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Chapter 11
Managing Successful Products, Services and Brands.
24
Management
Undergraduate 3
10/28/2012

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Term
Product Life Cycle
Definition
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.
Term
Product Class
Definition
Consists of the entire product category or industry.
Term
Product Form
Definition
Consists of variations of a product within the product class.
Term
Product Modification
Definition
involes altering a product's characteristic, such as its quality, performance, or appearance, to increase the products value and sales.
Term
Market Modification
Definition
is a strategy in which a company tries to find new customers, increase a products use among existing customers, or create new use situations.
Term
Trading Up
Definition
Involves adding value to the product (or line) through additional features or higher-quality materials.
Term
Trading Down
Definition
involves reducing the number of features, quality, or price.
Term
Branding
Definition
Marketing decision by an organization to use a name, phrase, design or symbols, or combination of these to identify its products and distinguish them from those of competitors.
Term
Brand
Definition
any name, term, sign, symbol, sound, design, color or a combination of these, that identifies the maker or sellers of a product or service.
Term
Trade Name
Definition
Commerical, legal name under which a company does business.
Term
Trademark
Definition
Identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it.
Term
Brand Personality
Definition
set of human characteristics associated with a brand name.
Term
Brand Equity
Definition
added value a given brand name gives to a product beyond the functional benefits provided.
Term
Brand Licensing
Definition
is a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee.
Term
Multiproduct Branding
Definition
branding strategy in which a company uses one name for all its products in a product class.
Term
MultiBranding
Definition
Branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
Term
Private Branding
Definition
branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called "private labeling" or "reseller branding".
Term
Mixed Branding
Definition
branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market.
Term
Packaging
Definition
component of a product that refers to any container in which it is offered for sale and on which label information is conveyed.
Term
Label
Definition
integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients.
Term
Eight P's of Services Marketing
Definition
expands the 4 p's framework to include productivity, people, physical environment, and process.
Term
Capacity Management
Definition
integrates the service component of the marketing mix with efforts to influence consumer demand.
Term
Off-Peak Pricing
Definition
Involves charging different prices during different times of the day or days of the week to reflect variations in demand for the service.
Term
Customer Experience Management (CEM)
Definition
Process of managing the entire customer experience within the firm.
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