Transcript planning for success with your product mix

Product/Service Planning
PLANNING FOR SUCCESS WITH YOUR
PRODUCT MIX
What is Product/Service Planning
The process of planning and implementing
strategies to obtain, develop, maintain and
improve a product or product mix .
Role of Product Service Planning
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generating and screening ideas for a product/service
developing and testing the product/service
introducing the product/service to consumers
evaluating consumer acceptance of the product/service
improving the product/service to meet consumer needs and
wants.
Product Mix
All of the products/services
offered within a business
Product Item
 A specific model, brand, or size of a product within a
product line
NIKE Delt Force shoe
Product Line
A group of closely related products manufactured or
sold by a business
Example: NIKE Men’s Outerwear is a product line
Product Width
 The number of different product lines a business
manufactures or sells
Shoes
Outerwear
Accessories
Product Depth
Men's Outerwear
Brand
A name, term, design, symbol, or combination of these
elements that identifies a business, product, or
service and distinguishes it from its competitors
Brand Extension
A branding strategy that uses an existing
brand name to promote a new or improved
product in the company’s product line
Example:
Ralph Lauren clothing extended the brand name into Ralph
Lauren fragrance, eyewear, home furnishings, etc.
Product Mix Strategies
 Developing New Products
 Expanding the Product(including brand
extension)
 Product modification(including finding new
uses, new markets and new methods of
distribution)
 Product Deletion (deleting product OR line)
Class Assignment: 50 Points
Work with a partner to assess the current product mix
of the Falcons’ Nest. Apply each of the four product
mix strategies to the current mix. Be detailed and
specific in explaining your recommendations for
each strategy (New Product or Line; Adding to Current
Product Line; Product Modification; and Deleting Product
or Line) and explain WHY you are making those
recommendations.
Increased PROFIT is always the objective while
meeting the wants and needs of the target market!
 Developing Product/Service Planning Skills
 Identify the role of product/service planning in
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marketing.
Describe types of product mix strategies.
Describe product life cycles.
Describe the importance of branding in marketing.
Explain the difference between brand name and
brand.
Explain the use of national and private brand names
in marketing
Terms in Product Planning
 Product Mix
 Product Line
 Product Width
 Product Depth