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Marketing Essentials-Product Planning
Transcript of Marketing Essentials-Product Planning
2. Screen Ideas
3. Develop a business proposal
4. Develop the product
5. Test the product with consumers
6. Introduce the product (commercialization)
7. Evaluate customer acceptance Developing Existing Products
1. Line Extensions
2. Product Modification Deleting a Product or Product Line
2. Loss of Appeal
3. Changes in Company Objectives
4. Replacement with New Products
5. Lack of Profit
6.Conflict with other products in the line The Product Life Cycle 1. Introduction- Build sales, special promotions, least profitable stage
2. Growth Stage-Increase sales and profits, focus on customer satisfaction, modify the existing product
3. Maturity Stage-More competition, Marketing dollars spent on fighting off competition
4. Decline Stage-Sales fall, decisions need to be made..... What do you have to decide during the decline stage?
1. Sell or license the product
2. Recommit to the product line
3. Discount the product
4. Regionalize the product
5. Modernize or alter the product offering Category Management
Managing product categories as individual business units
Careers- Product Manager, Brand Manager http://listverse.com/2009/05/30/top-10-failed-mcdonalds-products/ Product Mix
All of the different products that a company makes or sells
A group of closely related products manufactured or sold by a business
A specific model, brand, or size of a product within a product line Product Width- The number of different product lines a company sells
Product Depth-The number of items offered within each product line