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MKT 3013 - Chapter 10
Product, Branding, and Packing Concepts
52
Marketing
Undergraduate 3
10/04/2012

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Term
accessory equipment
Definition
Equipment that does not become part of the final physical product but is used in production or office activities
Term
brand
Definition
A name, term, design, symbol, or any other feature that identifies one marketer’s product as distinct from those of other marketers
Term
brand equity
Definition
The marketing and financial value associated with a brand’s strength in a market
Term
brand extension
Definition
Using an existing brand to brand a new product in a different product category
Term
brand insistence
Definition
The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
Term
brand licensing
Definition
An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
Term
brand loyalty
Definition
A customer’s favorable attitude toward a specific brand
Term
brand mark
Definition
The part of a brand not made up of words
Term
brand name
Definition
The part of a brand that can be spoken
Term
brand preference
Definition
The degree of brand loyalty in which a customer prefers one brand over competitive offerings
Term
brand recognition
Definition
A customer’s awareness that the brand exists and is an alternative purchase
Term
business products
Definition
Products bought to use in an organization’s operations, to resell, or to make other products
Term
business services
Definition
The intangible products that many organizations use in their operations
Term
co-branding
Definition
Using two or more brands on one product
Term
component parts
Definition
Items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly
Term
consumer products
Definition
Products purchased to satisfy personal and family needs
Term
convenience products
Definition
Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
Term
decline stage
Definition
The stage of a product’s life cycle when sales fall rapidly
Term
depth of product mix
Definition
The average number of different product items offered in each product line
Term
early adopters
Definition
Careful choosers of new products
Term
early majority
Definition
Those adopting new products just before the average person
Term
family branding
Definition
Branding all of a firm’s products with the same name
Term
family packaging
Definition
Using similar packaging for all of a firm’s products or packaging that has one common design element
Term
generic brands
Definition
Brands indicating only the product category
Term
good
Definition
A tangible physical entity
Term
growth stage
Definition
The stage of a product’s life cycle when sales rise rapidly and profits reach a peak and then start to decline
Term
idea
Definition
A concept, philosophy, image, or issue
Term
individual branding
Definition
A policy of naming each product differently
Term
innovators
Definition
First adopters of new products
Term
installations
Definition
Facilities and nonportable major equipment
Term
introduction stage
Definition
The initial stage of a product’s life cycle—its first appearance in the marketplace—when sales start at zero and profits are negative
Term
labeling
Definition
Providing identifying, promotional, or other information on package labels
Term
laggards
Definition
The last adopters, who distrust new products
Term
late majority
Definition
Skeptics who adopt new products when they feel it is necessary
Term
manufacturer brands
Definition
Brands initiated by producers
Term
maturity stage
Definition
The stage of a product’s life cycle when the sales curve peaks and starts to decline as profits continue to fall
Term
MRO supplies
Definition
Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
Term
private distributor brands
Definition
Brands initiated and owned by resellers
Term
process materials
Definition
Materials that are used directly in the production of other products but are not readily identifiable
Term
product adoption process
Definition
The stages buyers go through in accepting a product
Term
product item
Definition
A specific version of a product that can be designated as a distinct offering among a firm’s products
Term
product life cycle
Definition
The progression of a product through four stages: introduction, growth, maturity, and decline
Term
product line
Definition
A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
Term
product mix
Definition
The total group of products that an organization makes available to customers
Term
raw materials
Definition
Basic natural materials that become part of a physical product
Term
service
Definition
An intangible result of the application of human and mechanical efforts to people or objects
Term
shopping products
Definition
Items for which buyers are willing to expend considerable effort in planning and making purchases
Term
specialty products
Definition
Items with unique characteristics that buyers are willing to expend considerable effort to obtain
Term
trade name
Definition
Full legal name of an organization
Term
trademark
Definition
A legal designation of exclusive use of a brand
Term
unsought products
Definition
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying
Term
width of product mix
Definition
The number of product lines a company offers
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