Identifying Products and Services that Make Up the Product Mix Product Planning.
-
Upload
shanon-charles -
Category
Documents
-
view
215 -
download
2
description
Transcript of Identifying Products and Services that Make Up the Product Mix Product Planning.
![Page 1: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/1.jpg)
Identifying Products and Services that Make Up the Product Mix Product Planning
![Page 2: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/2.jpg)
Terms related to product/service planning
• Product/service planning: Process of developing the product/service mix for a business by incorporating decisions relating to market opportunities.
• Product mix: All the products a business makes or sells.
• Goods: Tangible, physical products that satisfy a want or need.
• Services: Intangible or conceptual products produced to satisfy a want or need; tasks performed for the customer for a fee.
![Page 3: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/3.jpg)
Product/Service Planning
Involves making decisions about those features that are needed to sell a business’s products, services, or ideas.
![Page 4: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/4.jpg)
• If your company is a manufacturing or production company, one major consideration is:
• New product/idea development Development of products/ideas that have not been offered on the market or which modify what is presently on the market
Product/Service Considerations
![Page 5: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/5.jpg)
• Generate ideas
• Screen ideas
• Make prototype and develop business proposal
• Develop new product
• Test market the product
• Introduce product
Steps in New Product Development
![Page 6: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/6.jpg)
Product/Service ConsiderationsProduct selection - Choosing products for the business that meet needs or wants for the area and target market.
--Monitoring existing products – Watch for changes in the product life cycle, update to “new and improved” products, and stock according to demand
--Eliminating weak products – Watch for declining sales, identify products no longer in demand or not preferred by target market, and phase out or drop immediately.
![Page 7: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/7.jpg)
Another major consideration is who will you get the products from if you are a retailer. Options may include
Manufacturers – producers
Wholesalers – intermediaries between manufacturer and retailers
Tradeshows – exhibitions allowing vendors and manufacturers to introduce new items and promote established products and services
Product/Service Considerations
![Page 8: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/8.jpg)
Product Mix
Includes all the different products that a company makes or sells.
![Page 9: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/9.jpg)
Product Line
A group of closely related products manufactured and/or sold by a business.
![Page 10: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/10.jpg)
Product Item
A specific model, brand, or size of a product within a product line.
![Page 11: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/11.jpg)
Product Width
Oral Care
Blades & Razors
Personal Care
Batteries Appliances
Width of the Gillette Product Mix
The number of different product lines a business manufactures or sells.
![Page 12: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/12.jpg)
Product Depth
Oral Care
Blades & Razors
Personal Care
Batteries Appliances
The number of product items offered within each product line.
![Page 13: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/13.jpg)
Product Mix Strategies
• The plan for how the business determines which products it will make or stock
• May develop completely new products• May expand or modify their current
product lines• May drop existing products
![Page 14: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/14.jpg)
Developing New Products
• Generating Ideas– Come from a variety of
sources– Creativity is essential
• Screening Ideas– Ideas are evaluated
and matched against the company’s overall objectives.
![Page 15: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/15.jpg)
Developing New Products
• Developing a Business Proposal– Consider a product’s potential sales,
costs, and production requirements.• Developing the Product
– The new idea takes physical shape– Marketers develop a marketing strategy.
• Testing the Product with consumers
![Page 16: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/16.jpg)
Developing New Products
• Introducing the Product– The product has been researched
successfully– This stage also is called
commercialization.• Evaluating Customer Acceptance
– Marketers track new product performance.
![Page 17: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/17.jpg)
Developing Existing Products
• Companies constantly review their product mix to see if they can further expand their product lines or modify existing products.
• Two ways to do this:
![Page 18: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/18.jpg)
Developing Existing Products
Original Product
Newer Products
Line Extensions – new product lines, items, or services
![Page 19: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/19.jpg)
Developing Existing Products
Product Modifications – an alteration in a company’s existing product
![Page 20: Identifying Products and Services that Make Up the Product Mix Product Planning.](https://reader036.fdocuments.us/reader036/viewer/2022081605/5a4d1acf7f8b9ab059970f71/html5/thumbnails/20.jpg)
Deleting a Product or Product Line
• Obsolescence• Loss of appeal• Conflict with current company
objectives• Replacement with new products• Lack of profit• Conflict with other products in the line