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    MST (M) - 553 - Product Policies

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    Shashvat Sharma
    1. The document discusses various product policies including product line policy, product design policy, product quality and service policy, and guarantees versus warranties. 2. It covers topics like adding or expanding product lines, decisions around specialization versus selection in product lines, and regularly reappraising product lines through additions, deletions, and assessing profitability. 3. The relationship between product objectives and policies is also discussed, where objectives guide decisions around areas like required service levels and product superiority to competitors.

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    MST (M) - 553 - Product Policies

    Uploaded by

    Shashvat Sharma
    37 views12 pages
    1. The document discusses various product policies including product line policy, product design policy, product quality and service policy, and guarantees versus warranties. 2. It covers topics like adding or expanding product lines, decisions around specialization versus selection in product lines, and regularly reappraising product lines through additions, deletions, and assessing profitability. 3. The relationship between product objectives and policies is also discussed, where objectives guide decisions around areas like required service levels and product superiority to competitors.

    Original Description:

    sales

    Original Title

    MST(M)553-Lecture 10- Product Policies

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    1. The document discusses various product policies including product line policy, product design policy, product quality and service policy, and guarantees versus warranties. 2. It covers topics like adding or expanding product lines, decisions around specialization versus selection in product lines, and regularly reappraising product lines through additions, deletions, and assessing profitability. 3. The relationship between product objectives and policies is also discussed, where objectives guide decisions around areas like required service levels and product superiority to competitors.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    37 views12 pages

    MST (M) - 553 - Product Policies

    Uploaded by

    Shashvat Sharma
    1. The document discusses various product policies including product line policy, product design policy, product quality and service policy, and guarantees versus warranties. 2. It covers topics like adding or expanding product lines, decisions around specialization versus selection in product lines, and regularly reappraising product lines through additions, deletions, and assessing profitability. 3. The relationship between product objectives and policies is also discussed, where objectives guide decisions around areas like required service levels and product superiority to competitors.

    Copyright:

    © All Rights Reserved
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    Download as pdf or txt
    of 12

    MST(M)-553 – Product Policies

    Lecture 10
    Recap from Previous Lecture

    Top shoot approach & Grass root approach


    1
    2 Projection through Past Sales & Customer Surveys

    Regression, Simulation and other statistical & econometric techniques


    3
    Topics to be covered today
    Product policies and its relation
    1 to product objectives

    Product Line policy and


    Lecture 10:
    Product Policies
    2 reappraisals

    3 Product Line Product Design


    Policy

    Product Quality and Service


    4 policy

    5 Guarantee Vs Warranty
    3

    Product Policies: What to sell?


    A company comes into existence when its organisers visualise the
    opportunities to make or market certain products.

    Addition of new ones

    Dropping of old ones

    Expansion of product line

    Addition of new product line

    Product design

    Product quality

    Guarantees and services


    4

    Relation to the product objectives:

    Product objectives define the various product policies which serve as


    a guideline for taking product decisions. Objectives can be like:

    • We desire to make or market products requiring minimum of after sales


    service
    • We desire to make or market products superior to competitors in ways
    of great importance to the users
    5

    Product Line Policy:

    Short line policy (Specialisation)

    • Narrower the line, greater the risk


    • Product specialisation
    • Low unit cost

    Full line policy ( Selection)

    • Spread risk
    • Handling challenges
    • Less reward for success of a particular product
    6

    Product Line Reappraisals:


    Changes in product offerings- Reappraising the product lines at
    regular intervals

    Making additions or deletions to the current product line

    Keeping a low profitability product

    Dropping a profitable product

    Line diversification-wallet share

    Ideas for new products- first mover advantage

    Innovation and sustainability


    7

    Product Design Policy:

    How frequently

    To what extent

    Necessity in some industries like clothing, fashion etc

    Provokers in some industries like automobile, home appliances,


    mobiles etc

    Protection and design patents


    8

    Product Quality and Service policy:

    High quality and low service

    Low quality and high service

    Service policy as a part of promotional campaign

    Free services

    Guarantees and Warrantees


    9

    Guarantee Warranty
    May come from the
    Only by the manufacturer manufacturer or the
    intermediary

    Complete replacement Repair

    More protective than More promotional than


    promotional protective
    Summary

    Addition or expansion of a product line


    1
    2 Selection Vs Specialization

    Product line reappraisals- wallet share, first mover advantage etc


    3
    Product design- Necessity or provoker
    1
    2 Guarantee Vs Warranty
    Thank you

    Kamal Kant Vashisth


    School of Business Management & Liberal Arts
    Shoolini University
    Village Bajhol, Solan (H.P)

    +91 9318516946
    kamalkant@shooliniuniversity.com

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