Product Service Management Function
Nature and scope of function: Different businesses trying to meet the needs, wants, and desires or consumers.
Impact of the product life cycle (4) 1. Introduction: a product is introduced into the market. At this point, consumers don't know much, or even anything, about this new product. 2. Growth: if successfully introduced, it begins to grow and become more popular within a market. As the popularity grows, the profits start to as well. 3. Maturity: sales and profits peak at their highest point. Competition increases. 4. Decline: products are not meeting consumer needs any longer, the sales and profits of the product will then decline.
New product development Idea development Idea screening Strategy development Financial analysis Product development and testing Product marketing
Product Mix Product line: A group of similar products with slight variations in the product mix to satisfy different needs in a market.
Product Mix Product assortment: the complete set of all products a business offers to its market.
Product Mix Packaging: The packaging is a very important part of the product mix. It serves the dual purpose of protection and promotion, and it sometimes improves the use. The characteristics of packaging that a company should follow to be successful are ease of use, safety, attraction, handling, and environment.
Product Mix Brand Development: A brand is a name, symbol, word, or design that identifies a product, service, or company. A trademark is the legal protection of the words or symbols for use by a company. Groups of products can carry an identical or family brand. A well known symbol established by one company and sold for use by another company to promote its products is a licensed brand.
Product Service Management Project You are an owner of a company that sells unique and popular totes. You are revamping your business and need to develop a new product mix. The Tote Project