1. Product/Service Planning
Planning for success with your product mix

2. What is Product/Service Planning
The process of planning and implementing strategies to obtain, develop, maintain and improve a product or product mix .

3. 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.

4. All of the products/services offered within a business
Product Mix
All of the products/services offered within a business

5. Product Item
A specific model, brand, or size of a product within a product line
NIKE Delt Force shoe

6. 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

7. Product Width
The number of different product lines a business manufactures or sells
Accessories
Outerwear
Shoes

8. Product Depth
Men's Outerwear

9. Brand
A name, term, design, symbol, or combination of these elements that identifies a business, product, or service and distinguishes it from its competitors

10. 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.

11. 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)

12. 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!

13. 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

14. Terms in Product Planning
Product Mix
Product Line
Product Width
Product Depth