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Product and service
Terms in this set (11)
Involves making decisions about the features of a product or idea that will help sell the product
Includes all the different products that a company makes or sells
What can a product be?
-a tangible item
-an abstract belief
What is the difference between product line and product item?
Product line is a group of closely related products manufactured or sold by a business ex: Kellogg's cereal
Product item is a specific model, brand, of size of a product within a product line
Ex: Kellogg's frosted flakes
What is the difference between product width and product depth?
Product width refers to the number of different product lines a business manufactures or sells while product depth refers to the # of items within each product line
What are the three product mix strategies?
-add new products
-expand or modify existing products
-drop products to make room for new products
What is an advantage and disadvantage to adding a new product to a product line?
Advantage: already familiar with company or product
Disadvantage: could harm sales of other products because of too many choices
What is a line extension?
Intended to be a different product that appeals to somewhat different needs of the consumers
Ex: Tylenol offering gel tabs instead of normal tablets
What is product modification?
Alterations to a company's existing product ex: new formulation, color, style, size, or feature offered
Give two reasons why a company might delete a product?
Lack of profict and loss of appeal
What are the four stages of a product life style?
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