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29 Cards in this Set

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involves making decisions about those features that are needed to sell a businesses's products, services, or ideas
product planning
includes all the different products that a company makes or sells
product mix
a group of closely related prodcuts manufactured and or sold by a business
product line
a specific model, brand, or size of a prodcut within a product line
product item
the number of different product items offered within each product line
product depth
the plan for how the business determines which products it will make or stock, may develop completely new products, may expand/modify current prodcut lines, may drop existing products
product mix strategies
coming from a variety of sources, creativitiy is essential in...?
generating ideas for developing new products
ideas are evaulated and matched against the company's overall objectives while...?
screening ideas for developing new products
considering a prodcut's potential sales, costs, and production requirements is...?
developing a business proposal for developing new products
idea takes physical shape, marketers develop a marketing strategy while...?
developing the product
the product has been researched successfully once reaching this stage, which is also known as commercialization
introducing the product
marketers track new product performance during this stage
evaulate customer acceptance
new product lines, items, or services
line extensions
an alteration in a companys existing product
product modification
deleting a product or product line is a possible result of these causes
obsolescence, loss of appeal, conflict with current company objectives, replacement with new products, lack of profit, conflict with other products in line
this represents the stages that a product goes through during its life
product life cycle
at each stage, marketers must do what to their product mix and marketing strategies?
adjust
at this stage in the product life cycle, the product is introduced to the market, efforts are focues on promotion and production, and this is the least profitable stage
introduction stage
at this stage in the product life cycle, the product is enjoying success, increasing sales and profits, and competition is aware and is offering new products to compete
growth stage
at this stage in the product life cycle, sales level off or slow down, most of target market owns product, company spends a great deal of time in order to fight off competition, and they decide whether to continue to improve the product to gain additional sales
maturity stage
during this stage of the product life cycle, profits may be smaller than cost, company may sell the product, recommit to the product line, discount the product, or reigiionalize the product
decline stage
restricting sales of a product to certain local areas
regionalize the product
the image a product projects
product positioning
the goal of this technique is to set product apart from the competition, and is also known as the efforts a business makes to identify, place, and sell its products
product positioning
offering economy, mid-priced, and luxury lines
positioning by price and quality
setting apart the product by way of promoting unique characteristics
positioned by features and benefits
these are responsible for all of the profits or losses for one specific product line
category managers
manufacturers can do what to this categorys mix, merchandising, and promotions
customize
a computer-developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores
planogram