Matching Pairs Managing Product Life Cycle IOnline version Managing The Product Life Cycle by Bryan Guerra 1 Product bundling 2 Product modification 3 Find new customers 4 Increasing product use 5 Reaching new markets 6 Trade up 7 Market modification strategy 8 Changing the value offered 9 Catching a rising trend 10 Reacting to a competitor´s position 11 Create a new use situation 12 Trade down 13 Product repositioning 14 Downsizing 15 Product manager responsibilities It involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales. It involves adding value to the product (or line) through additional features or higher-quality materials. A strategy that company uses to find new customers, increase a product’s use among existing customers, or create new use situations. A company can decide to change the value it offers buyers and trade up or down. Reducing the package content without changing package size and maintaining or increasing the package price. It has been a strategy of the Campbell Soup Company by advertising more heavily in warm months to encourage consumers to think of soup as more than a cold-weather food. The sale of two or more separate products in one package. What Unilever did when they introduced iced tea in Britain, sales were disappointing. The company made its tea carbonated and repositioned it as a cold soft drink to compete as a carbonated beverage and sales improved. It involves reducing a product’s number of features, quality, or price. It changes the place a product occupies in a consumer’s mind relative to competitive products. Managing existing products through the stages of the life cycle, developing new products, developing and executing a marketing program for the product line described in an annual marketing plan and approving ad copy, media selection, and package design. Changing consumer trends can also lead to product repositioning. One of the objectives of the market modification strategy. Reason to reposition a product because a competitor’s entrenched position is adversely affecting sales and market share. Strategy that Dockers uses for its casual pants by promoting different looks for different usage situations: work, weekend, dress, and golf.
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