Product/ Service Management – Flashcards
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Explain the nature and scope of the product/service management function
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Product/ service management is improving existing products and developing new products
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Identify the impact of product life cycles on marketing decisions
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Product Life Cycle is the stages of a product from introduction to growth to maturity. The introduction stage impacts product branding, pricing, distribution, and promotion. Growth and maturity impacts product development, pricing, distribution, and promotion.
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Describe the use of technology in the product/service management function
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Explain business ethics in product/service management
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Recalling dangerous or unsafe products from the market. Not purposely making product life span short
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Identify product opportunities
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When there is a need in the market, look at social, economic, and technological gaps that you can fill with a product.
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Identify methods/techniques to generate a product idea
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Products that create a new market or niche segment. Additions or line extensions to existing products. Product improvements. Repositioned products. •improving attributes of products •combining the features/benefits of several separate products into a single new product •examining users' needs that are not being met by current competitive products •using idea-generating methods like brainstorming
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Generate product ideas
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Describe the uses of grades and standards in marketing
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• Standards are statements that specify a product's size, contents, and/or quality; used as a basis for comparing or judging goods or services • Grades are ratings assigned to products that tell to what extent standards were met
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Explain warranties and guarantees
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a written guarantee, issued to the purchaser of an article by its manufacturer, promising to repair or replace it if necessary within a specified period of time
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Identify consumer protection provisions of appropriate agencies
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Consumer protection is a group of laws and organizations designed to ensure the rights of consumers as well as fair trade, competition and accurate information in the marketplace. The laws are designed to prevent businesses that engage in fraud or specified unfair practices from gaining an advantage over competitors. FDIC- insures deposits against bank failure FDA- provides health related services
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Explain the concept of product mix
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A range of associated products that yields larger sales revenue when marketed together than if they were marketed individually or in isolation from others.
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Describe the nature of product bundling
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In marketing, product bundling is offering several products for sale as one combined product. It is a common feature in many imperfectly competitive product markets. Firms in telecommunications, financial services, health care, and information industries frequently offer products in bundles.
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Describe factors used by marketers to position products/services
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Superior quality, low price, assurances, innovation or style.
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Explain the nature of product/service branding
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it is how a product interacts with its consumer audience through design, logo, and messaging.
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Explain the nature of corporate branding
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Corporate branding refers to the practice of promoting the brand name of a corporate entity, as opposed to specific products or services. The activities and thinking that go into corporate branding are different from product and service branding because the scope of a corporate brand is typically much broader.
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Describe factors used by businesses to position corporate brands
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Competitive positioning is about defining how you'll "differentiate" your offering and create value for your market. It's about carving out a spot in the competitive landscape. Market profile: Size, competitors, stage of growth Customer segments: Groups of prospects with similar wants & needs Competitive analysis: Strengths, weaknesses, opportunities and threats in the landscape Method for delivering value: How you deliver value to your market at the highest leve
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Explain the concept of "product" in marketing communications
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Describe services offered by the marketing-communications industry
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advertising, public relations, sales promotion, direct marketing, personal selling, packaging, events and sponsorships, and customer service
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Generate marketing communications ideas
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Explain the nature of product extension in services marketing
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Extending the variety of services offered
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Explain new product-development processes
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Coming up with new products to offer to your clients.
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Assess product-packaging requirements
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Evaluate graphic design on packages
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Evaluate adequacy of product packaging
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Develop positioning concept for a new product idea
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Communicate core values of product/service
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Identify product's/service's competitive advantage
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Obtain samples
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Determine quality of merchandise to offer
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Plan merchandise assortment (e.g., styling, sizes, quantities, colors)
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Explain the nature of merchandise plans (budgets)
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Calculate open-to-buy
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Create/maintain daily sales plan
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A sales plan is a plan containing an assessment of current sales for a product in a given region or market, a statement of sales objectives, strategies for achieving the stated sales objectives, and resources available for achieving this goal. A sales plan may also assign particular sales representatives or other staff to particular roles or territories, and may include a breakdown of who will focus improving sales for which product.
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Identify emerging trends
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Plan stock
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Plan reductions (e.g., anticipated markdowns, employee/other discounts, stock shortages)
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Plan purchases
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Compare and contrast buying from domestic sources with that of foreign sources
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Determine final cost of purchases from domestic and international sources
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Write purchase orders
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Include item description, quantity and unit, price, delivery date, freight and handling charges, delivery location, sales tax on goods, sales tax on freight, payment terms
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Analyze the use of central buying
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Central buying is a department within a business or organization that is responsible for making all procurements. Central purchasing works with other departments and agencies to consolidate orders for products, and then use economies of scale in order to exact cheaper prices.
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Determine stock turnover
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In accounting, the Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year. The equation for inventory turnover equals the Cost of goods sold divided by the average inventory.
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Determine what to buy/reorder
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Determine quantities to buy/reorder
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Determine when to buy/reorder
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Establish reorder points
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The reorder point (ROP) is the level of inventory which triggers an action to replenish that particular inventory stock. It is normally calculated as the forecast usage during the replenishment lead time plus safety stock.
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Evaluate vendors' merchandise
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Choose vendors
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Negotiate terms with vendors
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Identify components of a retail image
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The components of a firm's image are its target-market characteristics, retail positioning, store location, merchandise assortment, price levels, physical facilities, customer services, community service, mass advertising and publicity, personal selling, and sales promotions. Accordingly, a retail image requires a multistep, ongoing process. For chains, it is essential that there be a consistent image among branches.
