Marketing 1 objectives 3.03
Knowledge/
Skill Statement
Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities
Performance
Element
Employ product-mix strategies to meet customer expectations.
Performance Indicator
Explain the concept of product mix (PM:003, PM LAP 3)
Level
Specialist
SCANS
Information 5-8; Systems 15; Basic Skills 1-2, 5-6; Thinking Skills 12
21st Century Skills
Critical Thinking and Problem Solving Skills 1, 3; Communication and Collaboration 1
Objectives
a. Define the following terms: product mix, product item, product line, width, depth, consistency, expansion, contraction, alteration, trading up, trading down, and positioning.
Product Line-group of closely related products manufactured by a business
Product Item – specific model, brand, or size of a product within a line
Product Mix – All the types of products a company makes or sells
Product Width – number of different product lines
Product Depth – number of items offered within each product line
EXPANDING- Variety and Quantity
CONTRACTING- Cost effective, Satisfy small markets
Trading up: Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products.
Trading down: Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status.
b. Identify ways in which product lines can be organized.
It can be organized by what target market it is marketed for and also organized by what type of product it can be used for.
c. Describe product mix dimensions.
Having different brands for different makers and being able to sell your product to many people.
d. Identify reasons that a business would offer a narrow product mix.
Ease on management
Cost effective
Simplicity
Consistency
e. Identify reasons that a business would offer a
Skill Statement
Understands the concepts and processes needed to obtain, develop, maintain, and improve a product or service mix in response to market opportunities
Performance
Element
Employ product-mix strategies to meet customer expectations.
Performance Indicator
Explain the concept of product mix (PM:003, PM LAP 3)
Level
Specialist
SCANS
Information 5-8; Systems 15; Basic Skills 1-2, 5-6; Thinking Skills 12
21st Century Skills
Critical Thinking and Problem Solving Skills 1, 3; Communication and Collaboration 1
Objectives
a. Define the following terms: product mix, product item, product line, width, depth, consistency, expansion, contraction, alteration, trading up, trading down, and positioning.
Product Line-group of closely related products manufactured by a business
Product Item – specific model, brand, or size of a product within a line
Product Mix – All the types of products a company makes or sells
Product Width – number of different product lines
Product Depth – number of items offered within each product line
EXPANDING- Variety and Quantity
CONTRACTING- Cost effective, Satisfy small markets
Trading up: Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products.
Trading down: Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status.
b. Identify ways in which product lines can be organized.
It can be organized by what target market it is marketed for and also organized by what type of product it can be used for.
c. Describe product mix dimensions.
Having different brands for different makers and being able to sell your product to many people.
d. Identify reasons that a business would offer a narrow product mix.
Ease on management
Cost effective
Simplicity
Consistency
e. Identify reasons that a business would offer a