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unit 2 vocab
| Term | Definition |
|---|---|
| alteration | A product-mix strategy in which a business makes changes to its products or product lines |
| consistency | A product-mix dimension referring to how closely a company's product lines are related in terms of the products' end use, methods of distribution and production, target market(s), and/or price range |
| depth | A product-mix dimension referring to the assortment of sizes, colors, flavors, and models offered in a product line |
| expansion | A product-mix strategy in which a business expands its product mix by adding additional product items or product lines |
| positioning | A product-mix strategy in which a business creates a certain image or impression of a product in the minds of consumers |
| product item | Each individual good, service, or idea that a business offers for sale |
| product line | A group of related product items |
| product mix | the particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals |
| trading down | A product-mix strategy in which a business adds a lower priced product or product line to its product mix |
| width | A product-mix dimension referring to the number of product lines carried by a company |
| decline | The product life cycle stage in which sales decrease and profits begin to erode |
| growth | The product life cycle stage in which sales rise rapidly |
| introduction | The product life cycle stage when the product first appears in the marketplace |
| maturity | The product life cycle stage in which sales peak and then increase at a slower rate or start to decline |
| place decisions | Marketing element focusing on considerations in getting a selected product in the right place at the right time |
| pricing decisions | Marketing element requiring marketers to determine the amount of money they will ask in exchange for their products |
| product decisions | Marketing element referring to what goods, services, or ideas a business will offer its customers |
| product life cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
| promotion decisions | Marketing element referring to the various types of communications that marketers use to inform, persuade, or remind customers of their products |
| ethics | The basic principles that govern your behavior |
| packaging | Materials used to wrap or protect goods |
| planned obsolescence | The practice of designing a product to become obsolete, or unusable, before it should reasonably need replacement |
| product/service management | A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
Created by:
bricela
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