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Chapter 11
Midterm 1
22
Marketing
Undergraduate 2
03/05/2013

Additional Marketing Flashcards

 


 

Cards

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 the variations of a product within the product class.
Term
product modification
Definition
a strategy that alters one or more of a product’s characteristic, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales.
Term
market modification
Definition
a strategy in which a company tries to find new customers, increase a product’s 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
a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors
Term
brand name
Definition
any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or services.
Term
trade name
Definition
a commercial, 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
a set of human characteristics associated with a brand name.
Term
brand equity
Definition
the added value a brand name gives to a product beyond the functional benefits provided.
Term
brand licensing
Definition
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
a branding strategy in which a company uses one name for all its products in a product class
Term
multibranding
Definition
a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
Term
private branding
Definition
a 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
a 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
a 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
an 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
warranty
Definition
a statement indicating the liability of the manufacturer for product deficiencies.
Term
product life cycle- intro stage
Definition
stimulate trial, primary demand, selective demand, skimming strategy, penetration pricing
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