Assignment:
Check Your Understanding:
________ is endowing products and services with the power of a brand.
________ are those trademarked devices that serve to identify and differentiate the brand.
________ is the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market.
In a ________ pattern of the product life cycle, sales grow rapidly when the product is first introduced and then fall to a “petrified” level.
Firms that serve small markets not being served by larger firms are known as _________.
A(n) ________ attack can be directed along two strategic dimensions, geographic and segmented.
Exercises:
Describe the functions a brand provides for the firm.
What are the two basic approaches to measuring brand equity?
What are the three key consumer desirability criteria for POD’s (points-of-difference)?
What are the four stages in the Product Life Cycle? Describe what happens at each stage.
Case Study:
When you hear the name James Dyson you may recall his famous Dyson cyclonic vacuum that came on the market a few years ago. What do you think his next invention will be?
Developing new products and managing them through the first several stages of the product life cycle can be a difficult and risky task. Inventor James Dyson learned how to manage an effective product life cycle through trial and error. His experiences have led him to believe that the time has come for an “effective and environmentally friendly” hand dryer for private and public restrooms. Though this seems a far cry from vacuums, Dyson’s entrepreneurial skills have helped him to launch his new venture.
Dyson’s inventions tend to come from two basic sources. First, his organization looks for solutions to common frustrations of the consuming public. Second, the Dyson group tries to find new uses for technologies or products that the organization already controls. These two paths have led his organization to increasing success in developing new products and introducing them to the marketplace.
How will James Dyson leverage technologies and products following the hand-dryer project? Known for his pursuit and support of cutting-edge technology, Dyson is experimenting with robotics and microchips in order to develop appliances that give humans more free time, away from their daily chores. History shows that his ideas are in-tune with those of the public.
Adapted from “The Vacuum Man Takes On Wet Hands” by Steve Hamm, Business Week, July 2, 2007, pp. 84, 86.
Case study developed by Dr. John R. Brooks, Jr., Houston Baptist University.
Questions:
James Dyson’s innovative ideas come from two sources. What are those sources?
James Dyson has begun experimenting with robotics and microchips to accomplish what objective?
