product exit is not necessarily a failure but can occur due to various reasons like misjudging customer needs.
- Maruti Suzuki discontinued the Maruti 800 after 37 years, showcasing a strategic exit and introduction of a substitute.
- Product approach involves salespeople demonstrating product features to prospects, with product managers playing a crucial role.
- Product concept highlights the importance of meeting consumer expectations beyond just quality or innovation.
- Product innovation involves presenting goods, services, or ideas in a new light, with examples like Procter and Gamble's innovative products.
