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Definition
a group of products
that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same type of outlets, or fall within a given price range. |
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| the number of product lines offered by a company |
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Definition
items that
the consumer purchases frequently, conveniently, and with a minimum
of shopping effort. |
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Term
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Definition
items for which the consumer compares several alternatives on criteria, such as price, quality, or style. |
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Definition
items that a consumer makes a special effort to
search out and buy. |
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Definition
items that the consumer either does not know about or knows about but does not initially want. |
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Definition
a payment a manufacturer makes to place a
new item on a retailer’s shelf. |
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Term
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Definition
a penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make. |
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Definition
describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline. |
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Definition
| involves altering
a product’s characteristic, such as its quality, performance, or appearance, to try to increase the product’s sales. |
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Term
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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. |
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Term
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Definition
any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s goods or services. |
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Term
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Definition
a commercial, legal name under which a company does business. |
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Definition
a set of human characteristics associated with a brand name. |
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Term
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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. |
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Term
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Definition
| the added value a given brand name gives to a product beyond the functional benefits provided |
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Term
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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. |
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Term
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Definition
a branding strategy in which a company uses one name for all its products in a product class. |
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Term
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Definition
a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment. |
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Term
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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. |
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Term
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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 |
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Term
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Definition
occurs when the service provider is available but there is no demand. |
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Term
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Definition
a flowchart of the points of interaction between a consumer and a service provider. |
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Term
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Definition
involves integrating the service component of the marketing mix with efforts to influence consumer demand. |
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Term
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Definition
consists of charging different prices during different times
of the day or days of the week to reflect variations in demand for the service. |
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Term
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Definition
a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price. |
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Term
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Definition
| factors that determine consumers’ willingness and ability to pay for goods and services |
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Term
| Price Elasticity of Demand |
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Definition
the percentage change in quantity demanded relative to a percentage change in price. |
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Term
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Definition
a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output. |
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Term
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Definition
| the quantity at which total revenue and total cost are equal |
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Term
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Definition
means that you cannot hold or touch a service |
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Term
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Definition
Means you cannot seperate the service from the provider |
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Term
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Definition
| Means that the quality of services varies (because different providers) |
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Term
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Definition
| Most time service providers need physical products so they DO have this |
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Term
3 ways to define a new product |
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Definition
1. newness compared to existing products 2. newness in company's perspective 3. newness in consumer's perspective |
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Term
7 Steps to develop a new product |
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Definition
1. new product strategy development 2. idea generation 3. screening and evaluation 4. business analysis 5. development 6. market testing 7. commercialization |
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Term
| 4 stages of product's life cycle |
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Definition
1. introduction 2. growth 3. maturity 4. decline |
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Term
| 3 things to pick a good brand name |
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Definition
1. something that suggests the products benefits 2. memorable, distinctive, and positive 3. have no legal or regulatory restrictions |
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| 5 Dimensions consumers use to evaluate the quality of services |
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Definition
1. reliability 2. tangibles 3. responsiveness 4. assurance 5. empathy |
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Definition
1. consumer tastes 2. price and availability of similiar products 3. consumer income |
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Definition
| Quantity demanded changes when the price changes |
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Term
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Definition
| Quantity demanded does not change when the price fluctuates |
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