What is product planning?

Terms to Know product planning product mix product line product item product width product depth product modification

Terms 1. Product planning-involves making decisions about the production and sale of a business’s products. 2. Product mix-includes all the different products a company makes and sales. 3. Product line-group of closely related products manufactured and/or sold by a business. 4. Product item-specific model, brand, or size of a product within a product line.

Continued Terms 5. Product width-refers to the number of different product lines a business manufactures or sells. 6. Product depth-refers to the number of product items offered within each product line. 7. Product modification-alteration in a company’s existing product.

Reasons to Delete a Product Obsolete Lost its appeal Doesn’t match current company objectives Make room for other products No longer profitable Conflicts with other products in the same product line

Types of Brands Generic Brands-A generic brand is a type of consumer product that lacks a widely recognized name or logo because it typically isn't advertised. Generic brands are usually less expensive than brand-name products due to their lack of promotion, which can inflate the cost of a good or service. Such as Milk, Paper towels.

Private Brand  private distributor brand is a brand that is owned and distributed by a reseller without displaying the manufacturer's identity. Private label brands are used by retailers and wholesalers to maximize their profit margins and to offer lower prices. Example: faded glory at Walmart

Manufacturer Brands Manufacturer Brand also called producer brand or national brand is one of the two types of the brand. In simple terms, merchandises carrying manufacturer’s brand name rather than private label i.e. brand is owned by the producer. Example: Iphone, Levis jeans