Product Service Management

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Product

Back 1

anything a person receives in an exchange process

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Product Planning

Back 2

making decisions concerning certain product features enhancing the ability tosell products or services

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Product Mix

Back 3

includes different products or services a company offers to consumers

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Product Line

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groups of closely related products created or sold by a business

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Product Item

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specific model, brand or size of a product within a product line

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Product Width

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refers to how many product lines a business creates or sells

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Product Depth

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refers to how many product items are offered within each product line

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Line Extensions

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way to modify existing products by expanding offerings by creating newproduct lines, items or services

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Product Modifications

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alterations in existing product items such as size, color and features

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Brand

Back 10

name, term, design or symbol identifying a business and its products

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Brand Mark

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part of the brand; symbol or design

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Trade Character

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brand mark with human form or characteristics

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Manufacturer Brands

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classification of brand which accounts for the majority of sales within productcategories

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Private Distributor Brands

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classification of brand initiated by wholesalers and retailers; also called storebrands or private brands

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Generic Brands

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classification of brand which does not incorporate any brand or trade name;most generic products have simple packaging and a short description of theproduct

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Brand Extension

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using an existing name for a new product in the product line

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Brand Dilution

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when a brand name has been used too many times and loses its brandstrength

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Brand Licensing

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legal authorization letting one company use another company’s brand for a fee

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Mixed-Brand Strategy

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company offers a combination of manufacturer, private and generic brands

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Co-branding

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two or more name brand companies join forces to increase customer loyaltyand sales for each brand

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Package

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physical container or wrapping for a product

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Environmental Packaging

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packaging of products to be safer for the environment; companies can appealto a market valuing less waste

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Cause Packaging

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companies promoting social and political causes on packaging

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Product Labels

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information tags, wrappers, seals or imprinted messages on the product orpackage

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Brand Label

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provides brand name, trademark and/or logo

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Descriptive Label

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provides information about the product’s use, construction, care, features andperformance

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Grade Label

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provides the quality of the product for the consumer

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Warranty

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promise made by the manufacturer to the customer about a product’sperformance, workmanship or materials

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Guarantee

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another term for warranty; a guarantee is usually used with promotionalphrases like “money-back guarantee”

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Express Warranty

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warranty explicitly stated in written or spoken form, to encourage customers tobuy

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Implied Warranty

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existing warranties applied automatically because of state law

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Purchasing

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determining the needs of an organization, identifying the best sources to obtainthe needed products and services, and completing the activities necessary toobtain and use them

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Procurement Managers/Industrial Buyers

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people responsible for buying goods and services for business use

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Materials Requirement Planning (MRP)

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analyzing when to make purchases so they are available when neededaccording to the production schedule

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Six-month Merchandising Plan

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estimation of the purchases necessary for a six-month period of time

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New-task Purchases

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purchases made for the first time, possibly because of a formerly unrecognizedneed

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Modified Re-buy Purchases

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buyer has previously purchased a particular product or service; however, oneor more aspects of the purchase have changed

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Straight Re-buy Purchases

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buyer routinely orders the same product or service from the same vendor

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Purchase Orders (PO)

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forms describing all products ordered; completed by the buyer and sent to theseller to begin the purchasing process

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Packing List

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itemized listing of all products included in order

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Invoice

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bill sent by seller to buyer for merchandise purchased

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Bill of Landing

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sent by a transportation company, with the merchandise, identifying theproducts being shipped

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Receiving Record

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lists all of the merchandise received in a shipment

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Inventory Records

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merchandise received is entered into inventory records and products are thendistributed to departments where they will be used or sold