the strategic, ongoing process of defining, developing, and managing a product's lifecycle, from ideation to launch and beyond

the complete set of all products and services a company offers, organized into distinct product lines

a group of related products manufactured or sold by a company under a single brand or closely related brands, targeting similar market segments

a specific version of a product

the total number of distinct product lines a company offers

the total number of variations—such as size, color, flavor, or model—offered for a specific product or within a single product line

the strategic process of altering an existing product’s characteristics—such as quality, functionality, or style—to extend its life cycle, boost sales, or meet changing consumer demands

the strategic, ongoing process of defining, developing, and managing a product's lifecycle, from ideation to launch and beyond

the span of time a product—from a good to a service—exists in the market, from its initial introduction to its eventual removal

the strategic process of defining how a product fills a specific market need and differentiates itself from competitors in the minds of consumers

strategic procurement approach that groups similar goods or services into discrete areas (categories) to buy smarter, reduce total costs, and improve efficiency

visual, diagrammatic map used in retail to dictate product placement on shelves, displays, and in aisles to maximize sales, optimize space, and guide inventory

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Chapter 34

Vocab

Term	Definition
Product planning	the strategic, ongoing process of defining, developing, and managing a product's lifecycle, from ideation to launch and beyond
Product mix	the complete set of all products and services a company offers, organized into distinct product lines
Product line	a group of related products manufactured or sold by a company under a single brand or closely related brands, targeting similar market segments
Product item	a specific version of a product
Product width	the total number of distinct product lines a company offers
Product depth	the total number of variations—such as size, color, flavor, or model—offered for a specific product or within a single product line
Product modification	the strategic process of altering an existing product’s characteristics—such as quality, functionality, or style—to extend its life cycle, boost sales, or meet changing consumer demands
Product planning	the strategic, ongoing process of defining, developing, and managing a product's lifecycle, from ideation to launch and beyond
Product life cycle	the span of time a product—from a good to a service—exists in the market, from its initial introduction to its eventual removal
Product positioning	the strategic process of defining how a product fills a specific market need and differentiates itself from competitors in the minds of consumers
Category management	strategic procurement approach that groups similar goods or services into discrete areas (categories) to buy smarter, reduce total costs, and improve efficiency
Planogram	visual, diagrammatic map used in retail to dictate product placement on shelves, displays, and in aisles to maximize sales, optimize space, and guide inventory

Created by: Cfote27

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