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Bus100 Ch11
Business Essentials Ebert / Griffin 8e Chapter 11 Key Terms
47
Business
Undergraduate 1
02/12/2011

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Term
Brand Awareness
Definition
Extent to which a brand name comes to mind when a consumer considers a particular product category
Term
Brand Competition
Definition
Competitive marketing that appeals to consumer perceptions of benefits of products offered by particular companies
Term
Brand Loyalty
Definition
Pattern of regular consumer purchasing based on satisfaction with a product's performance
Term
Branding
Definition
Process of using symbols to communicate the qualities of a product made by a particular producer
Term
Capital Item
Definition
Expensive, long-lasting, infrequently purchased industrial good, such as a building, or industrial service, such as building maintenance
Term
Consumer Behavior
Definition
Study of the decision process by which people buy and consume products
Term
Consumer Goods
Definition
Physical products purchased by consumers for personal use
Term
Convenience Good / Convenience Service
Definition
Inexpensive good or service purchased and consumed rapidly and regularly
Term
Demographic Variables
Definition
Characteristics of populations that may be considered in developing a segmentation strategy
Term
Distribution
Definition
Getting products from producers to consumers
Term
Distribution Channel
Definition
Network of interdependent companies through which a product passes from producer to end user
Term
Emotional Motives
Definition
Reasons for purchasing a product that are based on nonobjective factors
Term
Expense Item
Definition
Industrial product purchased and consumed rapidly and regularly for daily operations
Term
Geographic Variables
Definition
Geographic units that may be considered in developing a segmentation strategy
Term
Industrial Goods
Definition
Physical products purchased by companies to produce other products
Term
Industrial Market
Definition
Organizational market consisting of firms that buy goods that are either converted into products or used during production
Term
International Competition
Definition
Competitive marketing of domestic products against foreign products
Term
Licensed Brand
Definition
Brand-name product for whose name the seller has purchased the right from an organization or individual
Term
Market Segmentation
Definition
Process of dividing a market into categories of consumer types
Term
Marketing Manager
Definition
Manager who plans and implements the marketing activities that result in the transfer of products from producer to consumer
Term
Marketing Mix
Definition
Combination of product, pricing, promotion, and distribution strategies used to market products
Term
Marketing Plan
Definition
Detailed strategy for focusing marketing efforts on consumers' needs and wants
Term
National Brand
Definition
Brand-name product produced by, widely distributed by, and carrying the name of a manufacturer
Term
Packaging
Definition
Physical container in which a product is sold, advertised, or protected
Term
Private Brand (Private Label)
Definition
Brand name product that a wholesaler or retailer has commissioned from a manufacturer
Term
Product
Definition
Good, service, or idea that is marketed to fill consumers' needs and wants
Term
Product Differentiation
Definition
Creation of a product feature or product image that differs enough from existing products to attract customers
Term
Product Features
Definition
Tangible and intangible qualities that a company builds into its products
Term
PLC
Definition
Product Life Cycle
Term
Product Life Cycle
Definition
Series of stages in a product's commercial life
Term
Product Line
Definition
Group of products that are closely related because they function in a similar manner or are sold to the same customer group who will use them in similar ways
Term
Product Mix
Definition
Group of products that a firm makes available for sale
Term
Product Placement
Definition
A promotional tactic for brand exposure in which characters in television, film, music, magazines, or video games use real product with its brand visible to viewers
Term
Psychographic Variables
Definition
Consumer characteristics, such as lifestyles, opinions, interests, and attitudes that may be considered in developing a segmentation strategy
Term
Rational Motives
Definition
Reasons for purchasing a product that are based on logical evaluation of product attributes
Term
Relationship Marketing
Definition
Marketing strategy that emphasizes lasting relationships with customers and suppliers
Term
Reseller Market
Definition
Organizational market consisting of intermediaries that buy and resell finished goods
Term
Services
Definition
Products having nonphysical features, such as information, expertise, or an activity that can be purchased
Term
Shopping Good / Shopping Service
Definition
Moderately expensive, infrequently purchased good or service
Term
Specialty Good / Specialty Service
Definition
Expensive, rarely purchased good or service
Term
Speed to Market
Definition
Strategy of introducing new products to respond quickly to customer or market changes
Term
Substitute Product
Definition
Product that is dissimilar from those of competitors but that can fulfill the same need
Term
Target Market
Definition
Group of people that have similar wants and needs and can be expected to show interest in the same products
Term
Utility
Definition
Ability of a product to satisfy a human want or need
Term
Value
Definition
Relative comparison of a product's benefits versus its cost
Term
Value Package
Definition
Product marketed as a bundle of value-adding attributes, including reasonable cost
Term
Viral Marketing
Definition
Type of buzz marketing that relies on the Internet to spread information like a "virus" from person to person about products and ideas
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