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2.11

10th Stack

TermDefinition
Benefit An advantage consumers receive from using a product.
Brainstorm To use a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting.
Bundle A combination of goods and/or services grouped together and offered as one product.
Business/Feasibility analysis Examining such factors as demand, costs, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company's product mix.
Commercialization The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product's life cycle begins.
Concept testing Exploring the concept, or idea, for a product in order to obtain feedback.
Corporate brand All the combined customer impressions and experiences associated with a particular company.
Decline stage The product life cycle stage in which sales and profits fall rapidly.
Existing product Goods or services that are currently being sold.
Goods Tangible objects that can be manufactured or produced for resale.
Growth stage The product life cycle stage in which sales rise rapidly.
Idea generation The process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products.
Introduction stage The product life cycle stage when the product first appears in the marketplace.
Licensing A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted, or patented material for a specific activity, during a specific time period, for the profit of both parties.
Market research The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market.
Marketing strategy Plan of action for achieving marketing goals and objectives.
Maturity stage The product life cycle stage in which sales peak and then increase at a slower rate or start to decline.
New product A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner.
Positioning A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers.
Product Marketing element referring to what goods, services, or ideas a business will offer its customers.
Product development The stage in the creation of a new product in which a working model may be tested, modified, and retested; production costs are estimated and final details of the product are planned, e.g., label, promotion, and distribution.
Product elimination The removal of a weak product from the market and from the company's product mix; also known as product discontinuation.
Product life cycle The stages through which goods and services move from the time they are introduced on the market until they are taken off the market.
Product mix The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals.
Product-related services Services that are offered with a product such as maintenance, delivery, or repair.
Product/service management A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
Prototype An early sample or model of a product.
Pure services Services provided to consumers without thee involvement of any tangible product.
Screening Reviewing in order to make a decision as to what should be kept and what should be discarded.
Service(s) Intangible activities that are performed by other people for money; productive acts that satisfy economic wants.
Target Market The particular group of customers a business seeks to attract.
Test marketing The process of introducing a new product to a limited market to determine what its acceptance will be.
Weak product A product whose sales and profitability are declining.
Created by: ZLittle97
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