Marketing Management Assignment

On
Components of Product Planning

Batch of 2021-24
Roll no.15

BBA III SEM

SUBMITTED TO: SUBMITTED BY:

Assist. Prof. Rashmi Chauhan Divyanshi Jain
 Components of Product Planning

1. Product Innovation
An innovation is the adoption of a new idea, product or process which is in
perspective useful. The idea of innovation is much broader than the invention.
Product innovation is the development and launch of a new product or service that
directly affects the market it sells in. It can also develop improved versions of
existing products in a market, enhancing the functionality or desire for an item by
taking consumer feedback to make improvements or discovering additional
features and technology to add. Most often product innovation is achieving an
improvement on existing products, though creating a true invention also happens.
Examples:
 Amazon
 Amazon prime = Not only did Amazon give people fast and free (aside from
the yearly subscription fee, of course) shipping on thousand items with
Prime, they also made people come to expect fast and free shipping from
every other company.
 Kindel = amazon took control of the e - book markets becoming the
destination for purchasing content. Amazon gave people a quick, convenient
and affordable way to get books and the medium surged forward. By
working to put a Kindle in the hands of as many people as possible with a
low-price tag.
 Alexa = Amazon’s voice assistant, Alexa, is amazing at doing Amazon
things (placing orders, finding music, etc.). And she can hear and respond to
voice commands at a normal volume from across a noisy room, which is
pretty impressive.
  APPLE
 iPod = Out of all the innovative products Apple has launched throughout the
years, iPod paved the way to success for Apple A revolutionary product of
its time, the iPod beat out the 90s MP3 players with its incredible ability to
hold 1,000 songs in your pocket. It revolutionized the world of music and
beat out all of its competitors (the Sony Walkman didn't stand a chance)
 Air pods = The whole world was shocked by the move but to everyone's
surprise, Apple introduced the Air Pods, the first truly wireless earphones.
Air Pods was a massive breakthrough considering the revolutionary design
and innovative technology.
 Air Tag = the most unique product in Apple's ecosystem, Air Tag is a
revolutionary tracking device built to act as a key finder for physical objects
such as keys or bags and can be even used as a pet tracking device.
 Siri = Siri became the first virtual assistant with a voice and made
interaction with gadgets more "human-like." Siri has evolved and can
answer all questions related to the information found on the internet.
 MC DONALD'S
 Happy Meal = Happy Meal that i.e., kid’s gadgets which comes with toys.
 Mc Café = McCafé offers great handmade coffees and beverages that
connect with the consumer need for having more options for their food. It
adds a new segment of customers who have a higher affinity for premium
coffee or the other specialized beverages that we serve.

2. Product Diversification
Product diversification refers to the business strategy of developing and offering a
new line of products, a service, or a product division that uses the same or
completely different sets of information, skills, machinery, and so on, usually to
enable survival or development and expansion.
Product expansion in depth or width. Diversifying new products and services in
new markets, targeting new customers and increasing profitability. Product
diversification is a process by which businesses attempt to expand their market
reach and customer base by delivering products somewhat different than the ones
for which they are known.
Examples:
 TATA Group
 Hotels = the Taj hotel, Bombay, Vivanta (Indian hotel chain)
 Aviation = Tata Air Lines, SIA, Vistara
 Automobiles = Jaguar Land Rover, Tata Motors etc.
 Others = Titan, Tata Steel, Tata Power, Tata Chemical etc.
 Disney
 Media networks = Cable networks, radio networks, digital operations and
broadcast television networks.
 Parks and resorts = Disneyland Paris, Hong Kong Disneyland resorts,
Disneyland resorts, Walt Disney world etc.
 Walt Disney studios = Marvel, Walt Disney animation studio, Walt Disney
studio motion pictures, etc.
 Disney consumer products = Toys, stationary, footwear, accessories,
consumer electronics, etc.
 General Electrics
 Aviation = GE Aviation
 Healthcare = GE Healthcare
 Research = GE Research
 Aerospace = GE Aerospace

3. Product Elimination
Method reaches stage where some of product are eliminated from product line
because it makes the market value down. In the decline phase, the product loses
market share and demand and is making losses. It is in this phase that the Product
elimination or product deletion is done. The decision to drop a product (for
example, in the decline stage of its life cycle) in order to use the costs associated
with it to enhance profits or to release resources that could be more effectively
used in other ways.
Examples:
  Apple
Apple dropped its once upon a time market leading product- the iPod because with
the advent of smartphones, the market demand for iPod declined suddenly.
Because Apple iPod was doing well with high market share, iPod found itself in
the harvest phase. But as demand declined further and so was the share of Apple, it
moved into the dog phase and was subsequently eliminated.

 Coca Cola
Coca-Cola deleted their product Coca-Cola Vanilla short after the latter was
introduced in the market.
 Nokia
the unsuccessful Nokia products, such as Nokia 1209 and Nokia 1220, show that
the company introduced the products that were initially disadvantaged from the
customers’ point of view. In this case, the company had to eliminate the products
short after their introduction and, consequently, bear financial losses due to the
crucial mistakes of the management.

4. Product Standardization
Product standardization is a process and strategy of manufacturing and selling
products or services consistently. It involves making sure that a product upholds
certain standards for item quality, service delivery or appearance in every market.
Product standardization refers to the process of maintaining uniformity of products
and services sold in different markets.
Examples:
 Adidas
Iconic Adidas three-stripe logo in over 150 countries. Their standardized marketing
efforts focus on universal values like “brand credibility, consumer experience and
sustainability.” Global “Own the Game” Campaign, focusing this strategy in their
Asian, EMEA (Europe, Middle East, and Africa), and US markets. Their approach
centers on consumers and their preferred sports, namely football.
  Red bull
A large part of the brand’s success is thanks to its strategic standardization efforts
and widely recognizable image One of the reasons that Red Bull is so successful is
that it doesn’t sell its product: it sells its brands. You’ll find the same Red Bull
cans in almost every one of the 170+ countries that the drink is sold in. Thailand is
the only market that has different packaging featuring yellow and red coloring.
Apart from that, Red Bull maintains one strategy for all markets.

 Coca cola
Coca-Cola is also all about product standardization—the timeless beverage tastes
and looks the same across the world. Their new global brand philosophy and
platform, “Real Magic,” aims to unite people, emphasizing common ideals like
unity and a shared sense of humanity. One of Coca-Cola’s strategy pillars is its
uniform image The big takeaway from Coca-Cola’s new “Real Magic” strategy is
its many virtual components, like social media and gaming initiatives, allowing
them to reach international audiences with ease.