Features of extension of products
Extension of a product is a cost-effective strategy, as the brand image is already in place at consumerâ€™s front. Also, slight variation caters to different preferences and attract larger number of people towards it.
The impact of extension of products on market stability is also considerable, for example if an ice cream is extended in different flavors, then the market is bound to give the extended product a larger portion of the shelf, which becomes attractive and easily caught by the sight of consumer roaming around in the store.
A thorough research needs to be done for the extension of a product such that it should fulfill an unmet demand in the market, which does not drastically reduce the sale of the current product.
According to the National Marketing Federation, a four-step process is required for extension of products:
Identifying the particular demand and needs of consumers
Researching about the uniqueness of the product which would be liked by the consumers
Value propositioning of the product
Formulating mechanisms of sales which could make the product available to larger section of population with ease.
If extension of a product is done without proper research, it can badly affect the company in terms of wastage of time, money, and resources. Also, if extension of product isnâ€™t successful, it can deteriorate the existing brand which would overall undermine the value of products under the name of a particular company.
If the product is popular in small stores, where shelf space is limited, extended products may not be given much importance by the retailers in order to avoid risk.
Features of refinement of products
Refinement adds value to the existing product, which could be visible or invisible. Refinement is done not only to attract consumers but also to cut down cost of manufacturing or wear and tear.
Refinement is only possible or successful if it is done by the team, which is skilled, has appropriate knowledge about the product, and channel of supply and demand is clear as it relies on research and development of the product.
Following purposes would help to determine the need of refinement:
Improvising functions: An existing product may lack some features or after use consumers must have raised feedbacks which have brought out the actual working of a product, as discussed above in case of the recliner. This requires to be addressed by the producer, as a small investment would help retain the product in the market for a longer time.
Reducing manufacturing cost: A product Q was made using a technique PR, after the launch of the product, a new technology RS was introduced which could manufacture the same product in less time and at less cost. The company would eventually put the next slot of production to be produced by technique RS to reduce its manufacturing cost as it would add more to the profits.
Appealing to consumers: Many a times, after the launch of a product it is realized that it does not attract consumers, so its existing design, color, tagline, is changed in order to make it an attractive appearance. The more attractive a product is, the more sale it fetches.
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