Chapter 8.docx

2 Pages
90 Views
Unlock Document

Department
Business Administration
Course
BUS 343
Professor
Zaheer Jiwani
Semester
Winter

Description
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
More Less

Related notes for BUS 343

Log In


OR

Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


OR

By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.


Submit