Product Service Management Vocabulary

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Product

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anything a person receives in an exchange process.

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Product Planning

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

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Product Mix

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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

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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.