ch 15 product development, supply chain Flashcards
sustainable competitive advantage
value creating proposition that is likely to endure over time
product life cycle
detailed picture of what happens to a specific products sales and profits over time
brand
verbal or symbolic means of identifying a product
brand image
overall perception of a brand
brand name
brand that can be spoken
brandmark
brand that cannot be spoken
trademark
legal term indicating that a firm has exclusive rights to use a brand to promote a product
service mark
a legal term indicating that a company has the exclusive right to use a brand to identify a service
warranty
a promise that a product will perform at a certain standard, written or unwritten
product strategy
the way the product component of the marketing mix is used to achieve firms objectives
product item
the lowest common denominator in the product mix, the individual item
product line
sum of related individual product items
product mix
collection of firms total product lines
product mix consistency
similarity of product lines in a product mix
product
total bundle of satisfaction offered to consumers in an exchange transaction
