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Marketing Flashcards

Vocabulary for Product/Service Management

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 Line A group of closely related products manufactured or sold by a business.
Product Item A specific model, brand, or size of a product within a product line.
Product Width The number of different product lines a business manufactures or sells.
Product Depth The number of product items in a product line.
Product Positioning Efforts a business makes to identify, place, and sell its products in the marketplace.
Developing Products Follows Six Steps: Generate Ideas, Screen Ideas, Develop a Business Proposal, Test the product with consumers, Introduce the product, Evaluate customer acceptance
Line Extensions Adding new product lines, items or services.
Product Modifications An alteration to an existing product.
Product Bundling Multiple products or components packaged together into one bundled solution.
Price Bundling When two or more similar products are placed on sale for one package price.
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 personified 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 tag, wrapper, seal, or imprinted message that is attached to a product or package.
Brand Extension Uses an existing brand name to promote a new and improved product in a company’s product line.
Brand Licensing Allows others to use the brand name for a fee.
Mixed Brands National manufacturer makes the product for a private label.
Co-Branding Combines one or more brands.
Gap The difference between what is currently available and what is needed/desired.
Product Development The first step is to generate new business ideas that are unique.
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