Product+and+Brand+Management.pptVIP

Product and Brand Management What is a product? A product is any offering by a company to a market that serves to satisfy customer needs and wants. It can be an object, service, idea,etc. New Product Development Most new product development is an improvement on existing products Less than 10% of new products are totally new concepts. Success rate of new products The success rate of new products is very low – less than 5%. ‘You have to kiss a lot of frogs to find a prince.” Product obsolescence is rapid with improvements in technology Shorter PLCs Product Development Stages Idea generation Idea