1. Standard 5

2. A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.

3. The stages through which goods and services move from the time they are introduced on the market until they are taken off the market.

4. During this stage, the business seeks to build product awareness and develop a market for the product.  Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained.  Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs.  Distribution is selective until consumers show acceptance of the product.  Promotion is aimed at innovators and early adopters. Marketing communications seeks to build product awareness and to educate potential consumers about the product. http://business.time.com/2013/10/10/meet- hersheys-new-candy-brand/

5. During this stage, the firm seeks to build brand preference and increase market share.  Product quality is maintained and additional features and support services may be added.  Pricing is maintained as the firm enjoys increasing demand with little competition.  Distribution channels are added as demand increases and customers accept the product.  Promotion is aimed at a broader audience.

6. At maturity, the strong growth in sales diminishes. Competition may appear with similar products. The primary objective at this point is to defend market share while maximizing profit.  Product features may be enhanced to differentiate the product from that of competitors.  Pricing may be lower because of the new competition.  Distribution becomes more intensive and incentives may be offered to encourage preference over competing products.  Promotion emphasizes product differentiation.

7. As sales decline, the firm has several options:  Maintain the product, possibly rejuvenating it by adding new features and finding new uses.  Harvest the product - reduce costs and continue to offer it, possibly to a loyal niche segment.  Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue the product. The marketing mix decisions in the decline phase will depend on the selected strategy. For example, the product may be changed if it is being rejuvenated, or left unchanged if it is being harvested or liquidated. The price may be maintained if the product is harvested, or reduced drastically if liquidated. http://www.pennlive.com/midstate/index.ssf/2013/04/which_discontinued_hers hey_can.html

8. A company’s percentage of the total sales volume generated by all companies that compete in a given market.

9. The relative standing a competitor has in a given market in comparison to its other competitors.

10. BRAINSTORMING: A creative-thinking technique involving the identification of as many different ideas as possible during a certain time frame; can be done by one person but is used most often in a group setting. Crowdsourcing: the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers Mind Mapping: A creative-thinking technique that involves the generation of ideas by associations.

11. Combining two or more products or services together, creating differentiation, greater value and therefore enhancing the offering to the customer. Bundling is based on the idea that consumers value the grouped package more than the individual items.

12. The particular assortment of goods and services that a business offers to meet the needs of its market(s) and its company goals.

13. A group of closely related products manufactured and/or sold by a business.

14. A specific model, brand, or size of a product within a product line.

15. The number of different product lines a business manufactures or sells.

16. The number of product items offered within each product line.

17.  The plan for how the business determines which products it will make or stock  May develop completely new products  May drop existing products  May expand or modify their current product lines  Line Extensions  Product Modifications

18. Original Product Newer Products Line Extensions – new product lines, items, or services

19. Product Modifications – an alteration in a company’s existing product