Tuesday, August 23, 2016
New Product Development Process
With regard to consumer appeal, compare and contrast the GaGa's brand with the Sherbetter name of the product. To be successful in any business, you have to be able to differentiate your business from the competitor’s (Lamb et al, 2014). When calling their product Sherbetter, it really didn’t have that much appeal. As Jim wife stated, “their product didn’t fall under ice-cream but Sherbert neither (Lamb et al., 2014). Fortunately, when Jim and his wife initially started the business, they branded it with the GaGa Trademark which sounds and whole lot better. GaGa was Jim’s Grandmother and this is where he originally got the recipe from. So, it makes better sense to go by GaGa than Sherbert and it has more appeal. You always want to do something for your product that helps it to be as successful as it possibly can be. Jim wife is right; you do not want to try to be something that you are not. Creating the best name for your product is very important because it does create a trademark that can last with your product forever. GaGa is creative and has meaning. Even over time the name has developed as Lady GaGa is a popular artist that shares the name in a way. Adored celebrities can help to boost the sales of your product in many ways whether it’s know to them or not.
ANSWER: “Test marketing is the limited introduction of a product and a marketing program to determine the actions of potential customers in a market situation” (Lamb et al.,2014). “Test marketing allows management to evaluate alternative strategies and to assess how well the various aspects of the marketing mix fit together” (Lamb et al.,2014). So, this would be the stage of the new- product development process where they could seek consumer’s reactions which is important. Consumer reactions are important because you basically got to provide the consumer’s wants and needs. If the consumers are not interested in your new product line, then it very well may not be successful. All business should take all necessary steps to maintaining profit for their products.
ANSWER: Sherbetter would be in the decline stage as this is the stage of death (Lamb et al.,2014). If it is no longer the business name, then it has met its death. Jim and his wife no longer use that name foe their product. They use their trademark name GaGa. Basically, Sherbetter is a thing of the past. “There are four stages to a products life cycle which would be the introductory stage, the growth stage, the maturity stage and the decline stage” (Lamb et al., 2014). “The PLC is a biological metaphor that traces the stages of a products acceptance from its introductory (birth) to its decline (death)” (Lamb et al.,2014). Goodbye Sherbetter and hello GaGa.
Lamb, C. W., Hair, J. F., & McDaniel, C. (2014). MKTG7. Mason, OH: Cengage.
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