Podcast
Questions and Answers
What forms the core of the organization’s brand and value proposition?
What forms the core of the organization’s brand and value proposition?
- Products and services (correct)
- Market strategy
- Logistics plan
- Distribution plan
What is the mix of product classifications, families, products, and services that the organization offers?
What is the mix of product classifications, families, products, and services that the organization offers?
- Logistics plan
- Product portfolio (correct)
- Brand management
- Market strategy
What are the broadest categories of product classifications?
What are the broadest categories of product classifications?
- Generic products, branded products, and unbranded products
- Durable goods, non-durable goods, and services (correct)
- Consumer goods, industrial goods, and specialty products
- Convenience products, shopping products, and specialty products
Which type of goods have physical substance?
Which type of goods have physical substance?
What are services in terms of product classifications?
What are services in terms of product classifications?
What does exhibit 1-13 illustrate?
What does exhibit 1-13 illustrate?
What should be validated against the logistics plan to ensure customer service goals can be met?
What should be validated against the logistics plan to ensure customer service goals can be met?
What is excluded from the classification of services?
What is excluded from the classification of services?
Where should a review of product classifications start?
Where should a review of product classifications start?
What helps ensure that the product portfolio is aligned with the market and marketing strategy?
What helps ensure that the product portfolio is aligned with the market and marketing strategy?
What is the impact of saturation on services?
What is the impact of saturation on services?
What is the focus of brand strategy for mature products?
What is the focus of brand strategy for mature products?
What is the main task in the process if services are the main offering?
What is the main task in the process if services are the main offering?
What is required for successful new product introduction (NPI)?
What is required for successful new product introduction (NPI)?
What should be reviewed to determine whether customer perceptions have been changing relative to the service?
What should be reviewed to determine whether customer perceptions have been changing relative to the service?
What does estimating demand in the introduction or growth phases require?
What does estimating demand in the introduction or growth phases require?
What is the impact of better information on long-term demand on marketing campaigns?
What is the impact of better information on long-term demand on marketing campaigns?
What do upgraded products allow for when estimating demand?
What do upgraded products allow for when estimating demand?
What is required for successful new product introduction (NPI)?
What is required for successful new product introduction (NPI)?
What is required during growth phase as part of brand strategy?
What is required during growth phase as part of brand strategy?
What is the primary difference between durable and non-durable goods?
What is the primary difference between durable and non-durable goods?
What is the purpose of product portfolio review?
What is the purpose of product portfolio review?
What does product portfolio complexity management involve?
What does product portfolio complexity management involve?
Why is it important to review the product life cycle stages?
Why is it important to review the product life cycle stages?
What can changes in sales volume trends indicate?
What can changes in sales volume trends indicate?
What is essential in differentiating customer wants from needs in portfolio management?
What is essential in differentiating customer wants from needs in portfolio management?
Why is balancing marketing demands against operations and supply chain management crucial?
Why is balancing marketing demands against operations and supply chain management crucial?
What is important in developing holistic metrics for portfolio management?
What is important in developing holistic metrics for portfolio management?
What can too few SKUs lead to?
What can too few SKUs lead to?
What impact can too many SKUs have?
What impact can too many SKUs have?
Flashcards are hidden until you start studying
Study Notes
Product Classification and Portfolio Management
- Durable goods have an extended lifespan, while non-durable goods deteriorate quickly
- Physical goods are classified as industrial or consumer, each with subcategories and strategic priorities
- Product portfolio review assesses diversification and factors such as product form, durability, and costs
- It also evaluates the organization’s product family hierarchy and complexity
- Product portfolio complexity management involves reviewing the number of stock keeping units (SKUs) and their impact on manufacturing and supply chain costs
- Too few SKUs can stifle revenue and profit, while too many can lead to marketing confusion and increased costs
- A product life cycle review is crucial to determine if a product has shifted to a new life cycle stage
- Product life cycle stages include introduction, growth, maturity, and decline, each with varying market share and market growth
- Changes in sales volume trends can indicate that a product is entering a new life cycle stage
- Differentiating customer wants from needs and evaluating manufacturing methods are essential in portfolio management
- Balancing marketing demands against operations and supply chain management is crucial in managing portfolio complexity
- Developing holistic metrics that highlight total cost of ownership and profit over revenue only or cost only is important in portfolio management
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
