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Definition
| Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs |
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Definition
| Everything that consumers evaluate when deciding whether to buy something; also called a value package |
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Definition
| A group of products that are physically similar or are intended for a similar market |
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Definition
| The combination of product lines offered by a manufacturer |
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Definition
| The creation of real or perceived product differences |
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| Convenience Goods and Services |
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Definition
| Products that the consumer wants to purchase frequently and with a minimum of effort |
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| Shopping Goods and Services |
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Definition
| Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers |
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| Specialty Goods and Services |
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Definition
| Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them |
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| Unsought Goods and Services |
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Definition
| Products that consumers are unaware of, haven’t necessarily thought of buying, or find that they need to solve an unexpected problem |
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Definition
| Products used in the production of other products. Sometimes called business goods or B2B goods |
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Definition
| A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors |
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Definition
| A brand that has been given exclusive legal protection for both the brand name and the pictorial design |
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| Manufacturers’ Brand Names |
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Definition
| The brand names of manufacturers that distribute the products nationally |
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| Dealer (Private-Label) Brands |
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Definition
| Products that don’t carry the manufacturer’s name buy carry a distributor or retailer's name instead |
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Definition
| Nonbranded products that usually sell at a sizable discount compared to national or private-label brands |
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Definition
| Illegal copies of national brand-name goods |
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Definition
| The combination of factors – such as awareness, loyalty, perceived quality, images, and emotions – that people associate with a given brand name |
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Definition
| The degree to which customers are satisfied, like the brand, and are committed to further purchase |
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Definition
| How quickly or easily a given brand name comes to mind when a product category is mentioned |
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Definition
| The linking of a brand to other favorable images |
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Definition
| A manager who has direct responsibility for one brand or one product line |
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Definition
| A process designed to reduce the number of new-product ideas being worked on at any one time |
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Definition
| Making cost estimates and sales forecasts to get a feeling for profitability of new-product ideas |
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Term
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Definition
| Taking a product idea to consumers to test their reactions |
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Definition
| Promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers |
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Definition
| A theoretical model of what happens to sales and profits for a product class over time |
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Definition
| Designing a product so that it satisfies customers and meets the profit margins desired by the firm |
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Term
| Competition-Based Pricing |
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Definition
| A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors’ prices |
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Definition
| The process used to determine profitability at various levels of sales |
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Definition
| All the expenses that remain the same no matter how many products are made or sold |
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Definition
| Costs that change according to the level of production |
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Definition
| Strategy in which a new product is priced high to make optimum profit while there’s little competition |
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Definition
| Strategy in which a product is priced low to attract many customers and discourage competition |
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Term
| Everyday Low Pricing (EDLP) |
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Definition
| Setting prices lower than competitors and then not having any special sales |
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Term
| High-Low Pricing Strategy |
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Definition
| Setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors’ |
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Definition
| Grouping two or more products together and pricing them as a unit |
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Term
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Definition
| Pricing goods and services at price points that make the product appear less expensive than it is |
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