BUS 343 Chapter Notes - Chapter 8: Iso 14000, Iso 9000, Six Sigma

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Chapter 8:
1. Product Management – The systematic and usually team-based approach to coordinating all aspects of a
product’s marketing initiative including all element of the marketing mix.
2. Product Line – A firm’s total product offering designed to satisfy a single need or desire of target customers
3. Product Line Length – Determined by the number of separate items within the same category
4. Cannibalization – The loss of sales of an existing brand when a new item in a product line or product family is
introduced
5. Product Mix – The total set of all products a firm offers for sale
6. Product Mix Width – The number of different product line the firm produces
7. Product Quality – The overall ability of the product to satisfy customers’ expectations
8. Total Quality Management (TQM) – A management philosophy that focuses on satisfying customers through
empowering employees to be an active part of continuous quality improvement
9. ISO 9000 – Criteria developed by the International Organization for Standardization to regulate product quality
in Europe
10. ISO 14000 – Standards of the International Organization for Standardization concerned with “environmental
management” aimed at minimizing harmful effects on the environment.
11. Six Sigma – A process whereby firms work to limit product defects to 3.4 million or fewer.
12. Product Life Cycle (PLC) – A concept that explains how products go through four distinct stages from birth to
death: introduction, growth, maturity, and decline.
13. Introduction Stage – The first stage of the product life cycle in which slow growth follows the instruction of a
new product in the marketplace.
14. Growth Stage – The second stage in the product life cycle, during which consumers accept the product and sales
rapidly increase.
15. Maturity Stage – The third and longest stage in the product life cycle, during which sales peak and profit margins
are narrow.
16. Decline Stage – The final stage in the product life cycle, during which sales decrease as customer needs change.
17. Brand – A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s)
and sets it apart from the competition.
18. Trademark – The legal term for a brand name, brand mark, or trade character; trademarks legally registered by
a government obtain protection for exclusive use in that country.
19. Brand Equity – The value of a brand to an organization
20. Brand Meaning – The beliefs and associations that a consumer has about the brand.
21. Brand Storytelling – Marketers seek to engage consumers with compelling stories about brands
22. Brand Extensions – A new product sold with the same brand name as a strong existing brand.
23. Sub-branding – Creating a secondary brand within a main brand that can help differentiate a product line to a
desired target group.
24. Family Brand – A brand that a group of individual products or individual brands share.
25. National or manufacturer brands – Brands that the product manufacturers own
26. Private-label brands – Brands that a certain retailer or distributor owns and sells
27. Generic branding - A strategy in which products are not branded and are sold at the lowest price possible
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