1. Product Development
Chapter 30

2. Product planning Packaging Labeling Branding Warranties
make decisions about the features and services of a product or idea that will help sell the product. Forecast new trends. Add new products, delete old products.
Packaging
Labeling
Branding
Warranties

3. Product Mix includes all the products a company makes or sells.
Manufacturers will often diversify their Product mix so as to not rely on one particular product. Variations in product will be based on:
the objectives of the company,
the image of the company and
the target market

4. Product Line a group of closely related products.
Nike airmax, macbook, cheerios, gatorade, under armor, vitamin water, Louisville slugger, pantene, axe
Product item: a specific model brand or size of a product within a product line.
Macbook air, honey nut cheerios, g series gatorade, underarmor coldwear/heatwear

5. Product Width: different products.
Product Depth: product differences.

6. PRODUCT MIX STRATEGIES
Developing New Products
Generate ideas – creatively think up new ideas fed by customers, competitors, employees. Teams and taskforces are convened.
Screening ideas –evaluate
Develop a business proposal
Develop the product- prototype
Test product
Introduce product – advertise!
Evaluate

7. PRODUCT MIX STRATEGIES (cont’d)
Developing Existing Products
Line extensions-
Product Modifications

8. PRODUCT MIX STRATEGIES (cont’d)
Deleting a product or Product line
Obsolescence
Loss of Appeal
Changes in company Objectives
Lack of Profit
Conflict with other Products in the line
Replacement with new products

9. Product Life Cycle
Introduction Stage
Growth Stage
Maturity
Decline

10. Product Positioning Price Features and benefits
Relationship to competitors
Relationship to other products in the line

11. Category Management
Categorize product lines with the same target market.
Treat the category as its own business unit.