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Non-Traditional Product Life Cycles

Non-Traditional Product Life Cycles. Introduction to Marketing. Effective marketing increases brand equity The value of the brand in the marketplace Good marketing  brand recognition “ this logo means Coca-Cola! ” Better marketing  brand loyalty “ given a choice, I drink Coke! ”

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Non-Traditional Product Life Cycles

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  1. Non-Traditional Product Life Cycles Introduction to Marketing

  2. Effective marketing increases brand equity • The value of the brand in the marketplace • Good marketing  brand recognition “this logo means Coca-Cola!” • Better marketing  brand loyalty “given a choice, I drink Coke!” • Best marketing  brand insistence “I will ONLY drink Coke!” “Dos Equis” loyalty

  3. Not every product fits this pattern • Non-traditional product life-cycles: • Fads • Niche Products • Seasonal Products

  4. Fads • Product is extremely popular, for a very short time • Goes from “launch” to “high sales” very quickly • Businesses can make OR lose lots of money trying to take advantage of fads Make money: • sell product while interest and demand is still high Lose money: • Stay in the market too long, cannot sell inventory before fad dies (left with lots of product that nobody wants because it’s no longer cool)

  5. Fads?

  6. Niche (“neesh”)Products • Product that is meant for only a small, specific group of consumers • Only some people want/need this product, so the business only markets to that group • Short growth stage, stable (but small) maturity • Sales are consistent, but not very high

  7. Niche Products? Anything meant for only a SMALL group of people

  8. Niche Products • Patents/Exclusive selling rights • Company that develops/makes the product is the only company that can sell the product for a period of time; then competitors allowed to imitate Why does this make sense? Google patent search • High “barriers to entry” mean little competition • Niche markets are small, and highly specialized, so there is less opportunity for competitors to earn profit

  9. Seasonal Products • Certain products are popular only during certain times of the year • Businesses selling seasonal products need to carefully manage inventory • amount of product the company is holding onto, for the purpose of selling Don’t want to run out of inventory before the season ends Don’t want too much inventory left over after the season ends

  10. Seasonal Products?

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