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chapter 34

TermDefinition
product planning strategic process of defining, developing, and managing a product to meet customer needs while aligning with business goals.
product mix the complete set of products and services a company offers, encompassing all product lines and individual items within those lines.
product line a collection of related products marketed under a single brand that share similar features, target the same customer segment, or serve related purposes.
product item Specific, distinct version of a product
product width total number of distinct product lines a company offers within its overall product mix
product depth the number of variations or versions available within a specific product line, allowing a company to cater to diverse customer needs.
product modification the process of altering or improving an existing product’s design, features, or performance to enhance its value, meet customer needs, or gain a competitive advantage.
product life cycle the progression of a product through distinct stages from its introduction to the market until its eventual decline and withdrawal.
product positioning the strategic process of defining how a product is perceived by customers relative to competitors, creating a distinct place in their minds.
category management a strategic procurement and retail approach where products or services are grouped into categories and managed as individual business units to optimize purchasing, supplier relationships, and overall business performance.
planogram the strategic use of visual merchandising blueprints to optimize product placement, enhance customer experience, and maximize retail sales.
Created by: acarter29
 

 



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