Specialty products are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. Buyers normally do not compare specialty products and they have low price sensitivity (Kotler p.201). These products are valued for the prestige of the name and they have high brand recognition.
Here is an extremely high end phone made by Nokia. This a new high end line of phones. The phone prices range from $5000 to $32000. It is hard to find because it is only sold in several states of the US. People that purchase this phone obviously do not care much about the price, their man concern must be image.
http://vertu5.com/vertu-news/the-most-luxurious-mobile-phone-vertu/
Co-branding occurs when two established brand names of different companies are used on the same product (Kotler p.216). This Vertu phone is a great example of co-branding.
Nokia has came out with a Ferrari inspired line of Vertu phones. This shows a collaborative work between Nokia and Ferrari. These two companies operate in different categories but by creating this phone Ferrari is able to reach out to cell phone market and Nokia speaks to car fanatics. These two brand names are clearly helping each other through this collaboration. Vertu positioning as a luxuries phone fits perfectly with Ferrari's market image.
Ekaterina Ogay
Section G
Great!
ReplyDeleteDeveloping new products in the industrial world is a long and expensive process. In order to keep up in a competitive market, entrepreneur needs to carefully study the products on the market, disassemble them, and analyze the failed trials Specialty Products testing
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