Benefit

An advantage consumers receive from using a product

Brainstorm

To use a creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting

Bundle

A combination of goods and/or services grouped together and offered as one product

Business/Feasibility analysis

 Examining such factors as demand, costs, competition, capital investment required, and potential profit of a product or service to determine how it will fit into the company’s product mix

Commercialization

The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product’s life cycle begins

Concept testing

Exploring the concept, or idea, for a product in order to obtain feedback

Corporate brand

All the combined customer impressions and experiences associated with a

particular company

Decline stage

The product life cycle stage in which sales and profits fall rapidly

Existing product

Goods or services that are currently being sold        

Goods

Tangible objects that can be manufactured or produced for resale

Growth stage

The product life cycle stage in which sales rise rapidly

Idea generation

The process of thinking up or creating new plans, schemes, thoughts; used in creating new products and modifying existing products

Introduction stage

The product life cycle stage when the product first appears in the

marketplace

Licensing

 A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted (e.g., logo, name), or patented material for a specific activity, during a specific time period, for the profit of both parties

Market research

The systematic gathering, recording, and analyzing of data about a specific issue, situation, or concern that affects a market

Marketing strategy

Plan of action for achieving marketing goals and objectives

Maturity stage

The product life cycle stage in which sales peak and then increase at a slower rate or start to decline

New product

A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner

Positioning

A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers

Product

Marketing element referring to what goods, services, or ideas a business will offer its customers

Product development

The stage in the creation of a new product in which a working model may be tested, modified, and retested; production costs are estimated and final details of the product are planned, e.g., label, promotion, and distribution r y

Product elimination

The removal of a weak product from the market and from the company’s product mix; also known as product discontinuation

Product life cycle

The stages through which goods and services move from the time they are introduced on the market until they are taken off the market

Product mix

The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals

Product-related services

Services that are offered with a product such as maintenance, delivery, or repair

Product/service management

A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities

Prototype

An early sample or model of a product

Pure services

Services provided to consumers without the involvement of any tangible product

Screening

Reviewing in order to make a decision as to what should be kept and what should be discarded

Service(s)

Intangible activities that are performed by other people for money; productive acts that satisfy economic wants

Target market

The particular group of customers a business seeks to attract

Test marketing

The process of introducing a new product to a limited market to determine what its acceptance will be

Weak product

A product whose sales and profitability are declining