1. Product Planning, Mix, and Development #1
Today I am: Taking notes (yes!) about “Product”
So I can: Understand how businesses determine and develop their products
I will know I’m successful when: I can describe product planning steps and how to develop, maintain, and improve a product mix

2. Product Planning
Product planning - decisions about what features should be used in selling a business’s products, services, or ideas.
Packaging, labeling, and branding
Warranties and support services

3. Product Mix
Product mix - all the different products that a company makes or sells.

4. Product Items and Lines
Product line - group of closely related products manufactured or sold by a business.
Product item - specific model, brand, or size of a product within a product line. Retailers generally carry several product items for each product line they sell.
Companies will take advantage of a successful line by adding an item! This is called a line extension
Companies will make changes to existing items. This is called a product modification

5. Product Width and Product Depth
Product width - the number of different product lines a business manufactures or sells.
Product depth - the number of items offered within each product line.

6. Product Mix Strategies
Know this
Concept
Product Mix Strategies
A product mix strategy is a plan for determining which products a business will make or stock. Some businesses will change their lines by modifying products, creating new ones, and/or dropping old ones.
To determine its product mix, a business needs to:
Identify its target market
Identify its competitors
Decide on the image it wants to project

7. Developing New Products
Know this
Concept
Developing New Products
Critical to maintain and improve profitability
New products (those less than five years old) account for about 35 percent of total sales for major consumer and industrial goods companies. 7
There are steps in new product development

8. Developing New Products
Know this
on the test
Developing New Products 7
steps in new product development
Generating ideas
Screening ideas
Developing a business proposal
Developing the product
Testing the product with consumers
Introducing the product (commercialization)
Evaluating customer acceptance

9. Assignment
Work with a partner. Research one Automobile manufacturer
Write down its Product Width
Identify a specific Product Line and its Product Depth
Identify a specific Product Item
From an existing Product line
Add your idea for a line extension and
Add your idea for a product modification