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Product Service Mgt
| Term | Definition |
|---|---|
| express warranty | a warranty that is explicitly stated, in writing or verbally, to encourage a customer to make a purchase |
| limited warranty | excludes certain parts of the product from coverage or requires the customer to bear some of the expense for repairs resulting from defects |
| full warranty | guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced at no cost at the purchaser |
| implied warranty | takes effect automatically by state law whenever a purchase is made |
| government agencies | federal, state, and local agencies responsible for purchasing goods and services for their specific markets |
| guarantee | statement saying the product works and does what is it suppose to do |
| grades | states the level of quality of the product |
| standards | a certain level a product must meet before being sold |
| trade/professional organizations | in charge of distributing the product and making sure it works |
| product life cycle | company needs to be aware of stage in order to adapt its marketing strategies |
| introductory stage | creation of a new product; normally not much profit |
| obsolescence | making sure a product works a certain way |
| product decisions | decisions made about a product for example size, shape, purpose, etc |
| declining stage | finding new uses for product or discontinue product |
| product elimination | discontinuing a certain product or part of a product |
| maturity stage | product sales level off |
| growth stage | competition starts from other companies. This may cause profits to decline |
| product development | development of a product,what do customers want/need |
| intranet | keep track of what customers buy and how often they visit a site |
| product/service management | is a marketing function that involves obtaining, developing, maintaining, and improving a product. |
| mass customization | product made a certain way so a mass amount of people can use it |
| 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 manufactured or sold by a business |
| product depth | the number of items offered within each product line |
| product width | the number of different product lines a business manufactures or sells |
| business image | image of what customers think of a business |
| product positioning | a promotion method businesses use to convince consumers to select its products or services |
| brand promise | promise that a certain brand makes to a customer |
| national (manufacturer's) brand | brands that are owned and initiated by service companies; aka producer brands |
| private brand | brands that are developed and owned by wholesalers and retailers; aka store brands, dealer brands, or private labels |
| generic | products that don't carry a company identity |
Created by:
fbeveridge
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