Rebranding an already established product within the market
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REBRANDING A PRODUCT
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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 of Rebranding an already established product within the market
REBRANDING A PRODUCT
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
Reducing Costs
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
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
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
Identify the most appropriate technique that could be used to reduce costs.
Value Analysis Standardisation
4. Operations Techniques
Product Design Changes
Current Design
Value Analysis
Step 1 – Identify ProductStep 2 – Gather InformationStep 3 – Analysis of the products
functionsStep 4 – Discussion/Brain-storming
Value Analysis Procedure
Step 5 – Assessing Proposed Ideas Step 6 – Decision Making Step 7 – Implementation Step 8 – Evaluation of results
Value Analysis Procedure
Corporate Strategy Issues
Ulcercare Lifecycle
Product Portfolio Analysis
1. Determine associated costs with rebranding a well known existing product
2. Analysis proposed design changes
3. Find your product market
Conclusion
