the strategic process of defining, developing, and managing a product to meet customer needs while aligning with business goals.

also called product assortment, is the complete set of products and services a company offers to its customers, encompassing all product lines and items within those lines.

a collection of related products offered by a company under a single brand or category, designed to meet similar customer needs or target the same market segment.

distinct version of a product characterized by unique attributes such as size, color, model, or packaging. It represents an individual unit within a broader product line and is the tangible or intangible good that a customer ultimately acquires.

refers to the number of different product lines offered by a company within its product mix. It indicates the variety of different categories of products that a business has, showcasing

refers to the variety of options or variations available within a specific product line, allowing companies to cater to diverse customer needs.

refers to the process of changing one or more characteristics of an existing product to improve its performance, appeal, or overall value.

a framework that outlines the stages a product goes through from its inception to its eventual withdrawal from the market. It is a useful tool for businesses

the strategic process of defining and communicating how a product is perceived by customers relative to competitors, creating a distinct place in the market.

a diagram that shows how and where specific retail products should be placed on retail shelves or displays to increase customer purchases.

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chpt 34

Question	Answer
product planning	the strategic process of defining, developing, and managing a product to meet customer needs while aligning with business goals.
product mix	also called product assortment, is the complete set of products and services a company offers to its customers, encompassing all product lines and items within those lines.
product line	a collection of related products offered by a company under a single brand or category, designed to meet similar customer needs or target the same market segment.
product item	distinct version of a product characterized by unique attributes such as size, color, model, or packaging. It represents an individual unit within a broader product line and is the tangible or intangible good that a customer ultimately acquires.
product width	refers to the number of different product lines offered by a company within its product mix. It indicates the variety of different categories of products that a business has, showcasing
product depth	refers to the variety of options or variations available within a specific product line, allowing companies to cater to diverse customer needs.
product modification	refers to the process of changing one or more characteristics of an existing product to improve its performance, appeal, or overall value.
product life cycle	a framework that outlines the stages a product goes through from its inception to its eventual withdrawal from the market. It is a useful tool for businesses
product positioning	the strategic process of defining and communicating how a product is perceived by customers relative to competitors, creating a distinct place in the market.
category management	Strategic procurement approach
plannogram	a diagram that shows how and where specific retail products should be placed on retail shelves or displays to increase customer purchases.

Created by: tstern29

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