Product Planning Involves making decisions about those features that are needed to sell a business’s products, services, or ideas
Product Mix Includes all the different products that a company makes
Product Mix Product width – the number of different product lines a company has Product depth – number of product items offered within each product line
Product Mix Cont. Product line – group of closely related products made by a company Product item - specific model, brand, or size of a product
Product Development Steps 1.Generating ideas 2.Screening ideas 3.Developing a business proposal 4.Develop product (prototype) 5.Test the product 6.Introduce the product (Marketing) 7.Evaluate customer acceptance
Developing Existing Products Line extensions – new product lines, ex. Various lines of Tylenol products Product modifications – alteration in a company’s existing products –Ex Coke story
Deleting a Product or Product Line Obsolescence Loss of Appeal Conflict with objectives Replacement with newer products Lack of profit Conflict with other products in the line