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Marketing Flashcards
Vocabulary for Product/Service Management
Term | Definition |
---|---|
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. |