WK4 PROJECT

1. Explain the following steps and timeframe of high- level tasks of “Netflix Streaming Plus” that need to be accomplished from product concept to the point of being ready to implement in the marketplace within an 8 month of planning.

Timeframe to set up

1. Mission/vision

2. financial aspect

3. product plan to target market

4. position to target market

5. Branding strategy

6. Using the tenets (NPDP)

Summary Reading from course Textbook: References

Donnelly, J., & Peter, J. (2018). A Preface to Marketing Management (15th Edition). McGraw-Hill Higher Education.

**Cite additional scholarly authors

Product Offering, Product Mix and Product Line

Let's start at the beginning. In today's world, you are more likely to hear the term "product offering" vs. selling products based on new features alone. Today, marketers need to think of what else can be highlighted about the product in order to differentiate it from what the competition is presenting. In other words, what other "value" can be created to entice customers to buy your product over that of your major competitor. It may not be its features, but it may be whether your product has a better service program or a better warranty and guarantee to it. Think of the auto industry. When you purchase a new car today, do you think only about the features of the car or the color of the paint? Likely you are interested in the entire "package" the service maintenance program, the warranty, the financing option, etc. Sometimes your product has more value because the entire offering is more persuasive than the actual product itself.

To understand the difference between product line and product mix is not difficult. Consider that a company may have many existing products within a product line, then many product lines within a product mix. For example, one of Apple's product lines might be their laptops. Another line might be their watches. And, yet another could be their smartphones. These are just three of their product lines that make up a part of their entire product mix.

Your text provides several examples of how companies define their product lines and mixes and why they might offer varying products within a given product line. Remember, the goal is to meet the wants and needs of your target market(s) and not all customers want and need exactly the same thing.

Branding and Brand Equity

As stated earlier, your brand can be considered your most important asset. If that is the case, it is fair to assume that a lot of thought and effort goes into creating the most appealing brand names for your products and services. And, to create packaging that reflects how you want consumers to think about your products and services and the value they convey.

Think of the brands that you purchase most often. What is it about specific brands that makes you want to repurchase their products? How do those brands appeal to you? A brand name is crucially important to the success of any product, especially when a product and brand is new to the marketplace. Marketers need to think about how they will create brands that appeal to consumer loyalty and how they will create "brand equity" for their products and services.

Having a strong brand does not always guarantee new product development success. Take a minute and search the web for "Apple Failures" or "New Product Failures." Then, review the New Product Development Process and think about where the process may have been misapplied or what steps might have been skipped that led to the failure of the products. Even companies with extremely strong brands such as Nike or Coca Cola or Apple do not guarantee new product success. Why? What is important to remember from this exercise?

Brand Equity

Brand equity doesn't just happen. Time and lots of effort go into building the assets (or liabilities) that bring value to a brand. Successful branding strategies involve building relationships with customers so that they have an attachment to a brand, compelling enough to want to continuously align with the many products and services offered under that brand name. Yes, employing a Relationship Marketing strategy can enhance how strongly your target market connects with and has confidence in your specific brands. Pay particular attention to Table 6.1 to note the elements that make up brand equity. And view the following video for a synopsis of how product management, consumer buying behavior and brand management all work together to provide a firm's brand equity.

The video linked below is designed to integrate key topics from both Module 3 and Module 4 to show how the information is interrelated. It is important for you to see the interrelationship between the consumer buying process, brand management, product positioning, and new product development.

Strategies marketers implement to ensure a product remains successful and in demand throughout its product life cycle (PLC).

Managing a product from its introduction to its maturity stage is not a simple task. When it is determined that a new product needs to be introduced to replace an existing one OR that a product needs enhanced features and benefits to meet customer needs, marketing managers need to think through all of the various elements necessary to ensure that product's success throughout its Product Life Cycle (PLC). This means making decisions about what features and benefits the product will have, how it will be packaged and branded, how it should be priced, and how its value will be communicated to the target market for which it is intended. And a great deal of effort will be expended on creating the right communications plan to ensure that customers are provided all the information they need as the product moves from its initial introduction to the marketplace through its growth and maturity stages.

The focus of this module is on product and brand management. Everything presented in this module occurs within the realm and is the responsibilities of product managers. When you think of dog food, what three brands come to mind first? Now, why did these three come to mind? This is due to their brand management strategy. What is it about these three specific brands that make them stand out in your mind? Part of the answer will be the benefits of the products. Another answer is the product positioning management strategy (which you learned about in Module 3). Each of these brands use product positioning and perceptual mapping to determine how to differentiate their brand and product from their competitors. The better they can differentiate, the greater the brand develops in the mind of the consumer, culminating in brand equity.

New Product Development Process

New products don't just appear on store shelves. There is a lengthy and stringent process companies follow to determine if there is a demand for new products. This begins with the company completing a product portfolio analysis and determining there is a need to start new products that will become stars and ultimately cash cows (Recall the BCG matrix analysis from a previous chapter). Using marketing research and evaluating the target market, the company identifies unmet needs and begins the new product or service development process with the goal of finding a new one that will satisfy that need. Internally, the company must then determine the type of branding strategy to use. After all of this, the product shows up in the store for purchase! This chapter explores all of these components to gain a solid understanding of what is required to place a new product or service into the marketplace.

Product and Brand Management and the New Product Development Process information:

Read the following articles to gain more insight into product and brand management and the new product development process. These articles will help you with your discussion post and assignment.

Blog Article: Packaging as branding in pet food marketing by PetFood Industry - https://www.petfoodindustry.com/articles/5193-packaging-as-branding-in-pet-food-marketing

21 Examples of Successful Co-Branding Partnerships (And Why They're So Great)

CXL Institute: Product Lifecycle Marketing: What Matters Most at Every Stage

Bajnath, S., & Persad, U. (2019). Evaluating New Product Development Processes in the Food and Beverage Manufacturing Sector of Trinidad and Tobago. West Indian Journal of Engineering, 42(1), 51–57.

1. Explain the following steps and timeframe of high- level tasks of “Netflix Streaming Plus” that need to be accomplished from product concept to the point of being ready to implement in the marketplace within an 8 month of planning.

Timeframe to set up

1. Mission/vision

2. financial aspect

3. product plan to target market

4. position to target market

5. Branding strategy

6. Using the tenets (NPDP)

Summary Reading from course Textbook: References

Donnelly, J., & Peter, J. (2018). A Preface to Marketing Management (15th Edition). McGraw-Hill Higher Education.

**Cite additional scholarly authors

Product Offering, Product Mix and Product Line

Let's start at the beginning. In today's world, you are more likely to hear the term "product offering" vs. selling products based on new features alone. Today, marketers need to think of what else can be highlighted about the product in order to differentiate it from what the competition is presenting. In other words, what other "value" can be created to entice customers to buy your product over that of your major competitor. It may not be its features, but it may be whether your product has a better service program or a better warranty and guarantee to it. Think of the auto industry. When you purchase a new car today, do you think only about the features of the car or the color of the paint? Likely you are interested in the entire "package" the service maintenance program, the warranty, the financing option, etc. Sometimes your product has more value because the entire offering is more persuasive than the actual product itself.

To understand the difference between product line and product mix is not difficult. Consider that a company may have many existing products within a product line, then many product lines within a product mix. For example, one of Apple's product lines might be their laptops. Another line might be their watches. And, yet another could be their smartphones. These are just three of their product lines that make up a part of their entire product mix.

Your text provides several examples of how companies define their product lines and mixes and why they might offer varying products within a given product line. Remember, the goal is to meet the wants and needs of your target market(s) and not all customers want and need exactly the same thing.

Branding and Brand Equity

As stated earlier, your brand can be considered your most important asset. If that is the case, it is fair to assume that a lot of thought and effort goes into creating the most appealing brand names for your products and services. And, to create packaging that reflects how you want consumers to think about your products and services and the value they convey.

Think of the brands that you purchase most often. What is it about specific brands that makes you want to repurchase their products? How do those brands appeal to you? A brand name is crucially important to the success of any product, especially when a product and brand is new to the marketplace. Marketers need to think about how they will create brands that appeal to consumer loyalty and how they will create "brand equity" for their products and services.

Having a strong brand does not always guarantee new product development success. Take a minute and search the web for "Apple Failures" or "New Product Failures." Then, review the New Product Development Process and think about where the process may have been misapplied or what steps might have been skipped that led to the failure of the products. Even companies with extremely strong brands such as Nike or Coca Cola or Apple do not guarantee new product success. Why? What is important to remember from this exercise?

Brand Equity

Brand equity doesn't just happen. Time and lots of effort go into building the assets (or liabilities) that bring value to a brand. Successful branding strategies involve building relationships with customers so that they have an attachment to a brand, compelling enough to want to continuously align with the many products and services offered under that brand name. Yes, employing a Relationship Marketing strategy can enhance how strongly your target market connects with and has confidence in your specific brands. Pay particular attention to Table 6.1 to note the elements that make up brand equity. And view the following video for a synopsis of how product management, consumer buying behavior and brand management all work together to provide a firm's brand equity.

The video linked below is designed to integrate key topics from both Module 3 and Module 4 to show how the information is interrelated. It is important for you to see the interrelationship between the consumer buying process, brand management, product positioning, and new product development.

Strategies marketers implement to ensure a product remains successful and in demand throughout its product life cycle (PLC).

Managing a product from its introduction to its maturity stage is not a simple task. When it is determined that a new product needs to be introduced to replace an existing one OR that a product needs enhanced features and benefits to meet customer needs, marketing managers need to think through all of the various elements necessary to ensure that product's success throughout its Product Life Cycle (PLC). This means making decisions about what features and benefits the product will have, how it will be packaged and branded, how it should be priced, and how its value will be communicated to the target market for which it is intended. And a great deal of effort will be expended on creating the right communications plan to ensure that customers are provided all the information they need as the product moves from its initial introduction to the marketplace through its growth and maturity stages.

The focus of this module is on product and brand management. Everything presented in this module occurs within the realm and is the responsibilities of product managers. When you think of dog food, what three brands come to mind first? Now, why did these three come to mind? This is due to their brand management strategy. What is it about these three specific brands that make them stand out in your mind? Part of the answer will be the benefits of the products. Another answer is the product positioning management strategy (which you learned about in Module 3). Each of these brands use product positioning and perceptual mapping to determine how to differentiate their brand and product from their competitors. The better they can differentiate, the greater the brand develops in the mind of the consumer, culminating in brand equity.

New Product Development Process

New products don't just appear on store shelves. There is a lengthy and stringent process companies follow to determine if there is a demand for new products. This begins with the company completing a product portfolio analysis and determining there is a need to start new products that will become stars and ultimately cash cows (Recall the BCG matrix analysis from a previous chapter). Using marketing research and evaluating the target market, the company identifies unmet needs and begins the new product or service development process with the goal of finding a new one that will satisfy that need. Internally, the company must then determine the type of branding strategy to use. After all of this, the product shows up in the store for purchase! This chapter explores all of these components to gain a solid understanding of what is required to place a new product or service into the marketplace.

Product and Brand Management and the New Product Development Process information:

Read the following articles to gain more insight into product and brand management and the new product development process. These articles will help you with your discussion post and assignment.

Blog Article: Packaging as branding in pet food marketing by PetFood Industry - https://www.petfoodindustry.com/articles/5193-packaging-as-branding-in-pet-food-marketing

21 Examples of Successful Co-Branding Partnerships (And Why They're So Great)

CXL Institute: Product Lifecycle Marketing: What Matters Most at Every Stage

Bajnath, S., & Persad, U. (2019). Evaluating New Product Development Processes in the Food and Beverage Manufacturing Sector of Trinidad and Tobago. West Indian Journal of Engineering, 42(1), 51–57.