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| The systematic and usually-team based approach to coordinating all aspects of a product's marketing initiative including all elements of the marketing mix. |
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| A firm's total product offering designed to satisfy a single need or desire of target customers. |
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| Determined by the number of separate items within the same category. |
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| The loss of sales of an existing brand when a new item in a product family is introduced. |
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| The total set of all products a firm offers for sale. |
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| The number of different product lines the firm produces. |
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| The overall ability of the product to satisfy customers' expectations. |
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| total quality management (TQM) |
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| A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement. |
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| Criteria developed by the International Organization for Standardization to regulate product quality in Europe. |
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| Standards of the International Organization for Standardization concerned with "environmental management" aimed at minimizing harmful effects on the environment. |
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| A process whereby firms work to limit product defect to 3.4 per million or fewer. |
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| A concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline. |
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| The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace. (Question Mark, no profits because the company is recovering R&D costs) |
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| The second stage in the product life cycle, during which consumers accept the product and sales rapidly increase. (Star, profits increase and peak) |
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| The third and longest stage in the product life cycle, during which sales peak and profit margins narrow. (Cash Cow) |
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| The final stage in the product life cycle, during which sales decrease and profits fall as customers needs change. (Dog) |
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| A name, term, symbol, or any other unique element of a product that identifies one firm's product(s) and sets it apart from the competition. |
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| The legal term for a brand name, brand mark, or trade character; trademarks legally registered by a government obtained protection for exclusive use in that country. |
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| The value of a brand to an organization. |
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| The beliefs and associations that a consumer has about the brand. |
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| Marketers seek to engage consumers with compelling stories about brands. |
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| A new product sold with the same brand name as a strong existing brand. |
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| Creating a secondary brand within a main brand that can help differentiate a product line to a desired target group. |
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A brand that a group of individual products or individual brands share.
(Campbell's identifying with its Campbell's Chunky line of soups) |
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| national or manufacturer brands |
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brands that the product manufacturer owns.
(Nike, Coke, Starbucks) |
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Brands that a certain retailer or distributor owns and sells.
(Walmart: Great Value) |
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| A strategy in which products are not branded and are sold at the lowest price possible. |
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An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific amount of time.
(Distiller Brown-Forman licensing its Jack Daniel's bourbon name to T.G.I. Fridays for use on all sorts of menu products like burger and shrimp) |
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| An agreement between two brands to work together to market a new product. (Jelly Belly cobranding with soft drink brands to offer a soda pop selection of jelly beans) |
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| An individual who is responsible for developing and implementing the marketing plan for a single brand. |
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| product category managers |
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| Individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category. |
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| An individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group. |
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| Groups of people within an organization who work together to focus exclusively on the development of a new product. |
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