product planning ch. 30 me. product planning, mix and development section 30.1
TRANSCRIPT
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Product PlanningCh. 30 ME
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Product Planning, Mix and Development
Section 30.1
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Product – is anything a person receives in an exchange
Product Planning – involves making decisions about what features should be used in selling a business’s products, services or ideas.
Product Planning
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Product Mix – includes all the different products that a company makes or sells
The types and number of products to be carried must be based on the objectives, the image, and the market of the business
Product Mix
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Product Line – is a group of closely related products manufactured or sold by a businessProduct Item - is a specific model, brand, or size of a product within a product line
Product Items & Lines
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Product Width – refers to the number of different product lines a business manufactures or sellsProduct Depth – refers to the number of items offered within each product line
Product Widths & Product Depth
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Product Mix Strategy – is a plan for determining which products a business will make or stock
1. Developing new products2. Developing existing products3. Deleting a product or product line
Product Mix Strategies
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Seven Step Process of New Product Development1. Generating ideas2. Screening ideas3. Developing a business proposal4. Developing the product5. Testing the product with consumers6. Introducing the product (commercialization)7. Evaluating customer acceptance
Developing New Products
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Line Extensions – is intended to be a different product that appeals to somewhat different needs of consumersProduct Modification – is an alteration in a company’s existing product
Developing Existing Products
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Reasons for deleting a product or product lines:1. Obsolescence2. Loss of appeal3. Changes in company objectives4. Replacement with new products5. Lack of profit6. Conflict with other products in the line
Deleting a Product or Product Line
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Sustaining Product Sales1. Section 30.2
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Product Life Cycle – represents the stages that a product goes through during its life
The Product Life Cycle
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Introduction – focuses on efforts of promotion and production
Growth – success as shown by increasing sales and profit
Maturity – sales level off or slow down Decline
Sell or license the product Recommit to the product line Discount the product Regionalize the product Modernize or alter the product offering
Managing the Product
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Product Planning – is the image that a product projects Goal – is to set the product apart from the competition Types of Positioning:
Price and Quantity Features and Benefits Relation to the Competition Relation to Other Products in Line
Product Positioning
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Category Management – is a process that involves managing product categories as individual business units Category Manager – is responsible for all brands for
one generic product category Manufacturers can customize a product mix with a
category according to customer preference on a store-by-store basis Planogram – is a computer-developed diagram that shows
retailers how and where products within a category should be displayed on a shelf at individual stores
Category Management