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Mrkt Prin 9 Learn 1

vocab for 9 Learn 1

TermDefinition
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 Line A group of closely related products manufactured or sold by a business
Product Item A specific model, brand, or size of a product within a product line
Product Width The number of different product lines a business manufactures or sells
Product Depth The number of product items in a product line
Product mix strategies depend on Resources, Objectives, Past and current sales, Consumer trends
Product Planning Depends on packaging, labeling, warranties, guarantees, branding, product mix
A well defined product plan allows a business to Create sales opportunities, Design appropriate marketing programs, Develop effective advertising campaigns, Coordinate the product mix offered to customers, Add new products, Delete older products that no longer appeal to customers
Product positioning Efforts a business makes to identify, place, and sell its products in the marketplace
Developing New Products Generate Ideas, Screen Ideas, Develop a Business Proposal, Test the product with consumers, Introduce the product, Evaluate customer acceptance
Line Extensions Adding new product lines, items or services
Product Modifications New and different varieties, Formulations, Colors, Styles, Features, Sizes
Deleting a Product or Product Line Obsolescence, Loss of Appeal, Changes in Company Objectives, Replacement with New Products, Lack of Profit, Conflict with other products in the line
Price bundling when two or more similar products are placed on sale for one package price
Businesses Introduce New Products, Acquire New Customers, Higher Profits, Increase Product Turnover (distressed inventory)
Customers Save Money, Perception of Greater Value, Low Risk to Try New Products
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 personified 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 tag, wrapper, seal, or imprinted message that is attached to a product or package
Why is branding, packaging, and labeling important? Establishes an image, builds product recognition, ensures quality and consistency
Created by: spatel1217
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