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Product development - Essay Example

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There is a great deal of examples when new-products fail because of too small market attractiveness, that is why it is extremely important to identify the target market. Broadly, the target market for the art consists of all people who are interested in art and have a…
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Download file to see previous pages 1) He may look for large and growing markets with real buyer needs. For example, the artist specialization is contemporary drawing that is very popular nowadays. The artist can make an accent on the fact that contemporary art market is growing and having even a small market share he would have a lot of customers because the market itself is big enough and flourishing.
Insignificant point of difference is a vital factor of new-product failures. Moreover, superior characteristics of the product must be valuable for the customer to switch from another one. In general, the major sources of product differentiation are: quality (often related to price), usability and design, promotion methods, differences in availability (e.g. timing and location).
According to these factors the products of art can differ from competitors on a basis of price: more expensive paintings would be perceived as more unique; due to aesthetic considerations; positioning: for example, “perfect present for the grand-father” or “ do you want to be a modern person – buy only contemporary pieces of art work” and so on; place where the art is sold: underground den or luxurious gallery.
Brand has a direct connection with a business growth. There are two ways how a brand can impact growth: negative and positive. For example, if the artist has a well-known and respectful brand of his “product line” his new pictures would be wiped off the shelves despite the fact that there may be not the best bets on the market. On the other hand, the artist may create something incredible but his brand would not be recognizable and his painting would gather dust on shelves. The more important thing is how exactly to measure the brand impact on the business. Sam Miller (Par. 8) offers:
During the marketing of the art competitor-oriented, cost-oriented and demand-oriented pricing approaches might be utilized. If the artist is recently graduated and up and coming the ...Download file to see next pagesRead More
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