3.03 VOCABULARY LIST
ASSIGNMENT:
Create an index card for each term listed below (1 card for each vocab term). ALL WRITING MUST BE NEAT &
LEGIBLE.
 FRONT - Print the term in BIG BOLD letters (The term should COVER the front of the index card.).
 Print the entire (do not shorten it!) definition on the back of the index card.
 NUMBER the FRONT of each card & turn them in the correct order.
 Put your name on the FRONT of the 1st card.
1. Alteration = making changes to meet customer needs & wants; improvement of an established
product. A product mix strategy in which a business makes changes to its products or product
lines.
2. Brand Positioning: A branding strategy in which marketers create a certain image or
impression of a brand as compared to those of competitors’ brands.
3. Broad Product Mix: many different product lines carried. A description of the width of a
business's product mix offering many product lines.
4. Business Feasibility Analysis: Examining such factors as demand, costs, competition, capital
investment required, and potential profit of a product or service to determine how it will fit
into the company’s product mix.
5. Consistency = associated with a narrow product mix. A product mix dimension referring to
how closely a company's product lines are related in terms of the products' end use, methods
of distribution and production, target market(s), and/or price range
6. Contraction = narrowing or decreasing number of product lines carried. A product mix
strategy in which a business removes, or deletes, product items or product lines from its
product mix.
7. Deep Product Mix: extensive variety within a product line. A description of the depth of a
business's product mix offering a great many items in the product line
8. Depth = A product mix dimension referring to the number of products and the assortment of
sizes, colors, and models offered in a product line.
9. Expansion = A product mix strategy in which a business expands its product mix by adding
additional product items or product lines.
10. Family Brand: A category of brands in which one brand is used for a group of related products
in a product line.
11. Narrow Product Mix: limited product lines carried, typically very specialized. A description of
the width of a business's product mix offering a limited number of product lines.
12. Positioning = is all about perception, actions marketers take to create a certain image of a
product in the minds of the customers. A product mix strategy in which a business creates a
certain image or impression of a product in the minds of consumers.
13. Product Depth = number of items offered within each product line.
14. Product Elimination: The removal of a weak product from the market and from the company’s
product mix, also known as product discontinuation.
15. Product Item = specific model, brand, or size of a product within a line. Each individual good,
service, or idea that a business offers for sale.
16. Product Line = group of closely related products manufactured by a business, A group of
related product items.
17. Product Mix = all the types of products a company makes or sells. The particular assortment
of goods and services that a business offers to meet the needs of its market(s) and its
company goals. (Product, Price, Place, Promotion)
18. Product Mix Strategies: The ways in which businesses handle, or manage, their product mixes.
19. Product Width = number of different product lines
20. Shallow Product Mix: limited variety within a product line. A description of the depth of a
business's product mix offering few items in the product line.
21. Trading down = Adding a lower-priced item to a line of prestige products to encourage
purchases from people who cannot afford the higher-priced product, but want the status.
Selling a lower price line than the original request because it would meet the customer's real
needs. A product-mix strategy in which a business adds a lower priced product or product line
to its product mix.
22. Trading up = Adding a higher-priced product to a line to attract a higher-income market and
improve the sales of existing lower-priced products. A sales technique in which the
salesperson suggests a higher priced product than the one originally requested by the
customer.
23. WIDTH: A product mix dimension referring to the number of product lines carried by a
company.