Yongwook Paik Defines Product Scope Strategy

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    • 00:07

      [Product Scope Strategy]

    • 00:11

      YONGWOOK PAIK: The concept of product scope strategyentails a firm taking advantage of economies of scopein reducing the production cost by providing multiple products.[Yongwook Paik, Assistant Professorof Management and Organization, USC Marshall Schoolof Business] There are, broadly defined,two types of product scope strategy.

    • 00:34

      YONGWOOK PAIK [continued]: One-- a firm can have a broad product scope strategy thatactually targets the mass market and all demographics,and they have a number of different product linesto address that.The other category is a narrow product scope strategy,or sometimes called a focused product scope strategy.

    • 00:58

      YONGWOOK PAIK [continued]: When a firm employs a focused product scope strategy,they usually have a narrow selection of product varietythat could only target a certain segmentof the market or certain demographicsor certain region of the market.They have a specific target customer in mind.

    • 01:18

      YONGWOOK PAIK [continued]: So for an example, within the automobile industry,you have Toyota.That has a broad product scope strategythat targets to mass market for automobiles.On the other hand, you might haveBMW that only targets or primarily targets the high-endor the luxury segment of the market within the automobile

    • 01:40

      YONGWOOK PAIK [continued]: industry.So that's the difference between a broad product scopestrategy and a focused product scope strategy

Yongwook Paik Defines Product Scope Strategy

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Abstract

Professor Yongwook Paik explains manufacturing cost management and product line strategies. He cites examples from the automotive industry as the basis for comparison and study.

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Yongwook Paik Defines Product Scope Strategy

Professor Yongwook Paik explains manufacturing cost management and product line strategies. He cites examples from the automotive industry as the basis for comparison and study.

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