Everyone's favorite multi-purpose pocket knife finds even more ways to appeal
Implications - How do you make the best multi-purpose pocket knife even better? Make it niche-specific by adding Swarovski crystals, MP3 players, lighters and USB keys. These products take an already popular item and modify it to cater to niche markets. Applying innovative concepts to a product that already has mass appeal is a safer approach than taking a chance on something completely new.
Trend Themes
1. Niche-specific Adaptations - Modifying a popular item to cater to niche markets is a safer approach than taking a chance on something completely new.
2. Multitasking Items - Modern-day consumers are looking for items that offer an element of convenience in their daily lives, making products that complete more than one function at a time appealing to those with fast-paced lifestyles.
3. Brand Expansion - Companies with a trusting consumer base have the ability to expand their product line into other industries, and incorporating new products into their line which still reflect their brand identity can attract a new customer base.
Industry Implications
1. Pocket Knives - Pocket knives are being marketed towards everyday folk who love convenience just as much as adventurers who love venturing outdoors.
2. Luxury Goods - Companies like Victorinox and Bonfort understand that consumers often want products that offer both functionality and luxury.
3. Kitchenware - Companies with a trusting consumer base have the ability to expand their product line into other industries, such as kitchenware.
