3.03

Brand Positioning

1. A branding strategy in which marketers create a certain image or impression of a brand as compared to those of competitors' brands.

Depth

1. A product mix dimension referring to the number of products and the assortment of sizes, colors, and models offered in a product line.

Trading down

1. Adding a lower-priced item to a line of prestige products to encourage purchases from people who cannot afford the higher-priced product, but want the status. Selling a lower price line than the original request because it would meet the customer's real needs. A product-mix strategy in which a business adds a lower priced product or product line to its product mix.

Business Feasibility Analysis

1. 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.

Product Mix

1. all the types of products a company makes or sells. The particular assortment of goods and services that a business offers to meet the needs of its market(s) and its company goals. (Product, Price, Place, Promotion)

Consistency

1. associated with a narrow product mix. A product mix dimension referring to how closely a company's product lines are related in terms of the products' end use, methods of distribution and production, target market(s), and/or price range

Product Line

1. group of closely related products manufactured by a business, A group of related product items.

Shallow Product Mix

1. limited variety within a product line. A description of the depth of a business's product mix offering few items in the product line.

Contraction

1. narrowing or decreasing number of product lines carried. A product mix strategy in which a business removes, or deletes, product items or product lines from its product mix.

Product Item

1. specific model, brand, or size of a product within a line. Each individual good, service, or idea that a business offers for sale.

Family Brand

A category of brands in which one brand is used for a group of related products in a product line.

WIDTH

A product mix dimension referring to the number of product lines carried by a company.

Expansion

A product mix strategy in which a business expands its product mix by adding additional product items or product lines.

Trading up

Adding a higher-priced product to a line to attract a higher-income market and improve the sales of existing lower-priced products. A sales technique in which the salesperson suggests a higher priced product than the one originally requested by the customer.

Product Elimination

The removal of a weak product from the market and from the company's product mix, also known as product discontinuation.

Product Mix Strategies

The ways in which businesses handle, or manage, their product mixes.

Deep Product Mix

extensive variety within a product line. A description of the depth of a business's product mix offering a great many items in the product line

Positioning

is all about perception, actions marketers take to create a certain image of a product in the minds of the customers. A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers.

Narrow Product Mix

limited product lines carried, typically very specialized. A description of the width of a business's product mix offering a limited number of product lines.

Alteration

making changes to meet customer needs & wants; improvement of an established product. A product mix strategy in which a business makes changes to its products or product lines.

Broad Product Mix

many different product lines carried. A description of the width of a business's product mix offering many product lines.

Product Width

number of different product lines

Product Depth

number of items offered within each product line.