Chapter 8.docx

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Business Administration
BUS 343
Zaheer Jiwani

Chapter 8 Product Planning: use product objectives to decide on a product strategy Product management: The systematic and usually team-based approach to coordinating all aspects of a product’s marketing initiative including all elements of the marketing mix.  Objectives and strategies for multiple products Product line: A firm’s total product offering designed to satisfy a single need to desire of target customers. Product line length: Determined by the number of separate items within the same category. Cannibalization: The loss of sales of an existing brand when a new item in a product line or product family is introduced.  Product Mix Strategies Product mix: The total set of all products a firm offers for sale. Product mix width: The number of different product lines the firm produces.  Quality as a product objective: the science of TQM Product quality: The overall ability of the product to satisfy customers’ expectations. Total quality management (TQM): A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.  Quality Guidelines ISO 9000: Criteria developed by the International Organization for Standardization to regulate product quality in Europe. ISO 14000: Standards of the International Organization for Standardization concerned with “environmental management” aimed at minimizing harmful effects on the environment. Six Sigma: A process whereby firms work to limit product defects to 3.4 per million or fewer. Marketing throughout the product life cycle Product life cycle (PLC): A concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline.  The introduction stage Introduction stage: The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace.  The growth stage Growth stage: The second stage in the product life cycle, during which consumers accept the product and sales rapidly increase.  The maturity stage Maturity stage: The third and longest stage in the product life cycle, during which sales peak and profit margins narrow.  The decline stage Decline stage: The final stage in the product life cycle, during which sales decrease as customer needs change. Create product identity: branding decisions Brand: A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from the competition. Trademark: The legal term for a brand name, brand mark, or trade character; trademarks legally registered by a government obtain protection for exclusive use in that country.  Why brands matter Brand Equity: The value of a brand to an organi
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