| Term | Definition |
|---|
| Product Life Cycle | The evolution of a product/service on the market / intro, growth, maturity, decline |
| Product Mix Strategy | A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business |
| Market Research | A system of collecting, recording, and analyzing information about customers, competitors, products, and services which could influence potential success |
| Market Share | The business's percentage of the total sales generated in a specific market |
| Market/product position | The image a product or business has in relation to its competition |
| Business Considerations | Factors that influence the success of a selected business in relation to the competition |
| Branding | Selecting products/services that have a name, symbol, or design for identification. |
| Packaging | Physical appearance of a product, container, or wrapper. |
| Labeling | Presents information about the product's content and use/ also protects a business from legal mishaps invilving the product |
Combine with other sets
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