Marketing Essentials

Section 1: Product Planning, Mix, and Development

After You Read Online Action

Key Terms and Concepts

1. It allows a business to coordinate existing products and features offered to customers, add new products, and delete products.
2. Product planning involves making decisions about those features needed to sell a business's products, services, or ideas. Product mix includes all the products that a company makes or sells.
3. Three major strategies include: developing new products, developing existing products, or deleting a product or a product line.

Academic Skills

4. 53% increase; 33,677 – 21,986 = 11,691; 11,691 ÷ 21,986 = 53%
5. Answers may include: Manufacturer Advantages: shelf space availability, access to consumers. Disadvantage: high costs. Retailers' Advantage: pays for costs to add product to inventory. Disadvantage: must take markdowns on discontinued items.