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Product Planning

Flashcards for Notes Packet.

TermDefinition
Product Planning the decisions made about what features should be used in selling of a business's products.
Product Mix all the different products that a company makes or sells.
Product Mix Strategies depend on... Resources, Objectives,Past and Current Sales,Consumer Trends
Product Positioning efforts a business makes to identify,place,and sell its products in the marketplace.
Developing New Products Steps Generate Ideas. Screen Ideas,Develop a Business Proposal, Test the Product with Consumers,Introduce the Product,Evaluate Customer Acceptance.
Price Bundling when two or more similar products are placed on sale for one package price.
Product Bundling Multiple products or components packaged together into one bundled solution.
What is a Brand? Name, design or symbol that identifies the products of a company.
Brand Name word or group of words that can be spoken.
Brand Mark Unique symbol, design, distinctive coloring, or lettering.
Trade Name Identifies the company or a division of a particular corporation.
Trade Character a personal brand mark.
Trademark word, name, symbol, sound,device, or combination that has been given legal protections by the federal government.
Package Physical container or wrapping for a product.
Label Information Information tag, wrapper, seal, or imprinted message that is attached to a product or package.
Why does Branding, Packaging, and Labeling matter? Establishes an image, builds product recognition, ensures quality and consistency.
Brand Extension Uses an existing brand name to promote a new and improved product in a company’s product line
Brand Licensing Allows.. Allows others to use the brand name for a fee •Ex. Sports logos must be officially licensed
Mixed Brands National manufacturer makes the product for a private label •Ex. Michelin Tires for Sears Brand
Co-Branding Combines one or more brands •Ex. Crest with Scope Mouthwash, Pop-Tarts with Smucker’s Fruit Filling
Ways to create a Brand name. Computer software (checks to see if already owned). Often generated internally by employees. Branding agencies. Over 60% of all companies do research to test new brand names before released.
New Product Opportunities Changes in life cycle Changes in technology Changes in market/society Changes in economy
Gap the difference between what is currently available and what is needed/desired
Economic Downturn Created opportunity for new product and product expansion.
4 Ways to introduce New Product Category 1. Products that create a new market or niche segment. 2. Additions or line extensions to existing products. 3. Product improvements. 4. Re-positioned products.
Created by: acostajr10
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