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