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Marketing: An Introduction
Ninth Edition; Armstrong & Kotler
47
Marketing
Undergraduate 2
02/15/2012
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Term
Product *
 Definition
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Term
Service*
 Definition
A form of product; any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
Term
Consumer Product*
 Definition
Product bought by final consumer for personal consumption.
Term
Convenience Product*
 Definition
Consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
Term
Shopping Product*
 Definition
Consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price, and style.
Term
Specialty Product*
 Definition
Consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Term
Unsought Product*
 Definition
Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
Term
Industrial Product
 Definition
Product bought by indiviuals and organizations for further processing or for use in conducting a business.
Term
Social Marketing
 Definition
The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
Term
Product Quality*
 Definition
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Term
Brand*
 Definition
A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
Term
Packaging*
 Definition
The activities of designing and producing the container or wrapper for a product.
Term
Product Line
 Definition
A group of products that are closely related because they function in a similar manner, are sold to the same consumer groups, are marketed through the same types of outlets, or fall within given price ranges.
Term
Product Mix
(Product Portfolio)
 Definition
The set of all product lines and items that a particular seller offers for sale. (Sony or Marriot)
Term
Brand Equity
 Definition
The positive differential effect that knowing the brand name has on customer response to the product.
Term
Store Brand*
(Private Brand)
 Definition
a brand created and owned by a reseller of a product or service.
Term
Co-branding*
 Definition
The practice of using the established brand names of two different companies on the same product.
Term
Line Extension
 Definition
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
Term
Brand Extension
 Definition
Extending an existing brand name to new product categories.
Term
Service Intangibility*
 Definition
A major characteristic of services -- they cannot be seen, tasted, felt, heard, or smelled before they are bought.
Term
Service Inseperability*
 Definition
A major characteristic of services -- they are produced and consumed at the same time and cannot be seperated from their providers.
Term
Service Variability*
 Definition
A major characteristic of services -- their quality may vary greatly, depending on who provides them and when, where, and how.
Term
Service Perishability*
 Definition
A major characteristic of services - they cannot be stored for later sale or use.
Term
Internal Marketing
 Definition
Orienting and motivating customer-contact employees and the supporting service people to work as a team to provide customer satisfaction.
Term
Interactive Marketing
 Definition
Training service employees in the fine art of interacting with customers to satisfy their needs.
Term
Labeling*
 Definition
Identifies the product or brand, describes the product, and promotes the brand.
Term
Product Support Services*
 Definition
Support services, which can be a major or minor part of the total offering.
Term
Product Attributes*
 Definition
Product quality, features, and style/design.
Term
Licensing*
 Definition
Some companies license names or symbols previously created by other manufacturers, names of well-known celebrities, or characters from movies.
Term
Manufacturers Brand*
(National brand)
 Definition
Sony and Kellof sell their output under their own names.
Term
New-product development
 Definition
The development of original products, product improvements, product modifications, and new brands through the firm's own product development efforts.
Term
Idea Generation*
 Definition
The systematic search for new-product ideas.
Term
Idea Screening*
 Definition
Screening new product ideas in order to spot good ideas and drop poor ones as soon as possible.
Term
Product Concept *
 Definition
A detailed version of the new-product idea stated in meaningful consumer terms.
Term
Concept Testing*
 Definition
Testing new-product concepts with a group of target customers to find out if the concepts have stronger consumer appeal.
Term
Marketing Strategy Development
 Definition
Designing an initial marketing strategy for a new product based on the product concept.
Term
Business Analysis
 Definition
A review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the company's objectives.
Term
Product Development
 Definition
Developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering.
Term
Test Marketing*
 Definition
The stage of new-product development in which the product and marketing program are tested in realistic market settings.
Term
Commercialization
 Definition
Introducing a new product into the market.
Term
Style
 Definition
A basic and distinctive mode of expression.
Term
Fashion
 Definition
A currently accepted or popular style in a given field.
Term
Fad
 Definition
A temporary period of unusually high sales driven by consumer enthusiasm and immediate product or brand popularity.
Term
Introduction Stage*
 Definition
The product life-cycle stage in which the new product is first distributed and made available for purchase.
Term
Growth Stage*
 Definition
The product life-cycle stage in which a product's sales start climbing quickly.
Term
Maturity Stage*
 Definition
The product life-cycle stage in which slaes growth slows or levels off.
Term
Decline Stage*
 Definition
The product life-cycle stage in which a product's sales decline.
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