Product Management and Life Cycle

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A product is everything one receives in an exchange, including all attributes and expected benefits.

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The product may be a manufactured item, a service, an idea, or a combination.

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Methods for managing a product mix include product modification and line extension.

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These methods help in maintaining or increasing market share.

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Specialty products are items with unique characteristics that buyers are willing to expend considerable effort to obtain.

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Examples include luxury cars and designer clothes.

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A product mix can be changed by deriving additional products from existing ones through product modifications and by line extensions.

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A product mix can be changed by deriving additional products from existing ones through product modifications and by line extensions.

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The first step in new product development is idea generation, which involves developing a pool of product ideas.

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The first step in new product development is idea generation, which involves developing a pool of product ideas.

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Screening, the second step, removes from consideration those product ideas that do not match organizational goals or resources.

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Screening, the second step, removes from consideration those product ideas that do not match organizational goals or resources.

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Most product failures result from inadequate product planning and development.

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Most product failures result from inadequate product planning and development.

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Brands can be classified as manufacturer brands, store brands, or generic brands.

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Brands can be classified as manufacturer brands, store brands, or generic brands.

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The price of a product is the amount of money a seller is willing to accept in exchange for the product.

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Price serves the function of allocating goods and services among those who are willing and able to buy them.

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Objectives of pricing include survival and profit maximization.

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Other objectives are target return on investment, achieving market goals, and maintaining the status quo.