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Product Service Mgt
| Term | Definition |
|---|---|
| Express Warranty | written or verbal guarantee to encourage customers to make a purchase |
| Limited Warranty | may only cover certain parts of a product or require customers to pay |
| Full Warranty | guarantees if the product is defective it can be repaired with no cost |
| Implied Warranty | take affect automatically |
| Government Agencies | across state line. ex: FDA |
| Guaranee | a written assurance by the manufacturer that a product will be replaced or repaired to the customer's satisfaction if it is found to be defective or does not perform as intended. |
| product service mgt | obtaining, developing,maintaing ,& improving a product |
| Product mix | different products a company makes or sells |
| product line | group of closely related products manufactured or sold by a business |
| product item | specific model, brand,or size of a product within a product line |
| product width | number of different product lines a business manufactures or sells. narrow or wide |
| product depth | number of product items in a product line. shallow or deep |
| National (manufacturer brand) | manufacturer had assumed all responsibility of branding-usually higher prices |
| brand promise | what your business will constantly deliver to the customer. Identifies what they should expect from a company |
| Product life style | company needs to be aware of stage in order to adapt its marketing stratagies |
| grade | are ratings assigned to prodcuts that tell to what extent standards |
| standards | statement that specify a products size, contents, and/or quality |
| Maturity stage | the products sales level off. More money is spent of competition this stage |
| Decline stage | sales falling, company has to decide to alter product or discontinue it |
| Intranet | allows employees to access the same info about products |
| growth stage | customers are aware of product, sales increase |
| introduction stage | promoting data so customers are aware |
| generic | unbranded products that are usually a lower price |
| Private brand (store brand) | brand owned by a store |
| product development | generating new ideas and developing a business proposal |
| product elimination | elimination of a product due to being unsuccessful or something might be wrong with it |
| mass customization | customization of a product for a group of people |
| business image | how people see a business |
Created by:
princesstaayy
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