Study_Guide_for_Lecture_10_-_Product_management

Study_Guide_for_Lecture_10_-_Product_management - Study...

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Study guide for lecture 10: Product Management Product mix 0. Assumption: 0. No company has only one product. 1. Is this true? 0. Product item 0. A specific product 1. Aka SKU 1. Product line 2. A group of products that are closely related 0. Satisfy a class of needs 1. Used together 2. Sold to the same customer group 3. Distributed through the same outlet 4. Fall within a given price range 3. Will vary from company to company 1. Product mix 2. All products offered by a company 3. Two issues 0. Length, depth - the number of items in each product line 1. Breadth, width - the number of product lines covered 0. Length (Depth) 0. Is how you target more than one segment 1. Example: Coffee 0. Instant coffee 1. Decaf coffee 2. Ground coffee 3. Whole bean coffee 4. Brewed coffee Marketing 431 Study Guides © 2009 Lecture 10: Product Management page 1
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2. Each item satisfies a slightly different need 2. Width (Breadth) 4. Allows you to meet other needs of your target market 5. Example: Coffee 2. Coffee makers 3. Coffee mugs 4. Breakfast foods 6. Each product line represents a need a coffee drinker may also have 3. Adjustments to the product mix 7. Product modification 5. Planned obsolescence 8. Repositioning 9. Product line extensions 6. Cannibalization 5. The loss of sales of an existing brand when a new item in a product line is  introduced 6. Represents overlap between target markets 10. Product line contraction Product Life Cycle 1. Concept that explains how products go through four distinct stages from birth to 
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