Marketing EssentialsSection 1:
Product Planning, Mix, and DevelopmentAfter You Read Online ActionReviewing Key Terms and Concepts - Product planning allows a business to coordinate existing products
and features offered to customers, add new products, and delete products that
no longer appeal to customers and do not bring enough in revenue.
- Prodcut planning involves making decisions about those features needed
to sell a business’s products, services, or ideas whereas the product mix relates
to the number (the diversity) of products a company makes or sells.
- Three major strategies include: developing new products, developing
existing products, or deleting a product or a product line.
Integrating Academic Skills - 53% increase; 33,677 – 21,986 = 11,691; 11,691 divided by 21,986
= 53%
- Answers may include:
Manufacturers’ advantages: shelf space availability, access to consumers/ Disadvantage:
high costs
Retailers’ advantage: pays for costs to add product to inventory/Disadvantage:
must take markdowns on discontinued items
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