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26 Cards in this Set
- Front
- Back
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Product Planning |
Making decisions about whose features that are needed to sell a business's products, services ore ideas |
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Product Mix |
Includes all the different products that a company makes or sells |
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Product Mix Strategy |
The plan for how the business determines which products it will make or stock |
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Product Item |
A specific model, brand or size of a product within a product line |
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Product Line |
A group of closely related products manufactured and/or sold by a business |
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Product Width |
The number of different product lines a business manufacturers or sells |
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Product Depth |
The number of different product lines and business manufacturers or sells |
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Product Modification |
An alteration to a company's existing product; may replace the existing product |
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Product Line Extension |
New product lines, items, or services, which may or may not be related to current products; designed to be a different product that appeals to different customer needs |
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Functional Product Benefits |
Benefits the customer receives that are directly associated with the materials, design and production of the product (ex: ease of use, increased speed and cost savings) |
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Psychological Benefits |
Benefits the customer perceives they receive when they use the product though these may be difficult to measure and ma vary by user |
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Product Life Cycle |
Represents the stages that product goes through during its life; a different marketing strategy should be implemented at each stage |
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Introduction Stage |
A new product is introduced to the market (1st stage) |
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Growth Stage |
The product is enjoying success as shown by increasing sales and profits (2nd stage) |
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Maturity Stage |
The product's sales level off or slow down (3rd stage) |
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Decline Stage |
The product's sales fall; profits may reach the point where they are smaller than the cost (4th stage) |
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The Boston (BCG) Matrix |
A means of analyzing the product mix, by looking at market growth and market share, to develop potential marketing strategies |
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Star |
A product in a high growth market with relatively high market share |
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Cash Cow |
A product in a slow growth market with relatively high market share |
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Dog |
A product in a slow growth marked with low market share |
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Problem Child or Question Mark |
A product in a high growth market with low market share |
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Product Positioning |
An attempt to create an image for your product which appeals to customers |
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Repositioning |
Changing how customers perceive your product |
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Perceptual Map or Positioning Map |
A tool used to visually display customers, or prospects, perceptions of your product and competing products |
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Category Management |
A process that involves managing product categories or individual business units |
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Planogram |
A computer developed diagram that shows retailers how and where products within a category should be displayed on a shelf at individual stores |
