M9 l2 Factors That Contribute to the Selection of Products and Services

Factors that Contribute to the Selection of Products/Services in Small Business

Product life cycle : The evolution of a product/service on the market; stages include introduction, growth, maturity, and decline. Product mix strategy : A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business. Important Terms To Know

Market research : Gathering and analyzing data about factors which influence the potential success of a product or service. Market share : The business’s portion of the total sales in a specific market; expressed as a percentage. Market position : The image a product or business has in relation to its competition. Important Terms To Know

Categories/Factors That Influence Product/Service Selection Business Considerations: Factors influencing the success of a selected business in relationship to the competition. ,[object Object],[object Object],[object Object],[object Object],[object Object]

Categories/Factors That Influence Product/Service Selection Consumer Considerations - Factors influencing the success of a selected business in relationship to the potential market. ,[object Object],[object Object],[object Object],[object Object]

Product/service considerations - Factors influencing the success of a selected business in relationship to new or existing product/idea/service selection and mix. Categories/Factors That Influence Product/Service Selection

Product/service considerations Branding Packaging Labeling

[object Object],[object Object],[object Object],[object Object],Branding

Manufacturer brands ,[object Object],[object Object],[object Object]

Private Brands ,[object Object],[object Object],[object Object]

Generic Brands ,[object Object],[object Object],[object Object]

Packaging ,[object Object],[object Object],[object Object],[object Object],[object Object]

Labeling ,[object Object],[object Object]

Product Life Cycle ,[object Object],[object Object]

Introduction Stage ,[object Object],[object Object],[object Object]

Developing New Products ,[object Object],[object Object],[object Object],[object Object],[object Object]

Growth Stage ,[object Object],[object Object],[object Object]

Maturity Stage ,[object Object],[object Object],[object Object],[object Object]

Decline Stage ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Deleting a Product or Product Line ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Market/Product Position * Quality and price - Help to determine a business’s position in the marketplace. *Features and benefits- The features and/or benefits of the product/service promote a business position in the marketplace. *Relation to competition - A business can choose how to compete to get the advantage over competition (direct or indirect). *Relation to other products in the product line - A business will position their own products in relation to others in their product line.

M9 l2 Factors That Contribute to the Selection of Products and Services

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M9 l2 Factors That Contribute to the Selection of Products and Services