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PSM

Product Service Management

TermDefinition
Express Warranty A warranty that is explicitly stated, in writing or verbally, to encourage a customer to make a purchase
Limited Warranty May exclude certain parts of the product from coverage or require the customer to bear some sort of expense for repairs resulting from defects
Full Warranty A warranty that guarantees that if a product is found to be defective within the warranty period, it will be repaired or replaced
Implied Warranty One that takes effect automatically by state law whenever a purchase is made
Government Agencies Across state lines
Guarantee What the business promises you will be treated or provided (if what you get will work)
Grades Ratings assigned to products that tells to what extent standards are met
Standards Statements that specify a products size, contents, and/or quality. Used as a basis for judging or comparing goods and services
Trade/Professional Organizations To promote product safety
Product Life Cylce The stages through which goods & services move from the time they are introduced on the market until they are taken off of the market
Introductory Stage The product life cycle stage when the product first appears on the market
Obsolescence The state of being outmoded or unfashionable. Becoming outdated due to advancements in technology or the introduction of new products
Product Decisions Marketing element referring to what goods, services, or ideas a business will offer its customers
Declining Stage The product life cycle in which sales & profits fall rapidly
Product Elimination The removal of a weak product from the market & from the company's mix, also known as product discontinuation
Maturity Stage The product life cycle stage in which sales peak & then increase at a slower rate or start to decline
Growth Stage The product life cycle stage in which sales rise rapidly
Product Development The efforts involved in the creation of a new product. The stage in the creation of a new product in which a working model may be tested, modified, & retested. Production products are estimated & final details of the product are planned
Intranet Allow employees to simultaneously access the same information about the products
Product Service Management A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities
Mass Customization Allows businesses to produce products that are specialized for a very few customers
Product Mix All the different products that a company makes or sells
Product Item A specific model, brand, or size, of a product within a product line
Product Line A group of closely related products manufactures or sold by a business
Product Depth The number of product items in a product line, shallow or deep
Product Width The number of product lines a business manufactures or sells, narrow or wide
Business Image The way the company is viewed by customers, competitors, ect.
Product Positioning Present products in the best possible way to the largest target audience
Brand Promise What your business will constantly deliver to the customer, the statement that you make to a customer that identifies what they should expect
National (Manufacturer's) Brand The manufacturer has assumed all responsibility of branding, usually higher prices
Private Brand A brand owned by an intermediary or store
Generic Unbranded products that are plainly packaged, have lower or standard quality, are sold at lower prices, and receive little to no promotion
Why do companies use brands for their products? To differentiate their products
Created by: E_McFadden
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