Chapter 10

Question 1

Product

Answer 1

everything, both favorable and unfavorable, that a person receives in an exchange

Question 2

business product (industrial product)

Answer 2

a product used to manufacture other goods and services, to facilitate an organizations operations, or to resell to other customers

Question 3

consumer product

Answer 3

a product bought to satisfy an individuals personal wants or needs

Question 4

convenience product

Answer 4

a relatively inexpensive item that merits little shopping effort

Question 5

shopping product

Answer 5

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

Question 6

specialty product

Answer 6

a particular item for which consumers search extensively and are very reluctant to accept substitutes

Question 7

unsought product

Answer 7

a product unknown to the potential buyer or a known product that the buyer does not actively seek

Question 8

product item

Answer 8

a specific version of a product that can be designated as a distinct offering among an organizations products

Question 9

product line

Answer 9

a group of closely related product items

Question 10

product mix

Answer 10

all products that an organization sells

Question 11

product mix width

Answer 11

the number of product lines an organization offers

Question 12

product line depth

Answer 12

the number of product items in a product line

Question 13

product modification

Answer 13

changing one or more of a products characteristics

Question 14

planned obsolescence

Answer 14

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

Question 15

product line extension

Answer 15

adding additional products to an existing product line in order to compete more broadly in the industry

Question 16

brand

Answer 16

a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors products

Question 17

brand name

Answer 17

that part of a brand that can be spoken , including letters, words, and numbers

Question 18

brand mark

Answer 18

the elements of a brand that cannot be spoken

Question 19

brand equity

Answer 19

the value of a company or brand name

Question 20

global brand

Answer 20

a brand that obtains at least one third of its earning from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data.

Question 21

brand loyalty

Answer 21

consistent preference for one brand over all others

Question 22

manufactures brand

Answer 22

the brand name of a manufacturer

Question 23

private brand

Answer 23

a brand name owned by a wholesaler or a retailer

Question 24

captive brand

Answer 24

a brand manufactured by a third party for an exclusive retailer’s affiliation

Question 25

individual branding

Answer 25

using different brand names for different products

Question 26

family branding

Answer 26

marketing several different products under the same brand name

Question 27

co-branding

Answer 27

placing two or more brand names on a product or its package

Question 28

trademark

Answer 28

the exclusive right to use a brand or part of a brand

Question 29

service mark

Answer 29

a trademark for a service

Question 30

generic product name

Answer 30

identifies a product by class or type and cannot be trademarked

Question 31

persuasive labeling

Answer 31

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

Question 32

informational labeling

Answer 32

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance

Question 33

universal product codes (UPC’s)

Answer 33

a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products

Question 34

warranty

Answer 34

a confirmation of the quality or performance of a good or service

Question 35

express warranty

Answer 35

a written guarantee

Question 36

implied warranty

Answer 36

an unwritten guarantee that the good or service is fir for the purpose for which it was sold.