Matching Pairs Managing Product Life Cycle IOnline version Managing The Product Life Cycle by Bryan Guerra 1 Trade down 2 Product repositioning 3 Product bundling 4 Reacting to a competitor´s position 5 Create a new use situation 6 Catching a rising trend 7 Market modification strategy 8 Trade up 9 Reaching new markets 10 Product manager responsibilities 11 Increasing product use 12 Downsizing 13 Changing the value offered 14 Product modification 15 Find new customers It involves reducing a product’s number of features, quality, or price. Reason to reposition a product because a competitor’s entrenched position is adversely affecting sales and market share. The sale of two or more separate products in one package. Reducing the package content without changing package size and maintaining or increasing the package price. Changing consumer trends can also lead to product repositioning. 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. A strategy that company uses to find new customers, increase a product’s use among existing customers, or create new use situations. Strategy that Dockers uses for its casual pants by promoting different looks for different usage situations: work, weekend, dress, and golf. A company can decide to change the value it offers buyers and trade up or down. It involves adding value to the product (or line) through additional features or higher-quality materials. It changes the place a product occupies in a consumer’s mind relative to competitive products. One of the objectives of the market modification strategy. 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. 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 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.
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