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MP Product Planning
Product Planning
Term | Definition |
---|---|
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 |