BUS 343 Chapter 8: Product Management

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  1. product life cycle
    concept that explain how products go through four distinct stages from brith to death: introduction, growth, maturity and decline
  2. introduction
    the first stage of the product lfie cycle, in which slow growth follows the introduction of a new product in the marketplace
  3. growth stage
    the second stage in the prodcut life cycle, during which the product is acepted and sales rapidly increase
  4. maturity stage
    the third and longest stage in the product life cycle, in which sales peak and profit margins narrow
  5. decline stage
    the final stage in the product life cule in which sales decrease as customer needs change
  6. sound service strategy
    deal with the "before", "during," amd "after" phases of a product delivery
  7. "before" phase
    • firms need to provide relevant info about the product offered
    • choices of communication channels, time and location should be convenient for customers to place order
  8. "during" phase
    • delivery, installation, and guarantess offered are key elements in the service offered by the firm
    • proper billing and payment requirement practices
  9. "after" phase
    firms should provide after-sales service that includes maintenance and repair support
  10. brand
    a name, term, symbol or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition
  11. trademark
    the legal term for a brand name, brand mark, or trade character, a trademark legally registered by a gover't obtains protetion for exclusive use in that country
  12. brand extension
    aa new product sold with the same brand name as a strong existing brand
  13. family brand
    a brand that a group of individual products or individual brands share
  14. national or manufacturer brands
    brands that the manfacturer of the product owns
  15. store or private-label brands
    brands that are owned and sold a specific retailer or distributor
  16. licensing
    an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
  17. co-branding
    an agreement between two brands to work together in marketing new or existing products
  18. brand manager
    a manager who is responsible for developing and implementing the marketing plan for a single brand
  19. product category manager
    a manager who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
  20. market manager
    a manager who is responsible for developing and implementing the marketing plans for products sold to a specific customer group
  21. venture teams
    groups of people within an organization who focus exclusively on the development of a new product
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BUS 343 Chapter 8: Product Management
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