Elements of Product Planning for Goods and Services

This set of flashcards covers key concepts, terms, and definitions related to elements of product planning for goods and services, as discussed in the lecture notes.

Product quality

How well a product satisfies customers' needs and expectations.

Warranty

A promise by the seller that a product will meet certain quality standards or the seller will fix or replace it.

Individual product

A single, unique product.

Product line

A group of related products made by the same company.

Product assortment

The set of all product lines and individual products a company sells.

Service

An intangible product involving a deed, performance, or effort.

Augmented reality (AR)

Tech that adds digital images or info to the real world, enhancing customer experience.

Non-fungible tokens (NFTs)

Unique digital assets that show ownership using blockchain technology.

Branding

Using a name, symbol, or design to identify a product and set it apart from competitors.

Brand name

The word or group of words used to identify a brand.

Trademark

A legally protected brand name, symbol, or logo.

Service mark

Like a trademark, but specifically protects services rather than goods.

Brand familiarity

How well customers recognize and accept a brand.

Brand rejection

Customers actively refuse to buy a brand.

Brand recognition

Customers know the brand and remember it, even if they don’t always buy it.

Brand preference

Customers choose one brand over others when available.

Brand insistence

Customers will only accept one brand and will not buy a substitute.

Brand evangelism

Loyal customers actively promote and advocate for a brand.

Brand equity

The value of a brand’s reputation and customer loyalty.

Family brand

Same brand name used for several products.

Licensed brand

A brand name that a company lets another company use for a fee.

Generic products

Unbranded, basic products often sold at lower prices.

Manufacturer brands

Brands created and owned by the producer.

Dealer brands

Brands created and owned by a retailer.

Private brands

Another name for dealer brands or store brands.

Battle of the brands

Competition between manufacturer brands and private dealer brands.

Packaging

The container or wrapping for a product that protects it and promotes it.

Consumer products

Products bought for personal use.

Business products

Products bought for use in a business to produce other goods/services.

Convenience products

Products bought quickly and with little effort.

Shopping products

Products customers compare carefully on quality, price, or style.

Specialty products

Products that customers really want and make a special effort to find.

Unsought products

Products customers don't know about or don’t think about buying.

Derived demand

Business demand that comes from the demand for final consumer goods.

Expense item

A product whose total cost is treated as a business expense in the year it's bought.

Capital item

A long-lasting product that is used in business operations and depreciates over time.

Installations

Major capital items like buildings or large machines.

Accessories

Short-lived capital items like tools and office equipment.

Raw materials

Unprocessed products like timber or cotton.

Industry standards

General guidelines developed by industry professionals to ensure quality and safety.

Total Quality Management (TQM)

A company-wide focus on continuous quality improvement.

Prototypes

An early sample or model of a product made to test and improve the idea.

Return on Investment (ROI)

How much profit a company makes compared to what it spent.

Market introduction

The first stage where a new product is launched.

Market growth

Sales grow rapidly, profits rise, and competitors enter the market.

Sales decline

Sales and profits start falling due to fading customer interest or new products.

Patent

Legal protection giving an inventor the exclusive right to make or sell a product for a period of time.