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Standard 9
Product Planning Product/Service Mix
| Term | Definition |
|---|---|
| Product Planning | the decisions made about what features should be used in selling of a business' product |
| Product Planning ~ these decisions relate to... | 1.) packaging 2.) labeling 3.) warranties 4.) guarantees 5.) branding 6.) product mix |
| Product Mix | all the different products that a company makes or sells |
| Product Mix ~ product line | a group closely related to products manufactured or sold by a business |
| Product Mix ~ product item | a specific model, brand, or size of a product within a line |
| Product Mix ~ product width | the number of different product lines a business manufactures or sells |
| Product Mix ~ product depth | the number of product items in a product line |
| A well defined product plan allows a business to... | 1.) create sales opportunities 2.) design appropriate marketing programs 3.) develop effective advertising campaigns 4.) coordinate product mix offered to customers 5.) add new products 6.)delete older products that no longer appeal to customers |
| Product Mix ~ the strategies depend on... | 1.) resources 2.) objectives 3.) past and current sales 4.) customer trends |
| Product Positioning | the efforts of a business makes to identify. place, and sell its products in the marketplace |
| Developing New Products ~ follows six steps | 1.) generate ideas 2.) screen ideas 3.) develop a business proposal 4.) test the product with the customers 5.) introduce the product 6.) evaluate customer acceptance |
| Developing Existing Products ~ line extensions | adding new product lines, items, and services |
| Developing Existing Products ~ product modifications | an alteration to an existing product 1.) new and different varieties 2.) formulations 3.) colors 4.) styles 5.) features 6.) sizes |
| Reasons for Deleting a Product Line | 1.) obsolescence 2.) loss of appeal 3.) changes in company objectives 4.) replacement with new products 5.) lack of profit 6.) conflict with other products |
| Product Bundling | multiple products of components packaged together into one bundled solution |
| Price Bundling | when two or more similar products are placed on sale for one package price |
| Brand | name, design, symbol that identifies a company |
| Brand Name | word or group of words that can be spoken ex: Nike, Coca- Cola Classic |
| Brand Mark | unique symbol, design, distinctive coloring, or lettering of a business |
| Trade Character | a personified brand mark |
| Trademark | word, name, symbol, sound, device, combination that has been given legal protection by the federal government ex: ® |
| Package | physical container or wrapping for a product |
| Label | the information tag, wrapper, seal, or imprinted message that is attached to a product or package |
| Branding, Packaging and Labeling ~ why is it important | it established an image, builds protection, and product recognition |
| Branding Strategies ~ brand extensions | uses an existing brand name to promote a new and improved product in a company's line |
| Branding Strategies ~ brand licensing | allows others to use the brand name for free |
| Branding Strategies ~mixed brands | national manufacturers makes the product for a private label |
| Branding Strategies ~ co-branding | combines one or more brands |
| Identifying New Product Opportunities | 1.) changes in life cycle 2.) changes in technology 3.) changes in market/ society 4.) changes in economy |
| Gap | the difference between that is currently available and what is needed or desired (find the opportunities when you find the gaps) |
| Ways to Find Gaps | 1.) market research 2.) surveys (what is wanted, what is lacking) 3.) focus groups 4.) sales records (what is declining ) 5.) competitors (what are they doing that we are not) |
| Product Life Cycle | 1.) introduction 2.) growth 3.) maturity 4.) decline 5.) delete/ reinvent |
| Product Development | the first step is to generate new business ideas that are unique |
| Product Development ~ can the product be... | 1.) re-positioned 2.) improved 3.) brought out in a new size, flavor, or package |
Created by:
amandaleikind
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