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Product Planning
Flashcards for Notes Packet.
| 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 Mix Strategies depend on... | Resources, Objectives,Past and Current Sales,Consumer Trends |
| Product Positioning | efforts a business makes to identify,place,and sell its products in the marketplace. |
| Developing New Products Steps | Generate Ideas. Screen Ideas,Develop a Business Proposal, Test the Product with Consumers,Introduce the Product,Evaluate Customer Acceptance. |
| Price Bundling | when two or more similar products are placed on sale for one package price. |
| Product Bundling | Multiple products or components packaged together into one bundled solution. |
| What is a 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 personal 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 | Information tag, wrapper, seal, or imprinted message that is attached to a product or package. |
| Why does Branding, Packaging, and Labeling matter? | Establishes an image, builds product recognition, ensures quality and consistency. |
| Brand Extension | Uses an existing brand name to promote a new and improved product in a company’s product line |
| Brand Licensing Allows.. | Allows others to use the brand name for a fee •Ex. Sports logos must be officially licensed |
| Mixed Brands | National manufacturer makes the product for a private label •Ex. Michelin Tires for Sears Brand |
| Co-Branding | Combines one or more brands •Ex. Crest with Scope Mouthwash, Pop-Tarts with Smucker’s Fruit Filling |
| Ways to create a Brand name. | Computer software (checks to see if already owned). Often generated internally by employees. Branding agencies. Over 60% of all companies do research to test new brand names before released. |
| New Product Opportunities | Changes in life cycle Changes in technology Changes in market/society Changes in economy |
| Gap | the difference between what is currently available and what is needed/desired |
| Economic Downturn | Created opportunity for new product and product expansion. |
| 4 Ways to introduce New Product Category | 1. Products that create a new market or niche segment. 2. Additions or line extensions to existing products. 3. Product improvements. 4. Re-positioned products. |
Created by:
acostajr10
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