What Is Product Planning

An alteration in a company's existing product refers to making changes or adjustments to the product. This can involve adding or removing features, improving functionality, or enhancing the design. The term "modification" accurately describes this process of making alterations to an existing product.

A product item refers to a specific model, brand, or size of a product within a product line. It is a distinct variation of a product that is offered to consumers. For example, within a product line of smartphones, different product items may include different models such as iPhone 11, Samsung Galaxy S20, or Google Pixel 4. Each product item has its own unique features, specifications, and price points, catering to different customer preferences and needs.

The first step in new product development is generating ideas. This involves brainstorming and gathering various concepts and possibilities for a new product. It is crucial to generate a wide range of ideas to ensure creativity and innovation. Once the ideas are generated, they can be evaluated and screened to determine their feasibility and potential for success. This initial step sets the foundation for the rest of the product development process.

The correct answer is Save More Super Market.

Bringing a product to market earlier increases the likelihood of generating higher revenues and profits. This is because being an early entrant in the market allows a company to capture a larger share of the market before competitors enter. It gives the company a competitive advantage, as they can establish brand recognition, customer loyalty, and secure a strong market position. Additionally, early entry enables companies to set higher prices initially, before competition drives prices down. Overall, by entering the market early, a company can maximize its chances of achieving high revenues and profits.

In this DECA role play, the task is to come up with ideas and strategies to boost sales. The correct answer is "store brand products" because focusing on promoting and increasing sales of store brand products can be a smart approach. Store brand products are typically exclusive to a particular retailer and offer competitive pricing and quality, making them an attractive option for customers. By emphasizing the benefits and value of store brand products, such as cost savings and comparable quality, the sales can be effectively increased.

The correct answer is 5. This suggests that there are 5 performance indicators on the DECA role play. Performance indicators are specific skills or areas of knowledge that are evaluated during the role play. These indicators help assess the participant's ability to demonstrate key competencies required for success in the DECA program.

The term "product mix" refers to the complete range of products that a company offers to its customers. It includes all the different types of products that the company produces or sells. This can include variations in size, color, features, or any other distinguishing factors. The product mix is an important aspect of a company's marketing strategy as it allows them to cater to a wider range of customer needs and preferences.

According to one study, new products account for 35% of total sales for major consumer goods.

Red Lobster restaurants specialize in seafood dinners, indicating that they have a focused and specific product line. The term "depth" refers to the extent to which a product line is specialized and concentrated. In this context, "depth" accurately describes Red Lobster's narrow focus on seafood, suggesting that they offer a wide variety of seafood options rather than a broad range of different types of food. Therefore, "depth" is the most suitable term to describe Red Lobster's product line.

A product line refers to a group of closely related products manufactured and/or sold by a business. This means that the business offers a range of similar products that cater to different customer needs or preferences. The product line can include variations of a specific product, different models or sizes, or even different product categories that serve a similar purpose. It allows the business to target a wider customer base and provide options to meet various requirements.

During the step of developing the product, prototypes are created. This is because developing the product involves designing and refining the product concept, creating detailed specifications, and building physical or virtual models to test and evaluate the product's functionality, features, and design. Prototypes are essential in this stage as they allow for iterative testing and refinement before moving forward with full-scale production.

The given correct answer for this question is "assistant manager". This means that the person's job in the DECA role was an assistant manager.

Retailers will handle only fast-moving and profitable items in order to increase profits. They often carry products that have a high stock turnover, meaning they sell quickly. However, if a product is no longer profitable, retailers may choose to delete it from their inventory. This decision is based on the fact that the product is no longer generating enough revenue to justify its presence in the store.

Changing interests and technology often lead to products becoming outdated or obsolete. As a result, companies may choose to delete these products from their product line to make way for newer and more relevant offerings. This ensures that the company stays competitive and aligns with current market trends.

Product width refers to the number of different product lines a business manufactures or sells. It indicates the variety of products offered by a company within a particular industry or market. A business with a wide product width offers a diverse range of product lines, catering to different customer needs and preferences. This allows the company to target a larger customer base and potentially increase its market share. Conversely, a narrow product width indicates a limited range of product lines, which may restrict the company's ability to attract a wide range of customers.

Product modifications refer to making changes or improvements to existing products in a company's product line. This can involve altering features, design, packaging, or functionality of the product. By making modifications, the company can introduce new variations of its existing products without the need for extensive research and development or starting from scratch. This allows for a relatively quick and easy way to expand the product line and cater to different customer preferences or market demands.

The correct answer is "width". A retailer that stocks several different brands of jeans is demonstrating product width, which refers to the variety or range of different brands or options available. In this case, the retailer offers a wide selection of jeans from different brands like Levis, Lee, and Wrangler, indicating a diverse product width. This showcases the retailer's ability to cater to different customer preferences and provides more choices for consumers.