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Rapping Up Products
PM017
33
Marketing
9th Grade
12/02/2013
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Term
Benefit:
 Definition
An advantage consumers receive from using a product
Term
Brainstorm:
 Definition
To use a creative-thinking technique involving the identification of as many different ideas An advantage consumers receive from using a product as possible during a certain time frame; can be done by one person but is used most often in a group setting
Term
Bundle:
 Definition
A combination of goods and/or services grouped together and offered as one product
Term
Business/Feasibility analysis:
 Definition
Examining such factors as demand, costs, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company’s product mix
Term
Commercialization:
 Definition
The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product’s life cycle begins
Term
Concept testing:
 Definition
Exploring the concept, or idea, for a product in order to obtain feedback
7. Corporate brand: All the combined customer impressions and experiences associated with a
particular company
Term
Corporate brand:
 Definition
All the combined customer impressions and experiences associated with a
particular company
Term
Decline stage:
 Definition
The product life cycle stage in which sales and profits fall rapidly
Term
Existing product:
 Definition
Goods or services that are currently being sold
Term
Goods:
 Definition
Tangible objects that can be manufactured or produced for resale
Term
Growth stage:
 Definition
The product life cycle stage in which sales rise rapidly
Term
Idea generation:
 Definition
The process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products
Term
Introduction stage:
 Definition
The product life cycle stage when the product first appears in the
marketplace
Term
Licensing:
 Definition
A business structure that requires the authorization or permission from an owner
to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a
specific activity, during a specific time period, for the profit of both parties
Term
Market research:
 Definition
The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market
Term
Marketing strategy:
 Definition
Plan of action for achieving marketing goals and objectives
Term
Maturity stage:
 Definition
The product life cycle stage in which sales peak and then increase at a slower rate or start to decline
Term
New product:
 Definition
A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner
Term
Positioning:
 Definition
A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
Term
Product:
 Definition
Marketing element referring to what goods, services, or ideas a business will offer
its customers
Term
Product development:
 Definition
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
Term
Product elimination:
 Definition
The removal of a weak product from the market and from the company’s product mix; also known as product discontinuation
Term
Product life cycle:
 Definition
The stages through which goods and services move from the time they are introduced on the market until they are taken off the market
Term
Product mix:
 Definition
The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals
Term
Product-related services:
 Definition
Services that are offered with a product such as maintenance, delivery, or repair
Term
Product/service management:
 Definition
A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Term
Prototype:
 Definition
An early sample or model of a product
Term
Pure services:
 Definition
Services provided to consumers without the involvement of any tangible product
Term
Screening:
 Definition
Reviewing in order to make a decision as to what should be kept and what should be discarded
Term
Service(s):
 Definition
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Term
Target market:
 Definition
The particular group of customers a business seeks to attract
Term
Test marketing:
 Definition
The process of introducing a new product to a limited market to determine what its acceptance will be
Term
Weak product:
 Definition
A product whose sales and profitability are declining
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