FBLA Prodt/Service Management Vocab Terms

These are all the important terms we need to learn for our objective tests regarding Product/Service Management.

Product/Service Management

process of developing, maintaining, improving, and discontinuing products or services

Product Planning

the ongoing process of identifying market opportunities, defining a product's target audience and key features, and outlining the strategy for a product line throughout its lifecycle

Product Development

the multi-step process of taking a product concept from initial idea to a physical or digital product ready for commercial release

Branding

the process of creating a unique name, logo, design, voice, and identity that distinguishes a company or product from its competitors in the mind of the consumer

Positioning

the strategic effort to establish a distinct, memorable place for a brand or product in the target customer's mind relative to competing alternatives

Product Evaluation

the systematic assessment of a product's market performance, quality, customer satisfaction, and financial returns after it has launched

Ethical Responsibility

providing safe products, advertising honestly, delivering promised quality, and avoiding deceptive claims

Product Life Cycle (PLC)

four tags cycle that products move through

Introduction

new product, high promotion costs, and low profits to build awareness

Growth

increasing sales and rising profits to gain market share

Maturity

peak sales and heavy competition to differeniate products

Decline

decreasing sales and reduced profits to decide whether to revive or discontinue products

Consumer Protection Agencies

agencies that help protect consumers

FTC

Federal Trade Commission

Federal Trade Commission’s Job

protect consumers from false advertising and deceptive business practices

FDA

Food and Drug Administration

Food and Drug Administration’s Job

regulating food, medecine, and cosmetics

CPSC

Consumer Product Safety Commission

Consumer Product Safety Commission’s Job

ensuring product safety and recall management

FCC

Federal Communications Commission

Federal Communications Commission’s Job

regulating telecommunications and broadcasting

Product Mix

complete collection of products offered by a company and made up of three dimensions

Product Width

number of product lines

Product Depth

number of versions within a product line

Product Benefit

diversifies revenue sources

Product Bundling

combining products or services into one package

Cooperate Branding

using the company name as the primary brand

Positioning

creating a desired image in consumers’ minds

Product/Service Branding

creating a name, symbol, design, or identity that distinguishes a product

Brand Equity

value created by consumer recognition and loyalty

Quality

the degree to which a product or service meets standards, fulfills customer expectations, and operates without defects or failure

Innovation

the process of introducing new ideas, technologies, processes, or features to create improved value for consumers or solve problems in novel ways

Price

the financial amount or value a customer pays to purchase a product or service

Customer Service

the support, assistance, and guidance a company provides to consumers before, during, and after a purchase

Reliability

the consistency with which a product, service, or system performs its intended function accurately over time without failing

Sustainability

business practices and product designs that meet current consumer needs without depleting natural resources or harming the environment for future generations

Company Reputation

the overall public perception, belief, and trust that stakeholders (customers, investors, employees) hold regarding a business's track record and values

Features

specific characteristics, functional attributes, tools, or physical elements built into a product or service

User Types

categorizations of consumers grouped by how they interact with a product, their level of expertise, or their specific usage requirements

Competitor Comparison

the systematic side-by-side evaluation of a company’s products, pricing, features, and marketing tactics against rival brands in the marketplace

Convenience

the degree of ease, speed, accessibility, and minimal effort involved for a customer to purchase, access, or use a product or service

Brand Name

the unique spoken or written word, letters, or group of words that identifies a specific product, service, or business and sets it apart from competitors

Logo

a graphic mark, symbol, logotype, or emblem used by a business to facilitate instant public recognition

Colors

the strategic palette of hues used consistently in product design, logos, and marketing materials to evoke specific psychological and emotional responses from consumers

Slogan

memorable, concise phrase or tag line used in marketing campaigns to summarize a brand's value proposition, positioning, or core purpose