Case summary:
The modern society is highly developed in terms of technology and the kids are also addicted to the latest entertainment in terms of technology. The traditional toys like dolls and all demand are getting very low and the new CEO of Company M is coming intending to define the firm as a “future-proofed kid experience company”. The company still producing hot wheels and Barbie dolls. The company also owned Fisher-price code-a-pillar, which helps the children to code and now Company M concentrates to introduce a toy which can tell the story to children. The company’s overall sales are getting low and even seasonal sales also getting very low but the introduction of car 3 toys makes the sales level a little bit better but the margin from such licensed toys are lower than that of original product line products like Barbie dolls.
Company M doesn’t have any intention to stop its original toys but want to modify it by incorporating the latest technology features and also seeks to introduce the wider variety of Ken dolls. Company M also plans and gives more importance to produce introduce the toys of top female wrestlers from WWE.
To discuss: The life cycle stages of each product of Company M and choose one product and explain in what manner it might flow through the different stages in the life cycle.
Want to see the full answer?
Check out a sample textbook solution
- Give one example of a particular product for growth stage (from Product Life Cycle) and make an explanation why such product is classified in that particular stage.arrow_forwardDescribe the different stages of product life cycle. Please identify a product of your choice and mention at what stage the product is. Also, advice what steps needs to be taken so that the product can become more attractive to the customers.arrow_forwardDescribe all stages of the product life cycle. Give an example of a real company’s behavior in one of the life cycle stages of your choice.arrow_forward
- Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word "product" as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful.arrow_forwardWhy does company need to know what stages of the Product Life Cycle its products are in? use examples to explain or illustratearrow_forwardExplain how you separated the stages of the product’s development.arrow_forward
- Name the categories into which new products are grouped?arrow_forwardWhere do ideas for new products come from?arrow_forwardGive one example of a particular product for introduction stage (from Product Life Cycle) and make an explanation why such product is classified in that particular stage.arrow_forward
- Show implementation (mention examples) of each product mix decision using relevant product line decisions, make sure to link it.arrow_forwardExplain what product differentiation means and how it is used? In what market structures is it useful? Why?arrow_forwardHow product mix strategies can be used to make product more effective in market? Elaborate your answer with the help of example.arrow_forward
