EP1. TALKIN’ TERMS
Listen where you like it…
Right here, Right now…
Intro please..
Hello, and welcome to episode number one of the product founders podcast!
This eppy is a goodie, it’s core knowledge that you need to know and get used to hearing from day one in your product founder journey. I’m laying out the glossary of the most commonly used terms and phrases in product design and development.
Like what is an MOQ?
What does it mean when something is being quoted as LCL?
What on earth is your MVP?
Why are people asking you if you sell B2B or B2C?
What is a swatch, a strike-off and a circle test?
Can anyone explain the difference between a mood board, a concept board, a line sheet and a specification pack?
Yes we can! And we’re going to do it right here and right now. Don’t worry, we got you!
PRODUCT DESIGN TERMINOLOGY
Design Pack / Spec Pack / Art Pack - The folder file that contains all information about the design of your product.
Swatch - A small piece of fabric or material
Strike-off - A tester print on your chosen fabric
Circle Test - Test used to measure the weight in gsm (grams per square metre) of fabric
Mood Board - The overall vibe of your new range
Concept Board - The first draft sketches and ideas for your product
Range Board / Presentation Board - The final neat board that is used to sell
Line Sheet - A list of all your products with information about the codes, packaging, units, costs, margins and materials
Orthographic Drawing - 2d drawing made of 3 drawings from different perspectives of a product view. Example: Top, Side and Front view
Prototype / Sample / Mockup - Your very first draft product or Minimum viable product
Pantone / Colour Code - Worldwide colour communication system
CMYK - Cyan, Magenta, Yellow, Black (Y). Colour printing technique using layered colours.
Material - Type of fabrication the product is made from.
Packaging - can refer to both product and shipping packaging
Colour box - refers to printed box packaging
Poly Bag - plastic protective bag
Hang Cell - retail hanging system
Screen Printing - printing on fabric with inks and dyes through a mesh screen
Digital Printing - printing on fabric using a large ink-jet or heat transfer machine
MANUFACTURING TERMINOLOGY
MOQ - Minimum order Quantity
SKU - stock keeping Unit / Item Number
Barcodes - Code used to scan a product into an inventory or POS (Point of Sale) system
COG - Cost of Goods
Sample / MVP - Minimum viable product
Bulk / Mass production - Your final quantity produced
SHIPPING TERMINOLOGY
Outer / Master Carton - The final total outer box
Inner Carton - the smaller box size which tessellates inside the outer carton
LCL - Less than Container Load
40ft / 20ft - Standard Container sizes
FOB - Freight/Free on Board (FOB price) - In international shipping, the seller is responsible for the transportation of the goods to the port of shipment and the cost of loading them into the container. The buyer pays the costs of ocean freight, insurance, unloading, and transportation from the arrival port to the final destination. The seller passes the risk to the buyer when the goods are loaded at the originating port.
Air Freight - Transporting by air travel
Sea Freight - Transporting by sea / ship travel
Duty Tax - in Australia, this refers to GST. 10% of the goods being imported
Customs Tax & Security Fees - charges associated with sending items through customs and port storage
SELLING TERMINOLOGY
B2B - Business to Business (wholesale)
B2C - Business to Consumer / Customer (retail)
Trade Show / Trade Fair - a showcase for wholesale businesses to present to retailers
Margins - the amount of profit made on a product when cost of the item is removed
PRODUCT INDUSTRY TERMINOLOGY
Designer / Developer - Person who can help translate your idea into drawings and technical CADs (Computer Aided Design)
Graphic Designer - Specialises in marketing, logos, branding and typography. Has a wide knowledge of paper printing techniques and CMYK processes.
Textile Designer - Wide knowledge of fabrics and construction methods. Focuses on illustrative design, traditionally creating designs in repeat patterns for bed linen, wallpapers, fabric meterage and stationery goods.
Fashion Designer - Specialises in knowledge of garment design and pattern making.
Product Design / Industrial Designer - Creates 3D designs in tandem with engineers such as moulds, shapes, forms, casts and rendors. Often employed in the automotive, homewares and industrial sectors.
Packaging Design - Specialises in design for die-cut boxes, engineered boxes, labels and branding.
Buyer - in charge of costings, liaising with manufacturers, developing the overall range with variety
Planner - forecasting sales numbers, cash flow, budgets and shipment times
Wholesaler - someone who sells B2B, to other businesses who on-sell and mark-up the product price. Usually the wholesaler goes directly to the manufacturer or is the developer of the product.
Retailer - Buys from many wholesalers and brands to the public customer
Hindsight - Looking back on past sales and analyzing
WIP - work in progress
LINKS AND RESOURCES
Our Facebook Community - The Product Founders Inner Circle
More about FOB Meaning - The Investopedia “Free on Board Explained”
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