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.
References
Lamb, C.
W., Hair, J. F., & McDaniel, C. (2014). MKTG7. Mason, OH: Cengage.
http://www.gagagourmet.com/
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