UF Departmental English: 9b. Marketing – Product Policy (ENG/Definitions)

product range
all the products a company manufactures or markets
product line
series of different products which form a group e.g. haircare products, all made by the same company.
product life cycle
stages a product goes through from launch to obsolescence (i.e. introduction, growth, maturity, decline)
product launch
introduction of a product onto the market
market saturation
situation that arises when the volume of a product or service in a marketplace has been maximized in its current state
brand
distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others
branding
process of creating a distinguishing symbol, mark, logo, name, word, sentence or a combination of these items that companies use to distinguish their product from others
brand awareness
degree to which a consumer has knowledge of a given brand
brand loyalty
when consumers become committed to a brand and make repeat purchases over time
brand extension
new product category under an existing brand name (e.g. Swatch jewellery)
product line extension
adding a new product version (e.g. another flavour Nespresso capsule)
brand switching
buying a different brand from the one usually purchased
(brand) positioning
act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market