5.08 Unit Review and Project: Product - Marketing - Elder

5.08 Unit Review and Project: Product

Created by Mrs. April Elder 2.27.28

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SC State Standard - Marketing

M. PRODUCT AND SERVICE MANAGEMENT Marketing professionals understand the importance for product and service management, as needed in their role. The following accountability criteria are considered essential for students in the Marketing programs of study. 1. Explain the nature and scope of the product/service management function. 2. Identify the impact of product life cycles on marketing decisions. 3. Apply various branding elements to position products, e.g., brand name, trademark, trade name, and trade character. 4. Describe the nature and purpose of product bundling, warranties, and guarantees. 5. Explain the concept of product mix. November, 2018 6. Plan the product mix or determine services to be provided to customer.

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Objectives for Unit 5

1. Conduct a SWOT analysis for a product.
2. Define branding, labeling, and/or packaging.
3. Define product.
4. Define product mix.
5. Define the different stages in a product’s life cycle.
6. Describe how branding, labeling, and packing are used to convey product attributes.
7. Describe how products are classified.
8. Describe how to evaluate the success of a product.
9. Explain a product’s role in the marketing mix.
10. Explain what is involved in the product planning phase.
11. Identify benefits that could be offered with a product.
12. Identify the qualities of a successful product.
13. Identify the steps involved in developing a product.
14. Identify how entrepreneurs can differentiate products from those of their competition.
15. Identify how to manage a product’s life cycle.

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Vocabulary Words for Unit 5

1. Brand
2. Case Study
3. Durability
4. Product
5. Product life cycle
6. Product Line
7. Product Mix
8. SWOT Analysis

Review your words - they will be able to help you on your test.

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5.08 Practice Checkpoint

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Product MIX Review

Question: Megan makes her own earrings and sells them at craft bazaars all over the state of South Carolina. Her customers love getting her handmade products and encourages her to expand her offerings. How can she increase the depth and width of her product mix?

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Responses: Megan can add different designs, logos, and settings to the earrings. This might make the items that Megan makes for expensive for her customers: based on the quality and price point for the earrings.

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Product Life Cycle

Question: Sam's TV Store - is no longer able to sell last year's model TVs. Now Sam is selling the new smart TVs because they have become popular.

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Responses: This is an example of the decline stage. When products life cycle has ended. Sam should sell off the older tv models for a reduce price. This allows for Sam to buy more of the new TVs to have on his showroom floor.

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SWOT Analysis

Question: What part of the SWOT anaylsis is being described below? Here at COA - Carolus Online Academy - they offer teachers additional courses for us to have the opportunity to grow and learn about the lastest technology and innovation.

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Responses: This example shows an opportunity for all teachers to grow here at COA with all of the training and opportunities available here.

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Product Evaluation

Question: Mark wants to know what his customers think about his products to determine whether his new line of shoes is successful. What are some ways that he can get customer feedback?

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Responses:

• Surveys
• Website - Feedback, or customers cards
• Listening to the customers when they come in - communicating
• Reviews about the products

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Grading Rubric — Product - Need to know for your project!!

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Question 1 on the project for UNIT 5 - that will be answered.

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Question 2 for Project UNIT 5- You will need to respond to each part of question 2.

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Question 3 for Project UNIT 5- You will need to respond to each part of question 3.

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Question 4 for Project UNIT 5- You will need to respond to each part of question 4.

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Question 5 for Project UNIT 5- You will need to respond to each part of question 5.

Question 6 for Project UNIT 5- You will need to respond to each part of question 6.

Uploading assignments. Make sure that it is saved example: A. Elder Project: Product - 2.27.25 - use your name only not mine.

Q and A Session

Do you have any questions? Write down your questions that you may or might have going forward. This will allow you remember the information from each unit or lesson.

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Contact Mrs. Elder

Questions? Concerns? Grades? Understanding questions?

aelder@carolusonlineacademy.org Direct line and Texting number: located below: 1.803.567.3733 Mrs. Elder’s telephone number at the school (COA) 1.803.881.4262 Ext: 1019

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