Term | Definition |
Product mix | All the different products
that a company makes or sells. |
Product line | A group of closely related
products manufactured or sold by a business. |
Product item | A specific model, brand, or size of
a product within a product line. |
Product width | The number of different product
lines a business manufactures or sells. |
Product depth | The number of product items in a
product line. |
Product position | Efforts a business makes to identify, place, and
sell its products in the marketplace. |
Line Extension | Adding new product lines,
items or services. |
Product Modification | An alteration to an
existing product |
Product Bundling | Multiple products or components packaged
together into one bundled solution. |
Price Bundling | when two or more similar
products are placed on sale for one package
price |
Brand | Name, design or symbol that
identifies the products of a company. |
Brand Name | Word or group of words that can be spoken.
•
Ex: Nike, Coca-Cola Classic, Cover Girl, Tylenol |
Brand Mark | Unique Symbol, design, distinctive coloring, or lettering |
Trade name | Identifies the company or a division of a particular
corporation. |
Trade Character | A personified brand mark |
Trademark | word, name, symbol, sound,
device, or combination that has been given
legal protections by the federal government. |
Package | Physical container or wrapping
for a product. |
Label | Information tag, wrapper, seal, or
imprinted message that is attached to a
product or package. |
Brand Extension | Uses an existing brand name to promote a new and improved product
in a company’s product line |
Brand Licensing | Allows others to use the brand name for a fee |
Mixed Brands | National manufacturer makes the product for a private label |
Co-Branding | Combines one or more brands |
Gap | the difference
between what is
currently available
and what is
needed/desired |
Product Development | The first step is to generate new
business ideas that are unique. |
Product Planning | the decisions made about what features should be used in the selling of business products |