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MP Product Planning

Product Planning

TermDefinition
product planning involves making decisions about what features should be used in selling a business's products, services, or ideas
product mix includes all the different products that a company makes or sells
product line a group of closely related products manufactured or sold by a business. Examples can include Kellogs, FORD, NIKE, or Coca Cola
product item is a specific model, brand or size of a product within a product line. Retailers might sell several items within one line. An Example might be one of the following: NIKE running, NIKE walking, NIKE socks, NIKE shirts, etc.
product width refers to the number of different product lines a business manufactures or sells
product depth refers to the number of items offered within each product line
product life cycle the stages a product goes through during its life
product positioning the efforts a business makes to identify, place, and sell its product in the marketplace in order to meet the needs of the customer and determine how their products compare to the competition
introduction in this stage, the promotion and advertising expenses are the highest as well as the risk
growth in this stage, the company is working to gain new customers and increase sales
maturity in this stage of the product life cycle the product must find new uses or new customers. In this stage competition is at its highest
Created by: janice ritchey
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