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 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.

All of the products/services offered within a business 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

A group of closely related products manufactured or sold by a business 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 Accessories Outerwear Shoes

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 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