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unit 2 vocab

TermDefinition
alteration A product-mix strategy in which a business makes changes to its products or product lines
consistency A product-mix dimension referring to how closely a company's product lines are related in terms of the products' end use, methods of distribution and production, target market(s), and/or price range
depth A product-mix dimension referring to the assortment of sizes, colors, flavors, and models offered in a product line
expansion A product-mix strategy in which a business expands its product mix by adding additional product items or product lines
positioning A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
product item Each individual good, service, or idea that a business offers for sale
product line A group of related product items
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
trading down A product-mix strategy in which a business adds a lower priced product or product line to its product mix
width A product-mix dimension referring to the number of product lines carried by a company
decline The product life cycle stage in which sales decrease and profits begin to erode
growth The product life cycle stage in which sales rise rapidly
introduction The product life cycle stage when the product first appears in the marketplace
maturity The product life cycle stage in which sales peak and then increase at a slower rate or start to decline
place decisions Marketing element focusing on considerations in getting a selected product in the right place at the right time
pricing decisions Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products
product decisions Marketing element referring to what goods, services, or ideas a business will offer its customers
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
promotion decisions Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products
ethics The basic principles that govern your behavior
packaging Materials used to wrap or protect goods
planned obsolescence The practice of designing a product to become obsolete, or unusable, before it should reasonably need replacement
product/service management A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Created by: bricela
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