Chapter 30 And 31 Vocab

Question 0

Includes all the different products that a company makes or sells

Answer 0

Product mix

Question 1

Involves making decisions about the features of a product or idea that will help sell the product

Answer 1

Product planning

Question 2

Is a group of closely related products manufactured or sold by a business

Answer 2

Product line

Question 3

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

Answer 3

Product item

Question 4

Refers to the number of different product lines a business manufactures or sells

Answer 4

Product width

Question 5

Refers to the number of items offered within each product line

Answer 5

Product depth

Question 6

Is a model of the new product

Answer 6

Prototype

Question 7

Represents the stages that a product goes through during its life

Answer 7

Product life cycle

Question 8

Refers to the effort a business makes to identify place and sell its products

Answer 8

Product positioning

Question 9

Is a process that involves managing product categories as individual business units

Answer 9

Catergory management

Question 10

Is a computer developed diagram that shows retailers how and where products within a category should be displayed

Answer 10

Planograms

Question 11

7 steps to developing new product lines

Answer 11

Generating ideas
Screening ideas 
Developing a business proposal 
Developing the product 
Testing the product with consumers 
Introducing the product
Evaluating customer acceptance

Question 12

Is an alteration in a company’s existing product

Answer 12

Product modification

Question 13

Reasons for deleting a product line

Answer 13

Obsolescence-no longer useful
Loss of appeal
Changes in company's objectives 
Lack of profit 
Conflict with other product in the line
Replacement with new products

Question 14

4 stages of product life cycle

Answer 14

Introduction, growth, maturity, decline

Question 15

• product awareness
• develop a market
• special promotions
• trademarks
• patents
• least profitable stage
• production
• focus on benefits for customers

Answer 15

Introduction

Question 16

• product is enjoying success
• increase sales and profits
• advertising is focused on consumer satisfaction
• build brand preferences
• increase market share

Answer 16

Growth

Question 17

• sales decrease
• advertising continues to reinforce the product brand
• promotional costs are lower than in the introduction stage
• more competition
• product loses market share
• has lower profits

Answer 17

Maturity

Question 18

• sales fall
• profits are smaller than expenses
• update or alter product
• management needs to make decision about product
• discount product

Answer 18

Decline

Question 19

Ways to manage the decline stage

Answer 19

• sell or license product
• recommit to the product line
• discount the product
• regionalize the product
• update or alter the product

Question 20

Is a name, term, design, symbol or combination of these elements that identifies a business, product or service and sets it apart from its competitors

Answer 20

Brand

Question 21

Is a word, group of words, letters or numbers that represent a product or service

Answer 21

Brand name

Question 22

Identifies and promotes a company or a division of a particular corporation

Answer 22

Trade name

Question 23

Incorporates a unique symbol, coloring, lettering or design element

Answer 23

Brand mark

Question 24

Is a specific type of brand make one with human form or characteristics

Answer 24

Trade character

Question 25

Is a brand name, brand mark, trade name, trade character or a combination of these elements that is registered with the federal government and has legal protection

Answer 25

Trademark

Question 26

Importance of brands in product planning

Answer 26

- to build product recognition and customer loyalty - to ensure quality and consistency - to capitalize on brand exposure

Question 27

Are owned and initiated by national manufacturers or by companies that provide services

Answer 27

National brands

Question 28

Are developed and owned by wholesalers and retailers

Answer 28

Private distributor brands

Question 29

Are products that do not carry a company identity

Answer 29

Generic brands

Question 30

Is a branding strategy that uses and existing brand name to promoted a new or improved product in a company's line

Answer 30

Brand extension

Question 31

Is a legal authorization by a brand owner to allow another company to use its brand, brand mark or trade character for a fee

Answer 31

Brand licensing

Question 32

Strategy offers a combination of manufacturer, private distributor, and generic brands to consumers to

Answer 32

Mixed brands

Question 33

Strategy combines one or more brands in the manufacture of a product or in the delivery of a service

Answer 33

Co-branding

Question 34

Is the physical container or wrapping for a product

Answer 34

Package

Question 35

When marketers package or bundle, 2 or more different goods or services in one packaged

Answer 35

Mixed bundling

Question 36

Occurs when 2 or more similar products are placed on sale for one package price

Answer 36

Price bundling

Question 37

Are packages with preformed plastic mold surrounding individuals items arranged on a backing

Answer 37

Blisterpacks

Question 38

Uses technology that keeps foods fresh without refrigeration for long period of time

Answer 38

Aseptic packing

Question 39

Uses packaging to promote social and political causes that may be unrelated to the products inside

Answer 39

Cause packaging

Question 40

Is an information tag, wrapper, seal or imprinted message that is attached to a product or its package

Answer 40

Label

Question 41

Gives the brand name, trademark or logo

Answer 41

Brand label

Question 42

Gives information about the products use, construction, care, performance and other features

Answer 42

Descriptive label

Question 43

States the quality of the product

Answer 43

Grade label

Question 44

FPLA

Answer 44

Fair packaging and labeling act-established mandatory labeling requirements

Question 45

FTC

Answer 45

Federal trade commission-established packaging regulations