Combining all the products offered by a company is called the product ________.
Mikal Hallstrup,, the Chief Visionary Officer of Designit says; “The world doesn’t necessarily need more products, it needs better solutions.” While a solution may commonly be a product or a service, it’s more likely to be a combination of the two in many instances today. Show
The combination of a product and a service is a product-service hybrid. For example, the iPod and iTunes were a famous example of this approach. Yet, they were complementary hybrids – it was possible to use an iPod without iTunes and vice-versa. This hybrid approach meant that Apple would be able to treat them as separate components of a product-service hybrid and manage them individually. Another example would be something like a satellite radio service where a purchaser must also then subscribe to the radio bundle that works with that service. So, you can’t use the receiver without the subscription or vice-versa. That leads to a product-service hybrid which is fully dependent and thus must be managed as a single entity. Author/Copyright holder: National Institute of Standards and Technology’s Manufacturing Engineering. Copyright terms and licence: Public Domain. As you can see from this product lifecycle diagram many products have the assumption of services (such as reuse and recycling) already built in to them. Common Types of Product-Service HybridThe Harvard Business Review offers 4 types of product-service hybrid that are commonly found in today’s market place:
How Do You Develop a Product-Service Hybrid?To launch a successful hybrid, you’re going to need to overcome the barriers to entry in a given market place. That means you might want to look at:
Author/Copyright holder: Kristiyan Bogdanov. Copyright terms and licence: CC BY-SA 3.0 Even companies like Microsoft which provide commodity products have service hybrid models which involve customer support, upgrading, etc. to add additional value and support customer loyalty and dependency. Advantages of Product-Service HybridsWhy develop product-service hybrids? It’s because they offer advantages over product or service single solutions:
Author/Copyright holder: Henripontes. Copyright terms and licence: CC BY-SA 3.0 The product-service hybrid model better considers the placement within a target market than a pure product or service model can. The Take AwayProduct-service hybrids are not new; car dealers, for example, have for years tied the purchase of a new car to servicing, repair, MOTs etc. where possible. However, in the digital age they have become increasingly more common. They allow the opportunity to create more profits and increased customer loyalty whilst supplying increased customer value. UX designers will find that they increasingly become involved with not just product design but also service design and marrying the two to provide the best possible user and customer experiences. ResourcesFind the full Harvard Business Review Article Here - https://hbr.org/2009/11/a-practical-guide-to-combining-products-and-services DesignIT examine the product-service hybrid here - https://designit.com/happening/thoughts/the-product-service-experience-hybrid What term refers to a group of products offered?A product line is a group of related products all marketed under a single brand name that is sold by the same company.
What would you call the complete set of all products offered by a firm?Product mix, also known as product assortment or product portfolio, refers to the complete set of products and/or services offered by a firm. A product mix consists of product lines, which are associated items that consumers tend to use together or think of as similar products or services.
Is the combination of product lines offered by a manufacturer?A product mix is the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company. Some have multiple product lines with lots of products in each line.
What is a product mix quizlet?Product mix. A particular assortment of products a business offers to meet its market's need and its company's goals. Product line. A group of related product items (toothbrush, toothpaste, mouthwash etc.)
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