Presentation on theme: "Product Mapping Product Development. Recall: the Marketing Concept No product development decisions should ever be made without considering the consumer."— Presentation transcript:
Product Mapping Product Development
Recall: the Marketing Concept No product development decisions should ever be made without considering the consumer and the competition Product Mapping involves using the consumer to evaluate the competition
Product Mapping Definition: organizing or sorting products/services into groupings with similarities Used to: find gaps in what is currently being offered to consumers so that new products can be developed Example: Snack Foods: Potato chips, tortilla chips, rice chips, rice cakes, corn chips, pretzels, etc
Product Mapping “Salty”“Crispy”“Greasy”“Healthy”“Crunchy”“Light” PretzelsPotato ChipsTortilla Chips Rice ChipsRice CakesCorn Chips Place the following products in any “group(s)” that applies Where do gaps exist?
Product Mapping Set up a 6 x 5 grid with the following group categories: Messy Boring Expensive Inexpensive Healthy Easy to Eat
Product Mapping Fill in the grid by placing the following products where you feel they fit Ice Cream Sandwich Ice Cream Bar Popsicle Frozen Yogurt Packaged Ice Cream Cone (“Drumstick”) Frozen Juice Bar
Product Mapping Spectrum Mapping: place products or services along a spectrum of 2 criteria ExpensiveIn-Expensive PopsicleIce Cream BarIce Cream Sandwich Frozen Yogurt Frozen juice bar packaged Ice Cream Cone
Product Mapping Map the following products on the spectrum ShreddiesRice CrispiesFrosted Flakes Raisin BranFruit Loops Corn Pops Whole Grain CheeriosFrosted Mini Wheats HealthyUnHealthy
Marketing Opportunity Analysis MOA : Defines the various opportunities or market situations for a specific brand and is composed of 3 distinct parts Overall Market – includes all products belonging to a specific category Indirect Competition – includes all products that compete indirectly with a specific product Direct Competition – includes all brands that compete for a share of the same market
Market Potential MP = N x P x Q N – number of possible buyers P – average selling price Q – average number of the item purchased in a year
Quick Question: Determine the MP for the category “Movies seen in theatres” if 19 million Canadians see an average of 5 movies a year in theatres. The average price of a ticket is $10. You must calculate an MP for your final project and show/explain calculations!