There exists variety of products in the marketplace in order to satisfy consumers’ expectations. And most products can be classified as classical or popular.
By definition, classical products are those products that stay in the market for generations and have evolving visions as time moves forward. Also classical products possess high brand recognition among consumers. For example, iPod is the classical product introduced by Apple and still being sold in Apple store. I still remember the time in high school when my friends and classmates craved for the iPod especially for the innovative design in MP3. And for now, the iPod still contributes to the corporate revenues for Apple. Additionally, consumers tend to tell the name of Apple if someone talks about the iPod.
Compared to iPod, there also existed music player named “MD” with high quality when I was in middle school. And the MD player was very popular and sold for substantial quantities at that time since it has less weight than CD player, and also it is smaller than CD player. Consumers believed that MD player could be the future trend to replace CD player for the next generation. However, SONY’s MD player was challenged by the introduction of MP3 player since consumers could download high quality music for free from the Internet in China. And MD’s disc was designed specifically for MD player and sold for relatively high prices in China. As a result, the MD player only thrived in the market for a relatively short time period in China, and then faded away in history.
(Original Source: http://www.zzounds.com/productreview–SNYMZM200)
It is important for modern corporations to understand the current market structure and identify the potential trend in the industry. By doing so, corporations could develop demanding products for consumers and take initiates to respond to the future trend. Also, corporations should pay attention to those classical products which carry special memories for particular customers. They should try to develop certain strategies to renovate consumers’ experiences. Brand image could also be enhanced through the process of developing classical products.