To identify: The methods used for managing and measuring the quality of the product.
A product can be defined as a thing that could be provided in the market for acquisition, attention, consumption, or for utilization, which may satisfy a need or a want.
Explanation of Solution
The quality of the product is pursued for both intangible services and tangible goods.
The methods used for managing and measuring the quality of the product are as follows:
- Benchmarking
- Lean
- Six sigma
Benchmarking:
Bench marking is the process in which one company studies the process of another company to identify the best practices. The company which follows the best practices for the production, such process is usually taken as standard.
Lean manufacturing:
The lean manufacturing is the term that means manufacturing the product to achieve high customer satisfaction with minimum inventories.
Six-sigma:
Six-sigma is the methodology of process improvement used for eliminating defects in any process. The process may be manufacturing or assembly process of product or service. It helps to identify and eliminate the causes of the defects.
There is a certified course for six-sigma with different stages. Companies need the skilled man force to implement six-sigma. It is costly and less profitable in some areas.
Want to see more full solutions like this?
Chapter 12 Solutions
EBK CONTEMPORARY MARKETING
- Using a graph, discuss the phases of a product life cyclearrow_forwardChanges at each stage of the Product Life Cycle (PLC) greatly affect the implementation of the marketing mix strategy of a product or service. Discuss each marketing mix strategy in relation to the changes in each stage of PLC.arrow_forwardWhat benefits does product management offers to business organizationarrow_forward
- Select one of the products that you have analysed and evaluate the possibility of turning this product into a business.arrow_forwardIs the Shesido company offering a Product (Tangible) or Service (Intangible)? Explain why is it classified as that product type?arrow_forwardDuring each stage of a product's life cycle, the types and levels of sales, profits, and competition rise, peak, and eventually decline. The product life cycle defines the stages that new products move through as they enter, are established in, and ultimately leave the marketplace. In their life cycles, products pass through four stages: introduction, growth, maturity, and decline. The product life cycle offers a useful tool for managers to analyze the types of strategies that may be required over the life of their products. Even the strategic emphasis of a firm and its marketing mix (4Ps) strategies can be adapted from insights about the characteristics of each stage of the cycle. Read each statement and categorize it by the market attributes and consumer types that characterize each product life cycle stage. Place each item in the correct box on the chart. Intense competition Jonas Winnie Niche segment Sylvie Francine Low sales Opportunities increase Marketing costs (e.g., promotion,…arrow_forward
- Discuss the process of Developing and Managing Products?arrow_forwardDescribe the process of Developing and Managing Products?arrow_forwardHow does elements such as location, physical facilities, employee attitude, quality of products, reputation of the brand (if it is a brand), and other factors affect the businessarrow_forward
- What are the various categories of comparison categories and how do they affect customer preferences and decisions? With the aid of real-life illustrations, explain.arrow_forwardWhat are the key elements of a customer-centric product development process in a market-oriented organization?arrow_forwardDiscuss the various activities involve in developing a test - marketing plan for a branded consumer product .arrow_forward
- Contemporary MarketingMarketingISBN:9780357033777Author:Louis E. Boone, David L. KurtzPublisher:Cengage Learning