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Monday, April 11 Unit E – Product/Service Mgmt & Pricing Unit D7 Test – Quia Vocabulary – Unit E8 – Terms & Definitions Unit E8 - Obj. 8.01– Understand product/service management as a function of marketing. Slide Show/Notes Do activities/worksheets as noted in slideshow Tuesday, April 12th Unit E – Product/Service Mgmt & Pricing Warm up – E8 Vocabulary quiz – Obj. 8.01 - Understand product/service management as a function of marketing. Complete slide show/notes, activities Obj. 8.02 – Product Assortments Complete Slide show/notes, activities UNIT E PRODUCT/SERVICE MANAGEMENT AND PRICING 8.00 – Understand products/service management UNIT E PRODUCT/SERVICE MANAGEMENT AND PRICING 8.01 Understand product/service management as a function of marketing. Product/service management Concepts and procedures necessary to develop, maintain, distribute, and improve a product or service mix in response to market opportunities. Product/service management Elements of product/service management • New product development • Consumer research • Product research • Product design • Product production Class Activity If you had to break this list of items into two categories – How would you do it?? Bubble Gum Baby Phat Jeans Under Amour T-shirt Microsoft Xbox 360 Coke Jeep Liberty Gillette Shave Gel Prada handbag Sony LCD Flatscreen TV Doritos tortilla Chips Hummer Pentel #2 Mechanical Pencil Class Activity Inexpensive Expensive Bubble Gum Under Amour T shirt Coke Prada Handbag Shaving Cream Sony Flat Screen Tv Doritos Hummer Mechanical Pencil Baby Phat Jeans Xbox 360 Jeep Liberty Product classifications – WHY is it important? Products are marketed to reach specific target markets. Product classifications – WHY is it important? (cont) All marketing decisions are affected by the classification into which a product is placed. Product classifications – WHY is it important? (cont) Common characteristics of consumer and industrial buying behaviors serve as measures to categorize products into specific classifications. Product classifications – WHY is it important? (cont) The same item may not be classified the same way by different consumers. Same product may have different classification by same consumer Major Product classifications for goods Consumer goods: Products designed for personal or home use. Industrial goods: Products designed for use by another business. Product classifications for goods Consumer goods: Products designed for personal or home use. 1. Convenience goods 2. Shopping Goods 3. Specialty Goods 4. Unsought Goods Product classifications for goods Consumer goods: 1. Convenience goods: Inexpensive items that consumers purchase without much thought. Consumers are not willing to shop around for these products. Marketers must make these products accessible in many stores and convenient for purchase on a daily basis. Types of convenience goods Staple items Impulse items Emergency items Consumer goods (cont.) 2. Shopping goods: Less frequently purchased products that are usually higher in price and require more thought on the part of the buyer. • Consumers compare brands, features, and prices to receive the best-perceived value. • Marketers do not need exposure in as many stores for these products, but the choice of stores and outlets must match the products’ target market. Consumer goods (cont.) 3. Specialty goods: Very specific products that customers insist upon and are willing to search for. • Specialty goods may be more expensive than items in other categories. • Customers may be seeking specific brand names. • Some customers may insist on certain product features. • Customers are usually less concerned with price. • These products can be placed in fewer stores. The fact that they are less available may make them even more desirable. Consumer goods (cont.) 4. Unsought goods: Products that customers will not shop for because they do not know about the product or do not feel a strong need for the product. • These products require direct personal selling. It is up to the marketer to inform consumers and convince them of a need in order to make the sale of these products. Activity – Classifying Consumer Goods Make a list of the last 30 products purchased for your home Categorize each as either: convenience product, shopping product, specialty product, or unsought product. TURN IN!! Product classifications for goods Industrial goods: Products designed for use by another business. 1. Raw materials 2. Major equipment/installations 3. Accessory equipment 4. Component parts 5. Processed materials 6. Consumable supplies 7. Business-to-business services Industrial goods Raw materials: Unprocessed primary materials that come from nature and are used to make products. Industrial goods Major equipment/installations: Investment purchases of large tools and machines that will be used to produce products or services. Industrial goods (cont.) Accessory equipment: An industrial product that is used in the operation of a business but does not become a component part of any finished product. Industrial goods (cont.) Component parts: Items that become part of the finished product completely with little or no additional processing. Industrial goods (cont.) Processed materials: Industrial products used in production that do not become an identifiable part of the product. Industrial goods (cont.) Consumable supplies: Items that facilitate an organization’s production and operations but do not become part of the finished product. Industrial goods (cont.) Business-to-business services: Business assistance and/or advice provided for a fee by one business to another business. Activity – Consumer or Industrial Complete Worksheet and turn in