Explain How Products Are Developed Essay
Explain How Products Are Developed
3.1.1 The product life cycle (PLC).
The product life cycle is used for determining the lifespan of products and there are 4 sub stages of product: introduction, growth, maturity and decline. From 2007 until now, Honda Air Blade has become the most successful line of Honda’s motorbike as well as on market. Since it was born, Honda Air Blade has achieved sales of more than 2 million products. This year, from April to the end of September, Honda Air Blade reaches to 274,563 products. (Zing, 2014) This motorbike has brought more profits and impacted strongly on revenue of company. Honda has had the success with this product line. But in the modern world, to be able to compete with the competitors, Honda needs to improve quality, style of products and consider market prices as well as competitors to make a better product
3.1.2. Branding and brand leadership.
A brand is much bigger than just the corporate logo. The brand attributes are formed from the efforts of corporation in the process of marketing communication activities and the character of business. Therefore, corporation needs to have an appropriate strategy to release a good PR campaign to make them more attractive than the competitors. Honda has slogan:” The power of dreams”, easily to remember and it has been very famous around the world.
b. Brand leadership:
The first appearance of Honda in Vietnam is in 1996, until now has been through 18 years and they have always been one of the forefront in their industry. (Honda, 2014) But now, Vietnam’s market has Yamaha, the biggest rival of Honda and the competition between both will continue for a long time in the future. Consequently, Honda has to use and combine an ingenious of design, advertising, marketing, and corporate culture. It will help create brand attributes in the minds of the people and that this will bring