Presentation on theme: "Product Development and Mapping BMI3C. Remember the Marketing Concept? Consumers and competitors SHOULD BE CONSIDERED in every important business decision."— Presentation transcript:
Product Development and Mapping BMI3C
Remember the Marketing Concept? Consumers and competitors SHOULD BE CONSIDERED in every important business decision. Product mapping, a marketing opportunity analysis, or a benefit analysis are used to study the consumer and/or competitor’s place in the product development.
Product Mapping Product mapping is used to determine common characteristics among a group of similar products Common attributes emerge from the groupings that determine what consumers want Product maps instruct the product development team as to what product to make and what features to include when manufacturing it
Product Mapping One method of product mapping is to put a group of products on a table and ask research participants to group the items using the most common factors that they perceive Product mapping can also demonstrate the individual product attributes that consumers like or don’t like. (eg. Easy-to-open package versus difficult-to-open package)
Easy to eat Ice cream sandwich Frozen juice bar popsicle Healthy Frozen juice bar Frozen yogurt Interesting flavour Packaged ice cream cone Frozen juice bar Least expensive Ice cream sandwich popsicle Product Map for Frozen Novelties Step 1: Participants asked to sort a variety of frozen novelties into groupings that represent the most desirable features of a frozen novelty The following groups emerged:
Ice cream bar packaged ice cream cone frozen yogurt ice cream sandwich frozen juice bar popsicle MessyEasy to eat Packaged ice cream cone ice cream sandwich ice cream bar popsicle frozen yogurt frozen juice bar UnhealthyHealthy Popsicle ice cream bar ice cream sandwich frozen yogurt frozen juice bar packaged ice cream cone Boring/traditional Fun/interesting flavour Packaged ice cream cone frozen juice bar ice cream sandwich frozen yogurt ice cream bar popsicle ExpensiveInexpensive Product Map for Frozen Novelties Step 2: Participants were then asked to place the novelties on several rating scales:
MOA Market Opportunity Analysis MOA is a situational analysis which defines the various opportunities for a specific brand. The MOA is made up of 3 parts Overall Market Indirect Competition Direct Competition
Part 1: Overall Market The MOA identifies the category under investigation that defines the brand. This category is broad and will include every type of product that belongs in the category. (eg. Toothpaste is a broad category and all toothpaste brands would be listed)
Part 2: Indirect Competition The MOA groups the competitive brands by features. Each classification is further simplified. (eg. Frozen desserts are classified as cake, cookies, pie, ice, creaming, etc. These are then further simplified into flavours, sizes, package types, etc. Companies only consider pursuing a indirect opportunity after all direct opportunities are exhausted.
Part 3: Direct Competition The MOA identifies all competitive brands that compete for a share of the SAME market. (eg. All brands of tartar-control toothpaste) Once the direct competition has been grouped together, the MOA looks for gaps. (eg. There is only one toothpaste with both a whitener and a tartar-control formula) The question is: a) is the market not large enough for another brand? OR b) is there an opportunity for a competitor? The MOA can determine the market potential of a specific type of product.
BENEFIT ANALYSIS Any feature of a product or service should add utility and provide some benefit to the consumer.