1. Product/Service Management Objectives 4.03 and 4.04

2. Product management  Means… –Obtaining –Developing –Maintaining –Improving  …products in response to market opportunities.  Helps businesses stay competitive.

3. Product Vs Service  Product is tangible.  Service is intangible.  Pure Service does not include tangible product.

4. Test Marketing  Introduce a product in limited areas for limited time.

5. Determining Product Mix  Unique image  Size of target market  Maintain consistency – not too many different products

6. Expanding the Product Mix  Expand by buying another company.  Focus on few products rather than a wide selection.  Appeal to more markets with wide variety of options.  Line Extension = related items  Brand extension = Ex: Coke adding caffeine-free diet Coke