Marketing Class 3.01 vocabulary

Declining Stage
The product life cycle stage in which sales and profits fall rapidly
Deep product Mix
A description of the depth of a business’s product mix offering a great many items in the product line
Depth
Under one product how many sub-products or how many varieties company have for that product.
Introductory Stage
the product like cycle stage when the product first appears in the marketplace.
Growth Stage
the product life cycle stage in which sales rise rapidly
Maturity Stage
the product life cycle stage in which sales peak and then increase at a slower rate or start to decline
obsolescence
The sate of being outmoded or unfashionable. Becoming outdated becasue of advances in techonology. Becoming outdated due to the introduction of new products, processes, and/or technology
Place
Marketing element focusing on considerations in getting a selected product in the right place at the right time.
Place (distribution)
Marketing element focusing on considerations in getting a selected product in the right place at teh right time.
Place Decision
The decision to buy from a certain business
Price competition
A type of rivalry between or amon businesses that focuses on the use of price to attract scarce custome dollars
Price control (s)
Govenrment restrictions on the minimum and/or maximum prices of certain products
Price decision
The decission a custome reaches on the price s/he is willing to pay for a good or service
Price policy
A guideline regulating the rage of prices for goods and services tha tbusinesses offer to customers
Pricing
a marketing function tha invloves the determining and adjusting of prices to maximize return and meet customers perceptions of value
Pricing objectives
Goals a company hopes to accomplish through its pricing strategies
price skimming
A pricing strategy that involves etting prices higher than those of the competition
Product brand
A name, term, symbol, or design (or combination of them) that identifies a product and distinguishes it from competitors product
Product decision
the decision a customer makes on the brand, type, model, etc., to buy.
product decisions
marketing element referring to waht goods, services, or ideas a business will offer its customers
Product development
The efforts involved in the creation of a new product the stage in the creation of a new product in which a working model may be tested, modified, and retested; production costs are estimated and final details of the product are planned, e.g., label, promotion, and distribution
Product differentiation
A strategy for making a prduct appear different from similar products on the market
product elimination
The removal of a weak product from the market and from the companys product mix, also known as prduct discontinuation
Product Item
Each individual good, service, or idea tha a business offers for sale
Product liability
the producers responsibility for any injury that the business products may cause
Product life cycle
THe stages through which goods and services move from the time they are introduced on the market until they are taken off the market
Product Line
A group of related product items
Product Management
A career that involves monitoring and developing one or more existing products
Product manager
An individual who monitors one or more existing prducts and develops new products
Product Mix
The particular assortment of goods and services that a business offerts to meet the needs of its market(s) and its company goals
Product-mix strategies
the ways in which businesses handle, or manage, their product mixes.
Product Policy
A guideline affecting the kinds of goods and services thast businesses offer to customers
Product positioning
In a sponsorship aggreement, the sponsor’s privilege of having its goods or services used at the event
Product Recall
The removal from the marketplaace of a product that is defective or hazardous to consumers
Product-related services
Services that are offered with a prodcut such as maintenance, delivery, or repair
Product/service management
A marketing function that involves obtaining, developing, maintaining, and improving a prodcut or service miz in response to market opportunities
Product/service mix
The particular assortment of prodcuts that a business offers in order to meet the needs of its markets and its company goals
Product standards
Criteria for determining a products ability to meet specified guidelines or requirements
Promoting
the act of communicating information about products, services, images, or ideas to customers or clients
promotion decisions
Marketing element referring to selection of the various types of communications that marketers use to inform, persuade, or remind customers of their products
Promotional Mix
A combination, or blen, of marketing communication channels that a business uses to send its messages to consumers (i.e., advertising, sales promotion, personal selling, and publicity).
Promotional Plan
A framework for the promotional activities of a business
Promotional policy
A guideline affecting the kinds of special activites, such as contests and prizes, that businesses use to attract customers and to increase sales
Width
a product mizx dimension reffering to the number of product lines carried by a company