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Mrkt Prin 9 Learn 1
vocab for 9 Learn 1
| 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 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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