PRODUCT LINE EXTENSION
Product line extension refers to the use of established product name to launch a new product with similar benefits.
For example; a fast food chain, Laura offers burgers as Laura burgers. It may offer a variety of burgers like Laura fish burger, Laura chicken burger, and Laura cheese burger.
Use of Product line extensions by A Sprays :
A Sprays launched their fragrances at the time when there was almost no market for male fragrances. Owing to the aggressive advertising and distinct fragrance, A Sprays became popular in the market.
Thus, to effectively manage the brand, new fragrances were launched every year. This helped the brand to increase their offerings to be able to cater the varied needs of customers.
Brand launched their line of after shave, shower gel and other skin care products to increase their offerings to cater entire male grooming products. This was a strategy to survive competition, and remain popular with customers.
Not only male fragrance, brand also launched a female fragrance emphasizing the distinct smell to increase desirability.
Thus, it can be stated that A Sprays have used their product line extensions to remain popular, increase offerings to cater demands of every customer.
The product would move through the different stages of new product development. Those stages are as follows:
1) Idea Generation: The development process starts with the product ideas. The ideas may generate externally or internally for maximizing the production or for new development of the product.
2) Screening: Under this process the utmost favorable ideas are selected for further evaluation. Ideas are examined in order to determine whether they are according to the resources, objectives, and abilities of the organization.
This analysis also includes the needs and wants of the potential buyer, potential market and possible changes in the existing product.
3) Concept testing: this stage is a test in which a section of potential buyers are untaken with the idea of the product so as to determine their buying intentions and attitudes about the product.
4) Business Analysis: under this stage the idea of the product is being evaluated for determining the contribution it could make towards costs, sales and profit.
5) Product development: the fifth stage is development of the product in which one has to determine whether it would be reasonable to produce the product at this cost.
6) Test marketing: under this stage the product is introduced in market in a limited amount so as to test the reviews and buying potential of the customers towards the product.
7) Commercialization: this is the final stage wherein one has to decide to convert the idea into processing. This processing is in the form of manufacturing, advertising, forecasting and budgeting the overall development of the product.
Mission statement of company M is to aid in achieving the goal of improving and saving the lives all over the world. The company is committed towards the improvement of health and well-being of the overall society.
Yes, the focus of company M on research is consistent with the mission and values of the firm. The main values are motivated by an aspiration to attain excellence for improving life, function with the utmost standards of honour and honesty, enlarge the access to the products and hire a varied employees that values teamwork, coordination and corporation.