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Marketing Chapter 9
vocab
| Term | Definition |
|---|---|
| Product Management | the systematic and usually team based approach to coordinating all aspects of a product's strategy development and execution. |
| What are the steps of project management? | 1) Develop Project Objectives 2) Design Product Strategies 3) Make Tactical Product Decisions 4) Organize Product Management |
| Product Line | a firm's total product offering designed to satisfy a single need or desire of target customers. |
| Product Line Lenght | determined by the number of separate items within the same category. |
| Stock Keeping Unit (SKU) | a unique identifier for each distinct product. |
| Cannibalization | the loss of sales of an existing brand when a new item in a product line or product family is introduced. |
| Product Mix | the total set of all products a firm offers for sale. |
| Product Mix Width | the number of different product lines the firm produces |
| Product Quality | the overall ability of the product to satisfy customer expectations. |
| Total Quality Management (TQM) | a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement. Promote a culture that every employee serves its customers |
| Internal Customers | other employees whom employees interact with the attitude that all activities ultimately impact external customers. |
| Internal Customer Mindset | an organizational culture in which all organization members treat each other as valued customers. |
| ISO 9000 | criteria developed by the International Organization for Standardization to regulate product quality in Europe. |
| Six Sigma | a process whereby firms work to limit product defects to 3.4 trillion or fewer |
| Product Life Cycle | a concept that explains how products go through 4 distinctive stages from birth to death: introduction, growth, maturity, and decline. |
| Introduction Stage | the first stage of the product life cycle, in which slow growth follows the introduction of a new product in the marketplace. No profits here because the company is recovering Research and Development (R&D) costs |
| Growth Stage | the second stage in the product life cycle, during which consumers accept the product and sales rapidly increase. Profits increase and peak. |
| Maturity Stage | the third and longest stage in the product life cycle, during which sales peak and profit margins narrow. |
| Decline Stage | the final stage in the product life cycle where sales decrease as the customer needs change. Market shrinks and profits fall. |
| Brand | a name, term, symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition. |
| Trademark | a name, term, symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition. |
| Brand Equity | the value of a brand to an organization. |
| Brand Meaning | compelling stories told by marketers about brands to engage consumers. |
| Brand Storytelling | compelling stories told by marketers about brands to engage consumers. |
| Brand Extensions | a new product sold with the same brand name as a strong existing brand. |
| Sub Branding | creating a secondary brand within a main brand that can help differentiate a product line to a desired target group. |
| Family Brand | a brand that a group of individual products or individual brands share. |
| National or Manufacturer brands | brands that the product manufacturer owns |
| Private label brands | brands that a certain retailer or distributor owns and sells. |
| Generic Branding | a strategy in which products are not branded and are sold at the lowest price possible. |
| Licensing | an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time. |
| Co Branding | an agreement between two brands to work together to market a new product. |
| Ingredient Branding | a type of branding in which branded materials become component parts of other branded products. |
| Brand Manager | an individual who is responsible for developing and implementing the marketing plan for a single brand. an individual who is responsible for developing and implementing the marketing plan for a single brand. |
| Product Category Managers | individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a category. |
| Market Manager | an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group. |
| Venture Teams | groups of people within an organization who work together to focus exclusively on the development of a new product. |
| Package | the covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication. |
| Universal Product Code | a set of black bars or lines printed on the side or bottom of most items sold in grocery stores and other mass merchandising outlets that correspond to a unique 10 digit number. |
Created by:
acorso3
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