Marketing Plan For A Company

1251 Words6 Pages
For a firm to remain competitive, decisions must be made that will ensure profit and success. If products are not selling well adjustments to these products must be done in a way that improves, reintroduces, adds to or removes products from the market. To ensure successful sales of a product a brand name should be established within the market. Customers must be able to distinguish your product from the competitor’s products. The product must be of high quality and earn the trust of your customers and develop a loyal customer base. Once your product has that loyal customer base and product identity it is much easier to introduce a new product due to the familiarity and trust in your product name. The branding strategy used by…show more content…
- Modification is changing one or more of the products characteristics. The product can be enhanced to better compete with higher quality products. The quality of the product can be lowered to be more available to customers of a lower class. The product’s style and function can be altered for better acceptance to consumers as well. - Planned obsolescence is the practice of a firm to discontinue the production of a product so that it becomes obsolete before the product actually needs replacement. This is mostly used with different forms of electronic products such as cell phones whose technology changes so quickly. - Repositioning a product is changing the consumer’s perceptions of a brand. This is done by reintroducing the product in a different manor. - Extending the product line is adding to a firms existing line to better compete within that industry or market. - If extension is excessively done the firm will use contraction to remove items from its product line that were added. This will allow the firm to concentrate on its core products and the removed items resources will be utilized for those core products. (Lamb/Hair/McDaniel 182-184) Why are brands valuable to firms? To succeed in the market a product must stand out from competitor’s products. Marketers use the brand, which is a name, term, symbol, design, or combination of these that identifies a product of a firm from that of their competitor’s
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