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LN1
| Question | Answer |
|---|---|
| Product Management | A marketing role that oversees and executes the introduction of new products and manages existing products through their life cycle |
| Product Life Cycle (PLC) | Introduction – Growth – Maturity – Decline |
| Product Manager and Evaluation | Key measures for evaluating a typical product manager were found to include annual brand/ product profit contribution, market share, and revenues |
| Sales ($) grows until | the maturity stage and goes down at the decline stage |
| Decision Considerations at Maturity Stage | Continue vs. Discontinue |
| Continue: Life extension | 1) Current user: More frequent/varying usage. 2) Expand Market - New User Base - Geographical Expansion 3) New Uses |
| Discontinue | New Product |
| Pros of a branded house | - Cost efficiency (+) - Stockholders can easily follow a firm’s activities (+) |
| cons of a branded house | Potential larger cannibalization (-) |
| pro of a house of brands | Larger retail shelf space (+) |
| cons of a house of brands | Higher Advertising Costs (-) |
| Cannibalization | Typical cases involve a new product to respond to competitor products that steals shares from the existing product. e.g., Kodak Funtime |
| Sustainability | Green new products improve consumer attitudes toward the brands |
| Co-creation | A product/service design process with customers as a central input source. |
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