Regional preferences, experiences and habits guide our approach to many products like food and drink. Think of Soda in the Northeastern US, Pop in the Midwestern US and Coke in the Southern US. All are names for the same product.
Depending on where you live in the Northeast US you enjoy a Hoagie, Hero, Sub or Grinder. Would you be getting the same or different food when you order? Often, you would get the same food with a different name.
OXO, the maker of popular kitchen tools is extending its brand to office supplies, medical devices and children’s products.
Unique Selling Proposition
Each company should be able to articulate its unique selling proposition (USP). In the case of OXO, the USP is the cool design, comfort and ease of use of their products. Historically, OXO defined its field of play to be kitchen and household products.
Good products and services can and should succeed in the marketplace. However, mispricing a product or service can kill that quality offering.
Can an ultra premium product create an economy version and still maintain its cache?
Rolls Royce known for its flagship Phantom vehicle with starting prices of $380,000 is rolling out an economy vehicle.
Proctor & Gamble (P&G) is built on Marketing. P&G lays claims to being the founder of Brand Management.
Over the years, those brand managers have improved, enhanced, and extended brands in many directions. Generally, all products are new, improved and more expensive.