Elements of Product Planning for Goods and Services

These flashcards cover key terminology and concepts related to product planning for goods and services, as outlined in the lecture notes.

Product

The need-satisfying offering of a firm, including the entire customer experience.

Key Differences between Goods and Services

Goods are tangible and produced in a factory, while services are intangible and often produced while being consumed.

Product Quality

The ability to satisfy a customer’s needs or requirements.

Product Assortment

The total range of products a company offers, including various product lines and individual products.

Tangible

Physical products that can be touched and owned.

Intangible

Services that cannot be touched or owned, often requiring trust in the provider.

Perishable

Services that expire after they are created, unlike goods which can be stored.

Non-Perishable

Goods that do not expire and can be stored for long periods.

Branding

The use of a name, term, symbol, or design to identify and differentiate a product from others.

Brand Familiarity Levels

Includes recognition, preference, insistence, and evangelism.

Economies of Scale

Cost advantages that enterprises obtain due to their scale of operation.

Manufacturer Brands

Brands owned by the producers of the goods.

Dealer Brands

Products branded by retailers as their own.

Generic Brands

Products with no brand name, typically sold at lower prices.

Family Brand

A brand that includes multiple products marketed under the same name.

Licensed Brand

A brand developed by one company and licensed to another for use.

Consumer Products

Products intended for personal use by the consumer.

Business Products

Products that are intended for use in producing other goods or services.

Convenience Products

Low-cost products that are purchased frequently and with minimal effort.

Impulse Products

Products that consumers buy on a whim without planning.

Emergency Products

Products purchased in urgent situations.

Shopping Products

Products that consumers compare based on quality, price, and style.

Specialty Products

High-end products with unique characteristics that consumers specifically seek.

Unsought Products

Products that consumers do not think about or know about regularly.

Packaging

The design and production of the container or wrapper for a product.

Fair Packaging and Labeling Act

Regulations to ensure that consumer products are labeled and packaged fairly.

Brand Equity

The added value a brand name gives to a product.

Trademark

A legally registered brand name or symbol.

Service Mark

A trademark used to identify services rather than products.

Brand Recognition

The ability of consumers to identify a brand based on its name, logo, or packaging.

Brand Preference

When consumers prefer one brand over its competitors.

Brand Insistence

When consumers refuse to accept substitutes and insist on a particular brand.

Brand Evangelism

When customers promote a brand out of devotion and enthusiasm.

Augmented Reality (AR)

Technology that overlays digital information on the real world.

Non-Fungible Tokens (NFTs)

Unique digital assets that represent ownership of a specific item or a piece of content.

Product Line

A group of related products marketed under a single brand.

Product Line Length

The number of items in a product line.

Warranty

A promise or guarantee provided by a manufacturer regarding the condition of a product.

Product Life Cycle

The stages a product goes through from introduction to decline.

Market Strategy Planning

The process of planning how to promote and sell products in a market.

Consumer Perception

The way consumers view and interpret products or brands.

Product

The offering that satisfies customer needs.

Product Quality

Refers to the ability of a product to satisfy a customer’s needs or requirements.

Product Assortment

The collection of different products offered by a company.

Product Line

A group of related products under a single brand sold by the same company.

Individual Product

The specific item within a product line, distinguished by characteristics like quality, size, and price.

Tangible vs. Intangible

Goods are tangible and can be touched, while services are intangible and cannot be physically touched.

Production Location

Goods are produced in factories distant from consumers; services are produced locally and often in the presence of the customer.

Perishability

Goods are non-perishable; services are perishable, emphasizing effective management of supply and demand.

Technology's Role in Product Enhancement

Technology adds features that enhance overall customer experience and perceived value.

Branding

Using a name, term, symbol, or design to identify a product.

Brand Familiarity

Levels of brand awareness range from brand non-recognition to brand evangelism.

Good Brand Name Characteristics

Easily memorable, pronounceable, and capable of conveying product benefits or qualities.

Lanham Act

Legal protection of trademarks to prevent counterfeiting.

Family Brand

A brand applied to multiple products.

Licensed Brand

A brand licensed to another manufacturer.

Individual Brand

Specific products under distinct names.

Generic Brand

No brand name and often less expensive.

Functions of Packaging

Promoting the product, protecting it during distribution, and enhancing usage.

Fair Packaging and Labeling Act

Ensures packaging is transparent and fair, considering environmental impact.

Consumer Products

Products classified based on the intended customer.

Convenience Products

Everyday items that are easy to access.

Shopping Products

Products requiring comparison before purchase.

Specialty Products

Unique offerings with brand loyalty.

Unsought Products

Items consumers do not actively seek but may purchase in certain situations.

Staples

Everyday items used regularly.

Impulse Products

Spontaneous buys, often placed in high-traffic areas.

Emergency Products

Needed immediately, often at a premium price.

Homogeneous Shopping Products

Similar in nature, where price is a key differentiator.

Heterogeneous Shopping Products

Different based on attributes, presentation, or brand, leading to careful comparison.

Brand Equity

The value added to a product through brand recognition and customer loyalty.

Battle of the Brands

Competitive rivalry between brands for market dominance.