Provide a 250+ word response to the following question. Please separate your ans

Question

Provide a 250+ word response to the following question. Please separate your answers by the parts of the question.Visit a local retailer and while you are there, you need to find a NEW product. It could be identified on the store shelf or on the packaging of the product, but be sure it is identified as NEW to the market. Then, please answer the following questions:

1. What is the name of the product? Do you think this product is increasing the breadth or the depth of the product line? Why did you choose your answers? Support this argument with course material.

2. Is the brand name of the product a good fit for the product? Why or why not? Again, support this argument with course material.

3. Did the maker of the product use packaging and labeling well? List and describe the packaging or labeling strategies you see being used.

4. Do you think this new product will diffuse quickly or slowly through the marketplace? Why? Go into detail using at least one of the characteristics influencing the diffusion of innovation (found on page 264) to support your answer.

Explanation / Answer

1. A new product that I noticed in one of nearby retail shop was named as “Tide Detergent Soaps”. I was aware of a Detergent Powder named “Tide” that is usually used in the washing machines for washing clothes. This seems to be a modification of the same product. This product seems to expand the depth of the product. Product depth is defined as the number of different sub-products offered by a products within a same line of business. The product depth will typically showcase the number of varieties that are offered in the same product line.

2. Yes, the brand name of the product is a good fit for the product. As the new product is used for washing it has to carry a name which might carry the purpose of the product. The name “Tide” implies that it will give a clean wash to all the clothes. The name of the product is very important since it has the ability to attract new customers. It will ease the marketing strategies for the new products.

3.Yes, the maker of the product have effectively used the packaging and labelling well. The detergent soap has been packed neatly in a nice air-tight water proof cover which has an attractive yellow cover over it. The product comes with a lightning at the background giving a meaning that it can clean the clothes with so much power. The soap has also been well labelled in such a way that it attracts all the customers.

4. This product will diffuse through the market quickly since the earlier product line “ Tide Washing Powder” has already taken a good amount of market share. The new product will reach the customer mass quickly by grabbing a good amount of market. The new product has a relative advantage over the similar line of products as it also overcomes the trial and error of the risks involved in launching a new product.

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