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Marketing And Business > Chapter 30 And 31 Vocab > Flashcards

Chapter 30 And 31 Vocab Flashcards

0
Q

Includes all the different products that a company makes or sells

A

Product mix

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1
Q

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

A

Product planning

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2
Q

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

A

Product line

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3
Q

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

A

Product item

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4
Q

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

A

Product width

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5
Q

Refers to the number of items offered within each product line

A

Product depth

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6
Q

Is a model of the new product

A

Prototype

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7
Q

Represents the stages that a product goes through during its life

A

Product life cycle

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8
Q

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

A

Product positioning

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9
Q

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

A

Catergory management

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10
Q

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

A

Planograms

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11
Q

7 steps to developing new product lines

A 
Generating ideas
Screening ideas 
Developing a business proposal 
Developing the product 
Testing the product with consumers 
Introducing the product
Evaluating customer acceptance
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12
Q

Is an alteration in a company’s existing product

A

Product modification

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13
Q

Reasons for deleting a product line

A 
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
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14
Q

4 stages of product life cycle

A

Introduction, growth, maturity, decline

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15
Q
  • product awareness
  • develop a market
  • special promotions
  • trademarks
  • patents
  • least profitable stage
  • production
  • focus on benefits for customers
A

Introduction

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16
Q
  • product is enjoying success
  • increase sales and profits
  • advertising is focused on consumer satisfaction
  • build brand preferences
  • increase market share
A

Growth

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17
Q
  • 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
A

Maturity

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18
Q
  • sales fall
  • profits are smaller than expenses
  • update or alter product
  • management needs to make decision about product
  • discount product
A

Decline

19
Q

Ways to manage the decline stage

A
  • sell or license product
  • recommit to the product line
  • discount the product
  • regionalize the product
  • update or alter the product
20
Q

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

A

Brand

21
Q

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

A

Brand name

22
Q

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

A

Trade name

23
Q

Incorporates a unique symbol, coloring, lettering or design element

A

Brand mark

24
Q

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

A

Trade character

25
Q

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

A

Trademark

26
Q

Importance of brands in product planning

A
  • to build product recognition and customer loyalty
  • to ensure quality and consistency
  • to capitalize on brand exposure
27
Q

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

A

National brands

28
Q

Are developed and owned by wholesalers and retailers

A

Private distributor brands

29
Q

Are products that do not carry a company identity

A

Generic brands

30
Q

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

A

Brand extension

31
Q

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

A

Brand licensing

32
Q

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

A

Mixed brands

33
Q

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

A

Co-branding

34
Q

Is the physical container or wrapping for a product

A

Package

35
Q

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

A

Mixed bundling

36
Q

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

A

Price bundling

37
Q

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

A

Blisterpacks

38
Q

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

A

Aseptic packing

39
Q

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

A

Cause packaging

40
Q

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

A

Label

41
Q

Gives the brand name, trademark or logo

A

Brand label

42
Q

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

A

Descriptive label

43
Q

States the quality of the product

A

Grade label

44
Q

FPLA

A

Fair packaging and labeling act-established mandatory labeling requirements

45
Q

FTC

A

Federal trade commission-established packaging regulations

Marketing And Business (5 decks)

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