Chapter 10 Flashcards
Product:
everything, both favorable and unfavorable, that a person receives in an exchange
Convenience Product:
A relatively inexpensive item that merits little shopping effort.
Product Modification
Changing one or more of a products characteristics.
Planned Obsolescence:
The practice of modifying products so those that have already been a sold become obsolete before they actually need replacement
Product Line Extension:
Adding additional products to an existing product line in order to compete more broadly in the industry.
Manufacturer’s Brand:
The brand name of a manufacturer
Private Brand:
A brand name owned by a wholesaler or a retailer
Captive Brand:
A brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation
Individual Branding:
Using different brand names for different products
Family Branding:
Marketing several different products under the same brand name.
Co-Branding:
placing two or more brand names on a product or its package
Shopping Product:
A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
Speciality Product:
A particular item for which consumers search extensively and are very reluctant to accept substitutes
Unsought Product:
A product unknown to the potential buyer or a known product that the buyer does not actively seek
Product Item:
A specific version of a product that can be designated as a distinct offering among an organization’s products
Product Line:
A group of closely related product items
Product Mix:
All products that an organization sells
Product Mix Width:
The number of product lines an organization offers
Product Line Depth:
The number of product items in a product line
Brand:
A name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
Brand Name:
That part of a brand that can be spoken, including letters, words, and numbers
Brand Mark:
The elements of a brand that cannot be spoken
Brand Equity:
The value of a company or brand name
Global Brand:
A brand that obtains at least one third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
