5 pdt and service

Question 1

what are the main roles of offerings in the portfolio ?

Answer 1

• its a misconception that we have to do all three or one (drive revenue, unit sales, and margin/proft)
  -but for a portilio we want to maximize revenue and profit which lets us leverage different products and services within the portfolio to help the overall portfolio

Question 2

product mix

Answer 2

all products that an organization sells

Question 3

prodcut line

Answer 3

a group of closely related product items
- specific set of pdt items within the mix that generally serve the same [urpsoe or serve complementary related kinds of value creation for customers

Question 4

product item

Answer 4

a specific version of a product that can be designated as a distinct offering among an organizations products
-specific pdt in a pdt line

Question 5

stock keeping unit

Answer 5

a specifc unit of inventory that is carried as a sepertae identifiable unit

Question 6

product mix breadth (width)? why offer it?

Answer 6

• the variety and number of product lines an org offers
  why offer it:
  -diversefies risk
  capitalizes on established reputations
  -establish relationships between pdt lines if anty

Question 7

product line depth

Answer 7

• the number of pdt items in a prdt line
• attracts buyers with different preferences
• increases sales by futher market segmentation
  -capitalizes on economies of scale (producemore = cheaper to make)
  -evens out seasonal sale patterns

Question 8

what is the tradeoff/risk that we have when we add new prodyct lines?

Answer 8

• we have an opportunity for more sales
• but when we do this we add more complexity and more expense into the org which has to get managed differently
• adding more lines creates a lot of risk

Question 9

what are the three decisions for pdt lines?

Answer 9

• how broad do we want to serve
• how much variety in the prdt line do we want
• what is each prdt items unique from each other

Question 10

what are the benefits of pdt mix breadth?

Answer 10

offset risk
leverage key assets
tap into complemntary offerings(go hand in hand like buger and fries)

Question 11

what are the benefits of pdt line depth ?

Answer 11

advertising economies
packaging uniformity
standardized components
efficient sales and distribution
equivalent quality

Question 12

product line extension

Answer 12

adding additional products to an existing pdt line in order to compeete more broadely in the industry
- devloping new offerings

Question 13

what is a product?

Answer 13

everything favorable and unfavorable that person recieves in exchange

Question 14

product mindset four categories

Answer 14

tangible/servoce and ideas
1. generic product
2. expected product
3 augmented product
4. potentoal product

Question 15

generic product

Answer 15

combination of elements required to particpate in teh markerts (must have feautures)
* For a smartphone, the core product is communication and connectivity. Customers buy smartphones primarily to stay connected with others through calls, messages, emails, and social media.

Question 16

expected product

Answer 16

generic plus minimum that the customer expects from a product in the category
- the case of a smartphone, the expected product features would include calling capabilities, internet browsing, camera functionality, and access to mobile apps. Customers expect these features to be present in any smartphone they purchase.

Question 17

augumeneted product

Answer 17

goes beyond expected to include inexpected value enhancing elements
-1st place for differemtation
- Continuing with the smartphone example, the augmented product may include features such as biometric security (e.g., fingerprint or facial recognition), wireless charging capabilities, water and dust resistance, extended warranty, and access to exclusive software features or content.

Question 18

potential products

Answer 18

extension to the augmented product that includes everything that might be done to attract and hold custmers (goes beyond what most people migh conceive as possible)
- 2nd place for differentiation
- the potential product looks toward long-term possibilities for differentiation and customer satisfactio

Question 19

business pdt vs consumer pdt

Answer 19

b: pdt used to make other goods, to facitlate an orgs operations o to resell to otehr customers
c: pdt bought to satsiy indivual needs

Question 20

four types of consumer pdts

Answer 20

• connivence: inexpensive and requires little shopping effort:
• shopping : requires comapirson shopping bc its. more expesnive and found un fewer stores
• speciality : search eztensively and are relcuant to accept subs
• unsought :it is unknonw to the potential buyer or a known product that the buyer is nor actively seeking (funeral pdt)

Question 21

new product development process

Answer 21

1. new pdt strategy
   2 idea generation
   3 idea screening
   4 business analysis : prelim for figuring out demand, costs, sales are calculated for new profitability are calculated for new pdt ideas that survives initial screening
   5 development : prototype maybe developed and firm will find a market strategy
   6 test marketing: introduce pdt and marketing programs to determine reactions of potential customers in a market
   7 commercialization : launch