Vocab Definitions
What is the definition of inventory
A complete list of items such as property, goods in stock, or the contents of a building.
What is the definition of purchasing?
The activity of a company acquiring goods and services from other entities to fulfill its operational needs and achieve its goals.
what are the 4 Ps?
Product, Price, Place, and Promotion.
What is the meaning of vendor?
A person or business that purchases goods and services from distributors and resells these items to consumers or other businesses
What is the definition of prototype?
An early, non-final version of a product, service, or business model that allows entrepreneurs and designers to test ideas, gather user feedback, and identify potential problems before a full launch.
With who did product development first start with?
Prehistoric humans
What is the definition of a product plan?
A strategic document and ongoing process that outlines a product’s vision, features, target market, and development timeline to achieve business goals.
What is a person or business that purchases goods and services?
Vendor
Who became the U.S. Secretary of Defense
Neil McElroy
What is the definition of sourcing?
The strategic process of identifying, evaluating and engaging suppliers to secure the necessary goods and services for a company’s operations.
What is a strategic document and ongoing process?
Product plan
What happened in the 1980s?
By the 1980s, tech companies turned product management into a bridge between engineering, design, and business.
What is the definition of product management
The strategic process of developing and managing a product throughout its entire lifecycle, from ideation to market launch and beyond, to meet both customer needs and business goals.
What is a strategic process of developing and managing a product throughout its entire lifecycle?
Product management
What is product management often traced to
Product management‘s roots are often traced to a nemo written by Neil H. McElroy at Procter and Gamble