Marketing - Product

product

A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want.

marketing mix

A planned mix of the controllable elements of a product's marketing plan commonly termed as 4Ps: product, price, place, and promotion.

price

A value that will purchase a finite quantity, weight, or other measure of a good or service.

Marketing strategy

An organization's strategy that combines all of its marketing goals into one comprehensive plan. A good marketing strategy should be drawn from market research and focus on the right product mix in order to achieve the maximum profit potential and sustain the business. The marketing strategy is the foundation of a marketing plan.

Consumer goods

Broad category that covers mass-market items divided into consumer durables, consumer non-durables, and soft goods.

Product life cycle

Four distinct but not wholly-predictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue stabilizes, and (4) decline, when sales revenue starts to fall and eventually vanishes or becomes too little to be viable. As a product moves through these stages, its pricing, promotion, packaging, and distribution are re-evaluated and changed if required to prolong its life.

Producer goods

Heavy equipment (such as excavators, forklifts, generators, metal-forming or metal-working machines, vehicles) which (in contrast to consumer goods) require a relatively large investment, and are bought to be used over several years.

promotion

Marketing: The advancement of a product, idea, or point of view through publicity and/or advertising. See also sales promotion.

Packaging

Processes (such as cleaning, drying, preserving) and materials (such as glass, metal, paper or paperboard, plastic) employed to contain, handle, protect, and/or transport an article. Role of packaging is broadening and may include functions such as to attract attention, assist in promotion, provide machine identification (barcodes, etc.), impart essential or additional information, and help in utilization.

Producer services

Producer services are intermediate inputs to further production activities that are sold to other firms, although households are also important consumers in some cases.

Unique Selling Point (USP)

Real or perceived benefit of a good or service that differentiates it from the competing brands and gives its buyer a logical reason to prefer it over other brands. USP is often a critical component of a promotional theme around which an advertising campaign is built.

Brand loyalty

The extent of the faithfulness of consumers to a particular brand, expressed through their repeat purchases, irrespective of the marketing pressure generated by the competing brands.

Brand image

The impression in the consumers' mind of a brand's total personality (real and imaginary qualities and shortcomings). Brand image is developed over time through advertising campaigns with a consistent theme, and is authenticated through the consumers' direct experience.

Consumer services

The range of services provided to consumers of a product by the company that produces, markets, or supports the product. Consumer services may include technical support, warranty registration, problem notifications, account management, mediation with other vendors, or other service depending on the nature of the product purchased by the customer.

Brand name

Word(s) that identify not only a product but also its manufacturer or producer, such as Apple, Coca Cola, IBM, Mercedes, Shell, Sony, Toyota.