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PRODUCT/SERVICE MANAGEMENT Overseeing the ______ and _____________
of new productsBenefits to us?
New and improved products on the market More choices to pick from
THINGS TO CONSIDER WHEN DESIGNING A PRODUCT 1. The c___ to d_____ the product
2. Will you have a m______ for the product?
PRODUCT M__ All of the different p_______ that a
company makes or sells. Example: Nike sells clothes, shoes, sports
products
WHAT PRODUCT M_____ SHOULD YOU CARRY? Objectives of the business –
Carry a v______ of products that will make our business a p_____
I______ the business wants to project -Trendsetting, fashion-conscious, expensive,
low-price
M______ business is trying to reach –Kids, teens, Generation X, Baby Boomers
PRODUCT L___ A group of closely r______ products
manufactured and/or sold by a businessExamples:
Frito Lay makes Ruffles, Doritos, Tostitos
Cereals produced by Kellogg's: Frosted Flakes, Corn Pops
REASONS COMPANIES DELETE PRODUCT LINES Obsolescence (changing interests and
technology) Loss of appeal – consumer tastes
change Conflict with company objectives Replace with new products – limited
shelf space Lack of profit Conflict with other product lines –
competing with own brands not good
INTRODUCTION STAGE OF PRODUCT LIFE CYCLE Product first introduced Focus on promotion and production Draw attention to the product Least profitable stage of life cycle
because of costs being so high to promote/make
GROWTH – PRODUCT LIFE CYCLE Increasing sales and profits Most knows about and buys the product Competition starts offering products to
compete Advertising focuses more on customer
satisfaction
M_______ STAGE Sales level off or s___ down Product has h_______ level of
competition Most of target market owns product Most of advertising is fighting off
c__________
I phone 4 and 4S
DECLINE STAGE Sales f___ Profit may be s_____ than c____ May sell or license the product D_______ the product
POSITIONING PRODUCTS P____ and q______ – economy line, mid-
priced line, and luxury line based on how they want to be viewed
F_________ and b_______ – Rockport positioned as comfortable shoes (features/benefits)
Competition – How is my product better than theirs
Relation to other products in line – Crayola came out with a washable marker/crayon to go along with the rest of their product line
BRANDS Can be a n___, t___, d_____, s_____ that
identifies a business or organization and its productsExamples are Coca Cola, McDonalds,
Microsof A b______ n____ is the word, group of
words, letters or numbers representing a brand that can be spokenExamples are: Mountain Dew, SnackWells,
Honda Accord
BRANDS (CONTINUED) A brand m_____ is the part of the brand
that is a symbol or mark – known as a logoExamples:
T____ n_____ – identifies the company or division of a particular corporationExamples are: Dell, Kellogg’s and Xerox
TRADEMARK
A trademark is a brand n___, brand m___, trade name, trade character, or a combination that is given legal p__________ by the federal government
PACKAGING Two main purposes: for p__________ and
p__________
P_________ and s_______ the product – make packages attractive, colorful and artistic
PACKAGING Ease of u__ – consider the way the
consumer uses the product
Providing i___________: Information about its contents, calories, guarantees, nutritional value and potential hazards
SAFETY Products come in p________ containers
instead of glass now Drugs and food items are in t______
resistant containers with s______ lids and blisterpacks
HANDLING Prevent t_________ while on display Use bubble wrap/packing paper to keep
product from b__________
E______________ packaging – packaging that is reusable, recyclable, safer, and less wasteful
MANUFACTURER BRAND Also known as p_________ brands –
owned by manufacturers Generate the majority of s____ Identify a given p______ Indicate a standard q_____ and p_____Appeal to customers who want consistent
quality, dependable performance, and status Examples: Kraft, General Electric, Heinz, Keebler
INFORMATION ON A PRODUCT LABEL B_____ name L___ I__________ D__________ Special pr____tional m________ W______ E_________n dates
PRIVATE DISTRIBUTOR BRANDS Also known as store or p_______ brands
Owned by w________ and retailersAppeal to customers who want q_____ and
performance at a lower priceCan generate a h_____r profit marginLead to customer l______
Examples: Sears Kenmore and Craftsman brands
Kroger brand of products Great Value – Wal-Mart
GENERIC BRANDS Does n__ carry a c________ or brand
namePackaging only has a d_________ of the
productOften priced 30-50% l______ than other
manufacturer brandsPriced 10-15% b_____ private distributor
brandsNot heavily a_________ or promoted
LABELING LAWS Name and address of m__________ has to
be on the l_____ Q_________ of the contents must be on
label Product w_____ has to be listed in
traditional American weights and metric weights
Some countries require that labeling is b_________
FDA LAWS State amount of c________ Percentage of daily intake of calories Fat, carbohydrates, sodium, etc.
Contents Health w________: Such as women who
are pregnant should not drink alcoholic beverages due to increase risk of birth defects
FEDERAL TRADE COMMISSION C____ labeling rules: information about
the care of garments related to washing, drying, and ironing.
En_______ information about recyclable contents
O_____ safe information
AGENCIES THAT REGULATE PRODUCTS/BUSINESSES B_______ B________ B_______– Help
customers to work with businesses to resolve complaints
(you can call them to file a complaint) Better Business Bureau of Louisville
C_________ P_______ S_______ C_______ – work with businesses on unsafe products in the marketplace (do recalls on products)
CPSC Home Page | cpsc.gov Federal Trade Commission –
Prevent unfair pricing practices Investigations of false advertising