Enhancing Product Lines
Paper details
Introduction and Alignment
This assignment puts you in the position of a Chief Marketing Officer (CMO) by considering the functionality of each product item on a company’s product line. Being a CMO involves making many high-level decisions. You will incorporate the concepts you have been studying through application.
Upon completion of this assignment, you should be able to:
Describe considerations for each step of the pricing process.
Explain product development strategies.
Resources
Textbook: MM4 (isbn 1-133-37240-6)
Background Information
Most companies offer more than just one product. Often, they are the same product with different features, packaging, and pricing. For example, Coca Cola has its regular cola soda, but also Diet Coke, Diet and Caffeine Free Coke, Coke Zero, and Cherry Coke. These product lines expand a company’s customer base. However, marketers should clearly understand the market segmentation, target customer, and competitive positioning before creating a new product or a new product line.
Instructions
Review Chapters 8 and 9 in MM4.
Research a company that offers a product line with a wide range of options. For example, a cereal maker that offers one brand for health-conscious adults and another brand for teenagers, or an automobile company that offers different car classifications such as compact, sedan, luxury, and sports.
Pick a product that has at least three different lines.
Describe the current product line and then imagine how you would adjust the product line if you were the CMO of that company.
Is the current pricing strategy sound?
Are there any gaps or redundancies?
What changes would you implement to make the product line more productive?
Write an email memo (about 250 to 500 words) to the executive team that details your analysis. Your memo should include the following components:
Subject title
Introduction
Body
Conclusion
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