The document discusses product and service planning, including key terms like product mix, goods, and services. It describes the process of developing a product mix, which involves decisions about features, new product development, and product considerations like selection, monitoring, and eliminating weak products. New product development involves generating ideas, screening, prototyping, testing the market, and introducing the product. A company must also consider its product mix strategies and how to develop existing products through line extensions or modifications.

1. Identifying Products and Services that Make Up the Product Mix Product Planning

3. Product/Service Planning Involves making decisions about those features that are needed to sell a business’s products, services, or ideas.

6. Product/Service Considerations Product selection - Choosing products for the business that meet needs or wants for the area and target market. -- Monitoring existing products – Watch for changes in the product life cycle, update to “new and improved” products, and stock according to demand -- Eliminating weak products – Watch for declining sales, identify products no longer in demand or not preferred by target market, and phase out or drop immediately.

8. Product Mix Includes all the different products that a company makes or sells.

9. Product Line A group of closely related products manufactured and/or sold by a business.

10. Product Item A specific model, brand, or size of a product within a product line.

11. Product Width Oral Care Blades & Razors Personal Care Batteries Appliances Width of the Gillette Product Mix The number of different product lines a business manufactures or sells.

12. Product Depth Oral Care Blades & Razors Personal Care Batteries Appliances The number of product items offered within each product line.

18. Developing Existing Products Original Product Newer Products Line Extensions – new product lines, items, or services

19. Developing Existing Products Product Modifications – an alteration in a company’s existing product