Product Service Management

Front 1

Product

Back 1

anything a person receives in an exchange process

Front 2

Product Planning

Back 2

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

Front 3

Product Mix

Back 3

includes different products or services a company offers to consumers

Front 4

Product Line

Back 4

groups of closely related products created or sold by a business

Front 5

Product Item

Back 5

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

Front 6

Product Width

Back 6

refers to how many product lines a business creates or sells

Front 7

Product Depth

Back 7

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

Front 8

Line Extensions

Back 8

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

Front 9

Product Modifications

Back 9

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

Front 10

Brand

Back 10

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

Front 11

Brand Mark

Back 11

part of the brand; symbol or design

Front 12

Trade Character

Back 12

brand mark with human form or characteristics

Front 13

Manufacturer Brands

Back 13

classification of brand which accounts for the majority of sales within product categories

Front 14

Private Distributor Brands

Back 14

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

Front 15

Generic Brands

Back 15

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

Front 16

Brand Extension

Back 16

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

Front 17

Brand Dilution

Back 17

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

Front 18

Brand Licensing

Back 18

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

Front 19

Mixed-Brand Strategy

Back 19

company offers a combination of manufacturer, private and generic brands

Front 20

Co-branding

Back 20

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

Front 21

Package

Back 21

physical container or wrapping for a product

Front 22

Environmental Packaging

Back 22

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

Front 23

Cause Packaging

Back 23

companies promoting social and political causes on packaging

Front 24

Product Labels

Back 24

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

Front 25

Brand Label

Back 25

provides brand name, trademark and/or logo

Front 26

Descriptive Label

Back 26

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

Front 27

Grade Label

Back 27

provides the quality of the product for the consumer

Front 28

Warranty

Back 28

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

Front 29

Guarantee

Back 29

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

Front 30

Express Warranty

Back 30

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

Front 31

Implied Warranty

Back 31

existing warranties applied automatically because of state law

Front 32

Purchasing

Back 32

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

Front 33

Procurement Managers/Industrial Buyers

Back 33

people responsible for buying goods and services for business use

Front 34

Materials Requirement Planning (MRP)

Back 34

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

Front 35

Six-month Merchandising Plan

Back 35

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

Front 36

New-task Purchases

Back 36

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

Front 37

Modified Re-buy Purchases

Back 37

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

Front 38

Straight Re-buy Purchases

Back 38

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

Front 39

Purchase Orders (PO)

Back 39

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

Front 40

Packing List

Back 40

itemized listing of all products included in order

Front 41

Invoice

Back 41

bill sent by seller to buyer for merchandise purchased

Front 42

Bill of Landing

Back 42

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

Front 43

Receiving Record

Back 43

lists all of the merchandise received in a shipment

Front 44

Inventory Records

Back 44

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