MKTG 2201 Chapter Notes - Chapter 9: Private Label, Betty Crocker, Pottery Barn
16 Dec 2016
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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. Introduce new products: regional product: introduce nationally, mature product: increase consumer enthusiasm for the product. Objectives for multiple products: product line extensions, stretching: adding new items to line, downward, upward, two-way, filling: adding sizes or styles, contracting a product line: Product planning: developing product line and product mix strategies to encompass multiple offerings. Increase width of product mix product line: a firm"s total"s total product offering designed to satisfy a single need or 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.
