2. Involves making decisions about those features that are needed to sell a business’s products, services, or ideas.

3. Includes all the different products that a company makes or sells.

4. A group of closely related products manufactured and/or sold by a business.

5. A specific model, brand, or size of a product within a product line.

6. Oral Care Blades & Razors Personal Care BatteriesAppliances Width of the Gillette Product Mix The number of different product lines a business manufactures or sells.

7. Oral Care Blades & Razors Personal Care BatteriesAppliances The number of product items offered within each product line.

8.  The plan for how the business determines which products it will make or stock  May develop completely new products  May expand or modify their current product lines  May drop existing products

9.  Generating Ideas  Come from a variety of sources  Creativity is essential  Screening Ideas  Ideas are evaluated and matched against the company’s overall objectives.

10.  Developing a Business Proposal  Consider a product’s potential sales, costs, and production requirements.  Developing the Product  The new idea takes physical shape  Marketers develop a marketing strategy.  Testing the Product with consumers

11.  Introducing the Product  The product has been researched successfully  This stage also is called commercialization.  Evaluating Customer Acceptance  Marketers track new product performance.

12.  Companies constantly review their product mix to see if they can further expand their product lines or modify existing products.  Two ways to do this:

13. Original Product Newer Products Line Extensions – new product lines, items, or services

14. Product Modifications – an alteration in a company’s existing product

15.  Obsolescence  Loss of appeal  Conflict with current company objectives  Replacement with new products  Lack of profit  Conflict with other products in the line

16. Technique of offering two or more complementary goods or services together as a package deal. Bundled items are sold at a price attractively lower than the total of their individual selling prices.

17.  assistance and other resources that a company provides to the people who buy or use its products or services  a written guarantee given to the purchaser of a new item by the manufacturer or dealer, usually specifying that the manufacturer will make any repairs or replace defective parts free of charge for a stated period of time.