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44 Cards in this Set
- Front
- Back
Product |
anything a person receives in an exchange process |
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Product Planning |
making decisions concerning certain product features enhancing the ability tosell products or services |
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Product Mix |
includes different products or services a company offers to consumers |
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Product Line |
groups of closely related products created or sold by a business |
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Product Item |
specific model, brand or size of a product within a product line |
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Product Width |
refers to how many product lines a business creates or sells |
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Product Depth |
refers to how many product items are offered within each product line |
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Line Extensions |
way to modify existing products by expanding offerings by creating newproduct lines, items or services |
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Product Modifications |
alterations in existing product items such as size, color and features |
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Brand |
name, term, design or symbol identifying a business and its products |
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Brand Mark |
part of the brand; symbol or design |
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Trade Character |
brand mark with human form or characteristics |
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Manufacturer Brands |
classification of brand which accounts for the majority of sales within productcategories |
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Private Distributor Brands |
classification of brand initiated by wholesalers and retailers; also called storebrands or private brands |
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Generic Brands |
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 |
using an existing name for a new product in the product line |
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Brand Dilution |
when a brand name has been used too many times and loses its brandstrength |
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Brand Licensing |
legal authorization letting one company use another company’s brand for a fee |
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Mixed-Brand Strategy |
company offers a combination of manufacturer, private and generic brands |
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Co-branding |
two or more name brand companies join forces to increase customer loyaltyand sales for each brand |
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Package |
physical container or wrapping for a product |
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Environmental Packaging |
packaging of products to be safer for the environment; companies can appealto a market valuing less waste |
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Cause Packaging |
companies promoting social and political causes on packaging |
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Product Labels |
information tags, wrappers, seals or imprinted messages on the product orpackage |
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Brand Label |
provides brand name, trademark and/or logo |
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Descriptive Label |
provides information about the product’s use, construction, care, features andperformance |
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Grade Label |
provides the quality of the product for the consumer |
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Warranty |
promise made by the manufacturer to the customer about a product’sperformance, workmanship or materials |
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Guarantee |
another term for warranty; a guarantee is usually used with promotionalphrases like “money-back guarantee” |
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Express Warranty |
warranty explicitly stated in written or spoken form, to encourage customers tobuy |
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Implied Warranty |
existing warranties applied automatically because of state law |
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Purchasing |
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 |
people responsible for buying goods and services for business use |
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Materials Requirement Planning (MRP) |
analyzing when to make purchases so they are available when neededaccording to the production schedule |
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Six-month Merchandising Plan |
estimation of the purchases necessary for a six-month period of time |
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New-task Purchases |
purchases made for the first time, possibly because of a formerly unrecognizedneed |
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Modified Re-buy Purchases |
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 |
buyer routinely orders the same product or service from the same vendor |
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Purchase Orders (PO) |
forms describing all products ordered; completed by the buyer and sent to theseller to begin the purchasing process |
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Packing List |
itemized listing of all products included in order |
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Invoice |
bill sent by seller to buyer for merchandise purchased |
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Bill of Landing |
sent by a transportation company, with the merchandise, identifying theproducts being shipped |
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Receiving Record |
lists all of the merchandise received in a shipment |
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Inventory Records |
merchandise received is entered into inventory records and products are thendistributed to departments where they will be used or sold |