Product Management, Strategy, and Branding Flashcards

Comprehensive vocabulary flashcards covering Product Offering Decisions, Developing Product Strategies, and Brand Management concepts.

Product

Anything that can be offered to a market to satisfy a want or need, including physical objects, services, single units, or groups of goods.

Core Product

The end benefit for the buyer that answers the core question: What is the buyer really buying?

Formal Product

The actual physical or perceived characteristics of a product, including its quality level, special features, styling, branding, and packaging.

Augmented Product

The support items that complete a total product offering, such as after-sales service, warranty, delivery, and installation.

Product Quality

The major positioning tool encompassing quality level (how a product is made or perceived) and quality consistency (how it performs over its life).

Primary Packaging

The inner level of packaging that contains each individual product, such as a can.

Secondary Packaging

The outer level of packaging that contains a number of individual products, such as a carton.

Labelling

All written information about a product, taking the form of an adhesive sticker, tie-on tag, or printed packaging, which can be persuasive or informational.

Kotler's Generic Product

The second product level in Kotler's model, representing all the basic physical qualities of the product.

Kotler's Expected Product

The third product level in Kotler's model, referring to all the attributes and benefits consumers expect when purchasing the product.

Kotler's Potential Product

The fifth product level in Kotler's model, referring to all potential augmentations and transformations the product may undergo in the future.

Need Family

The underlying core need that drives the existence of a broader product family.

Product Class

A group of products within a product family recognized as having a certain functional coherence, such as personal computers.

Product Line

A group of products within a product class that are closely related because they perform a similar function, target the same customers, or share distribution channels and price ranges.

Stock-Keeping Unit (SKU)

A distinct product variant within a brand or line that is distinguishable by size, price, appearance, or other specific attributes.

Product Differentiation

A strategy aimed at target markets to create a perception that a firm's offering provides added value and distinct features compared to competitors.

Service Differentiation

The design and delivery of a service to feature unique characteristics, evaluated through factors like ordering ease, delivery, installation, and customer consulting.

Time-to-Market Strategy Orientation

A product development approach focused on fast market entry, typical in industries with rapidly changing technology or fashion.

Low Product Cost Strategy Orientation

A product strategy focused on achieving the lowest manufacturing cost or highest value, typical for mature or commodity products.

Skimming Strategy

An introductory strategy charging a high price based on feature differential advantages, targeting price-insensitive early adopters.

Penetration Strategy

An introductory strategy using a low price to quickly capture market share, often applied when fixed costs are high or market lead time is short.

Harvesting Strategy

A mature market strategy aiming for a gradual decline in market share with minimal investment to maximize short-term profits.

Product Modification

Alterations made to extend a product's life cycle by keeping consumers interested or encouraging accessory purchases.

Product Line Extension

The practice of using an established product's brand name for a new item within the same product category.

Innovators

Consumers who purchase a new product during its initial introductory stage.

Brand

A set of meanings, perceptions, associations, and experiences connected to a product, service, organization, or person that distinguishes it from competitors.

Brand Management

The ongoing process of planning, developing, maintaining, and improving a brand to build target market relationships and organizational value.

Brand Identity

The specific way an organization wants its brand to be understood and perceived.

Brand Image

The actual perception and mental picture that customers hold regarding a brand.

Brand Positioning

The distinctive, intended place a brand aims to occupy in the minds of target consumers relative to competitors.