Term
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Definition
• Products or services toward which customers show such a strong preference that they will expend considerable effort to search for the best suppliers
• Luxury cars, legal or medical professionals, designer apparel |
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Term
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Definition
• Consumers will spend a fair amount of time comparing alternatives
• Furniture, apparel, fragrances, appliances, travel alternatives |
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Definition
• Consumer is not willing to spend any effort to evaluate prior to purchase
• Commodity items, beverages, bread, or soap |
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Term
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Definition
| • Require lots of marketing effort and promotion |
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Term
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Definition
| Groups of associated items that consumers tend to use together or think as part of a group of similar products |
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Term
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Definition
| Count of the # of product lines offered by the firm |
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Definition
| # of products within a product line |
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Term
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Definition
| Short for stock keeping unit, SKU is a unique numerical identifying number that refers to a specific stock item in a retailer's inventory or product catalog. The SKU is often used to identify the product, product size or type, and the manufacturer. In the retail industry, the SKU is a part of the backend inventory control system and enables a retailer to track a product in their inventory that may be in warehouses or in retail outlets. |
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Term
| 4 components of brand equity |
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Definition
Brand awareness
Perceived value
Brand associations
Brand loyalty |
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Term
| Types of private label brands |
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Definition
Premium brands
Generic brands
Copycat brands
Exclusive co-brands |
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Term
| Two ways of naming brands |
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Definition
Family brands -
• Individual brands benefit from the overall brand awareness associated with the family name
• Kellogg’s special K for example
Individual brands -
• Kellogg allowing Cheez-its or Keebler cookies to keep its brand name |
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Term
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Definition
Use of the same brand name in a different product line
(increases product mix breadth) |
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