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Marketing Chapter 34
Marketing Chapter 34 Vocab Review
| Term | Definition |
|---|---|
| category management | the practice of buying common goods and services as an organized enterprise in order to improve the efficiency and effectiveness of acquisition activities |
| planogram | a diagram or model that indicates the placement of retail products on shelves in order to maximize sales. |
| product depth | the variation in products that a company offers within one product line |
| product item | a product variant with its own distinctive attributes (price, packaging, etc.) also called a Stock-Keeping Unit and a Stock-Taking Unit. |
| product life cycle | the length of time from a product first being introduced to consumers until it is removed from the market. A product's life cycle is usually broken down into four stages; introduction, growth, maturity, and decline. |
| product line | group of related products all marketed under a single brand name that is sold by the same company. Companies sell multiple product lines under their various brand names, seeking to distinguish them from each other for better usability for consumers. |
| product mix | the total number of product lines and individual products or services offered by a company. Additionally referred to as product assortment or product portfolio. Product mixes vary from company to company. |
| product modification | any substantial change made to the attributes (size, shape, color, style, price, etc.) of a product; modification of a product is usually undertaken in an attempt to revitalize it in order to increase demand. |
| product planning | product planning involves all of the internally focused decisions, steps, and tasks necessary to develop a successful product. In other words, it involves everything you must do that affects the product itself. |
| product positioning | a form of marketing that presents the benefits of your product to a particular target audience. Through market research and focus groups, marketers can determine which audience to target based on favorable responses to the product |
| product width | the number of product lines that accompany sales. For example, if you have a company that specializes in oral hygiene and they sell three different products, floss, mouthwash and toothpaste, then that company has a product mix width of three. |
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mgrisanti24
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