MARKETING - RENTAL EBOOK ACCESS CODE
7th Edition
ISBN: 9781264156467
Author: Grewal
Publisher: MCG
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Question
Chapter 12, Problem 1MA
Summary Introduction
To discuss: The meaning of new products and their examples.
Expert Solution & Answer
Explanation of Solution
A product can be called as a new product if the product is new to the marketing world but this cannot be restricted in this only because a product can be called as a new product if they came under in the following categories:
- If the product is new to the world
Example: If Company Q a famous car manufacturing Company introduces a new electric car which entirely new to the entire world.
- If the product is new to the firm.
Example: If Company A who is engaged in the production of beverages introduces new kinds of snacks.
- If the product is added to the existing product line.
Example: Company S famous smartphone manufacturing Company introduces Bluetooth headphones in their product line.
- Introduced improved and revised the existing product.
Example: Car manufacturing companies will revise and improve each year with new innovation and technologies.
- Repositioning.
Example: Repositioning the existing product of Company U to match with changing modern scenarios.
- If the product is coming with a reduced cost:
Example: using new latest technologies and cheap materials in the existing production line and introduce the product with reduced cost.
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Imagine you have the sole marketing rights to a new herbal shampoo that you developed from local herbs and plants that are indigenous to your country. This shampoo can stop hair loss and promote hair growth for those who have suffered hair loss. You have branded it Nasure® Shampoo, and given your limited capital, you plan to sell your product exclusively over the Internet and support it by advertising and infomercials on late-night television. You have also planned some social media marketing, plus you are also hoping to obtain free publicity in men's fashion magazines. You plan to sell the product in a 400-gram bottle for $599 plus $9.99 shipping and handling. This price is considered premium to that of competing products, but you justify this based on the unique properties of the shampoo.
Identity the primary target market for your shampoo and provide your justification.
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