Term
| 3. Bundle: A combination of goods and/or services grouped together and offered as one product |
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Definition
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Term
| 4. Business/Feasibility analysis: 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 |
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Definition
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Term
| 5. Commercialization: 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 |
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Definition
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Term
| 6. Concept testing: Exploring the concept, or idea, for a product in order to obtain feedback |
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Definition
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Term
7. Corporate brand: All the combined customer impressions and experiences associated with a
particular company |
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Definition
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Term
| 8. Decline stage: The product life cycle stage in which sales and profits fall rapidly |
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Definition
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Term
| 9. Existing product: Goods or services that are currently being sold |
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Definition
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Term
| 10. Goods: Tangible objects that can be manufactured or produced for resale |
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Definition
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Term
| 11. Growth stage: The product life cycle stage in which sales rise rapidly |
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Definition
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Term
| 12. Idea generation: The process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products |
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Definition
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Term
13. Introduction stage: The product life cycle stage when the product first appears in the
marketplace |
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Definition
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Term
14. Licensing: 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 |
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Definition
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Term
| 15. Market research: The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market |
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Definition
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Term
| 16. Marketing strategy: Plan of action for achieving marketing goals and objectives |
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Definition
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Term
| 17. Maturity stage: The product life cycle stage in which sales peak and then increase at a slower rate or start to decline |
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Definition
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Term
| 18. New product: 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 |
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Definition
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Term
| 19. Positioning: A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers |
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Definition
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Term
20. Product: Marketing element referring to what goods, services, or ideas a business will offer
its customers |
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Definition
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Term
| 21. Product development: 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 r y |
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Definition
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Term
| 22. Product elimination: The removal of a weak product from the market and from the company’s product mix; also known as product discontinuation |
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Definition
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Term
| 23. 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 |
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Definition
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Term
| 24. Product mix: 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 |
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Definition
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Term
| 25. Product-related services: Services that are offered with a product such as maintenance, delivery, or repair |
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Definition
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Term
| 26. Product/service management: A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities |
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Definition
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Term
| 27. Prototype: An early sample or model of a product |
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Definition
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Term
| 28. Pure services: Services provided to consumers without the involvement of any tangible product |
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Definition
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Term
| 29. Screening: Reviewing in order to make a decision as to what should be kept and what should be discarded |
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Definition
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Term
| 30. Service(s): Intangible activities that are performed by other people for money; productive acts that satisfy economic wants |
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Definition
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Term
| 31. Target market: The particular group of customers a business seeks to attract |
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Definition
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Term
| 32. Test marketing: The process of introducing a new product to a limited market to determine what its acceptance will be |
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Definition
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Term
| 33. Weak product: A product whose sales and profitability are declining |
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Definition
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Term
| 1. Benefit: An advantage consumers receive from using a product |
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Definition
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Term
| 2. Brainstorm: To use a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting |
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Definition
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