rebranding an already established product within the market
DESCRIPTION
Rebranding an existing product which is a cash cow can be tricky and also a delicate process. It's vital that the customer base and the market share is not lost in the process of rebranding.TRANSCRIPT
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REBRANDING A PRODUCT
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Issues a company needs to focus on: Reducing Cost
Financial Issues Corporate Strategy Issues Market Research Operations Techniques
Product Design Changes Value Analysis (8 Steps) Corporate Strategy Issues
Life Cycle & Product Portfolio
Rebranding an Existing Product
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Reducing Costs
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Looks at existing costs within the company regarding the product Ulcercare. Look at the cost associated with each area of the product.
Cardboard Packaging - 33% Assembly/Packaging - 23% Glass Bottle/Cork - 17% Ulcer Fluid - 15% Cotton Buds - 10% Other - 2%
1. Financial Issues
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Establish where the product fits within the market. Determine what stage of the Life Cycle – it is now at.Determine what stage it in now in, in the Product Portfolio Analysis.
2. Corporate Strategy Issues
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Understand/Examine the Competitors and Compare with Ulcercare – reverse engineering
Establish Existing/Future Customer needs from Ulcercare by seeking customer/sales staff feedback
3. Market Research
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Identify the most appropriate technique that could be used to reduce costs.
Value Analysis Standardisation
4. Operations Techniques
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Product Design Changes
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Current Design
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Value Analysis
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Step 1 – Identify ProductStep 2 – Gather InformationStep 3 – Analysis of the products
functionsStep 4 – Discussion/Brain-storming
Value Analysis Procedure
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Step 5 – Assessing Proposed Ideas Step 6 – Decision Making Step 7 – Implementation Step 8 – Evaluation of results
Value Analysis Procedure
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Corporate Strategy Issues
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Ulcercare Lifecycle
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Product Portfolio Analysis
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1. Determine associated costs with rebranding a well known existing product
2. Analysis proposed design changes
3. Find your product market
Conclusion