1. ADVANCED MARKETING ANALYZE THE LIFE CYCLE OF AN EXISTING PRODUCT ANALYZE A PRODUCT LINE AND BRAND EXTENSION USING CASE STUDIES CREATE A PRODUCT EXTENSION FOR AN EXISTING PRODUCT Product Planning

2. What is Product/Service Planning The process of planning and implementing strategies to obtain, develop, maintain and improve a product or product mix.

3. Role of Product Service Planning  generating and screening ideas for a product/service  developing and testing the product/service introducing the product/service to consumers  evaluating consumer acceptance of the product/service improving the product/service to meet consumer needs and wants.

4. Product Item A specific model, brand, or size of a product within a product line NIKE Delt Force shoe

5. Product Line A group of closely related products manufactured or sold by a business Example: NIKE Men’s Outerwear is a product line

6. Brand Word, group of words, letters, or numbers that represent a product or service. Easily recognizable Establishes image

7. Why Brand? Target customers’ needs and preferences Establish recognition Identify and promote company Ensures quality and consistency Extend product in to new markets

8. Brand Extension Branding strategy that uses existing brand name to promote a new or improved product in a company’s product line. EXAMPLE: Ocean Spray extended cranberry juice drink by adding flavors (Cran Apple, Cran Cherry, Cran Grape)

9. Why Create Brand Extension? Launching new products is costly Failure rate for new products is very high Companies can reduce risk by using already established brand name

10. Role of Marketing Research and Branding Identifies new markets Identifies market preferences and needs Reduces risk- takes “guessing” out of market acceptance Results can enable company to “tweak” product before final launch to ensure success

11. Impact of Branding A brand can make identical products seem different e.g. commodities: water, petrol, milk A brand can set up positive expectations which are self-fulfilling e.g. Fugi bottled water A brand can instigate trust and take away risk e.g. Huggies A brand can inspire loyalty and encourage repeat purchase e.g. Apple A brand can influence the price consumers are willing to pay e.g. Ralph Lauren Polo

12. Impact of Branding

13. Role of Competition Competition is the struggle of amongst two or more companies for the same target customers. Competition encourages continuous process of improvement to gain market share- which leads to brand extension

14. Class Assignment Students will work independently or with a partner to analyze a brand extension of an existing product line. Using the Internet, research one of the following companies and identify the process the company went through to create a brand extension to an existing product line. Prepare a PPT presentation to deliver to the class that identifies this process. Companies to Choose From: Hershey, Nestle, Coke, Pottery Barn, Ralph Lauren, Clorox, Crest, or select your own but have it approved!