6. Product and Brand Strategy

This Chapter focuses on discussing the product and brand strategies. The product strategies have been addressed in this chapter deliberating on product-mix, product lifecycle, and product planning and consumer relations. The discussion on product-mix includes extended product strategies, product overlap strategies, product scope strategies, product design strategy, and product diversification strategies. In addition, the new product development (NPD) process and the NPD process control through Stage-gate model have also been discussed in this chapter. The second part of the chapter discusses brand management concepts concerning brand building, brand launching, brand governance, and brand communication. The section on brand governance deliberates on brand-consumer segment, co-creation of brands, and breakthrough brands in this chapter. The leaning objective of this chapter is to gain knowledge on developing the right product strategy for the right market and avoid the situation of product failure. This chapter aims at delivering knowledge and skills on manufacturing new product process following the stage-gate-process in the competitive marketplace. IKEA—the design thinking and new products development and LEGO—an open innovation company have been discussed in this chapter.