Elements of Product Planning for Goods and Services

These flashcards cover key terms and concepts related to product planning for goods and services, helping students review for their upcoming exam.

Product

The entire customer experience that includes goods and services.

Goods vs Services

Goods are tangible products, while services are intangible.

Augmented Reality (AR)

Technology that enhances the customer experience by integrating digital information.

Branding

The process of creating a unique name and image for a product.

Packaging

The design and manufacturing of the container or wrapper for a product to promote, protect, and enhance it.

Homogeneous Shopping Products

Products that are similar in nature and consumers perceive them as similar.

Heterogeneous Shopping Products

Products that are different in nature and consumers value the differences.

Impulse Products

Items purchased quickly as unplanned purchases at the point of sale.

Derived Demand

Demand for a business product that is driven by the demand for consumer products.

Brand Familiarity

A consumer's ability to recognize or recall a brand.

Lanham Act

A federal statute that protects trademarks and regulates the registration of marks.

Fair Packaging and Labeling Act

A law that requires truthful labeling on consumer products.

Individual Products

A specific item within a product line, differing from others in the line.

Product Line

A group of related products offered by a company.

Product Assortment

The total number of product lines a company offers.

Tangible vs Intangible

Tangible refers to physical products; intangible refers to services that cannot be touched.

Brand Recognition

The level of consumer awareness and identification of a brand.