Product Management Strategies and Assignment Overview
This content provides insights into various aspects of product management, including product mix, product line, product item, and product width and depth. It also outlines strategies for developing new products and modifying existing ones. Finally, it presents a creative assignment task for creating a product mix for a new company with specific requirements.
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WHAT DO ALL THESE THINGS HAVE IN COMMON?
PRODUCT MIX All the different products that a company makes or sells
PRODUCT LINE Group of closely related products manufactured or sold by a business. Pepsi Mountain Dew Mug Root Beer Tropicana AquaFina Rold Gold Gatorade Quaker Frito- Lay
PRODUCT ITEM A specific model, brand, or size of product within a product line Mountain Dew Diet Mountain Dew Caffeine Free Mountain Dew Mountain Dew Code Red Diet Mountain Dew Code Red Lay s Kettle cooked Potato Chips Maui Style Potato Chips Tropicana Lemonade Sierra Mist Mug Cream Soda
PRODUCT WIDTH Number of different product lines a business manufacturers or sells Pepsi Mountain Dew Frito Lay Gatorade Tropicana .
PRODUCT DEPTH Number of items within a product line Pepsi Diet Pepsi Caffeine Free Pepsi Caffeine Free Diet Pepsi Diet Pepsi Max Diet Pepsi Lime Pepsi Wild Cherry
PRODUCT MIX STRATEGIES 1. Developing New Products New products account for 35% of total sales for major consumer and industrial goods companies 2. Developing Existing Products Line Extensions (Tylenol Cold, Tylenol Flu, Tylenol Allergy) Product Modifications Altering an existing product. Color, size, packaging 3. Deleting a Product or Product Line
TODAYS ASSIGNMENT Get into groups of 4 (or less) Create a Product Mix for a company that you are creating. You MUST: NAME and Describe your company Describe your target market Include a PRODUCT WIDTH OF 7 Include a PRODUCT DEPT OF 4 for ONE PRODUCT LINE
