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PSM
Product Service Management
| Term | Definition |
|---|---|
| Express Warranty | A warranty that is explicitly stated, in writing or verbally, to encourage a customer to make a purchase |
| Limited Warranty | May exclude certain parts of the product from coverage or require the customer to bear some sort of expense for repairs resulting from defects |
| Full Warranty | A warranty that guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced |
| Implied Warranty | One that takes effect automatically by state law whenever a purchase is made |
| Government Agencies | Across state lines |
| Guarantee | What the business promises you will be treated or provided (if what you get will work) |
| Grades | Ratings assigned to products that tells to what extent standards are met |
| Standards | Statements that specify a products size, contents, and/or quality. Used as a basis for judging or comparing goods and services |
| Trade/Professional Organizations | To promote product safety |
| Product Life Cylce | The stages through which goods & services move from the time they are introduced on the market until they are taken off of the market |
| Introductory Stage | The product life cycle stage when the product first appears on the market |
| Obsolescence | The state of being outmoded or unfashionable. Becoming outdated due to advancements in technology or the introduction of new products |
| Product Decisions | Marketing element referring to what goods, services, or ideas a business will offer its customers |
| Declining Stage | The product life cycle in which sales & profits fall rapidly |
| Product Elimination | The removal of a weak product from the market & from the company's mix, also known as product discontinuation |
| Maturity Stage | The product life cycle stage in which sales peak & then increase at a slower rate or start to decline |
| Growth Stage | The product life cycle stage in which sales rise rapidly |
| Product Development | The efforts involved in the creation of a new product. The stage in the creation of a new product in which a working model may be tested, modified, & retested. Production products are estimated & final details of the product are planned |
| Intranet | Allow employees to simultaneously access the same information about the products |
| Product Service Management | A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
| Mass Customization | Allows businesses to produce products that are specialized for a very few customers |
| Product Mix | All the different products that a company makes or sells |
| Product Item | A specific model, brand, or size, of a product within a product line |
| Product Line | A group of closely related products manufactures or sold by a business |
| Product Depth | The number of product items in a product line, shallow or deep |
| Product Width | The number of product lines a business manufactures or sells, narrow or wide |
| Business Image | The way the company is viewed by customers, competitors, ect. |
| Product Positioning | Present products in the best possible way to the largest target audience |
| Brand Promise | What your business will constantly deliver to the customer, the statement that you make to a customer that identifies what they should expect |
| National (Manufacturer's) Brand | The manufacturer has assumed all responsibility of branding, usually higher prices |
| Private Brand | A brand owned by an intermediary or store |
| Generic | Unbranded products that are plainly packaged, have lower or standard quality, are sold at lower prices, and receive little to no promotion |
| Why do companies use brands for their products? | To differentiate their products |
Created by:
E_McFadden
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