Module 6-7 Flashcards
(26 cards)
What is a product
anything received in an exchange to satisfy a need or want.
What is a product mix
all products and organization sells
What is product line
group of closely-related product items
What is packaging
development of a container and a graphic design for a product
What is labeling
provides identifying, promotional, legal, and other information.
What is a brand
The network of associations surrounding the brand in the shared memory structures of the customers.
Product Life Cycle
Development, Introduction, Growth, Maturity, Decline
Development Stage (Product Life Cycle)
Zero Sales, Lots of money out none in
Introduction Stage (Product Life Cylce
High fail rate, no competition, high marketing and production cost, negative profits
Growth Stage (Product Life Cycle
Increase rate of sales, increase competition, initial healthy profits.
Maturity Stage (Product Life Cycle
sales increase at a decreasing rate, weak competitors drop out,
Decline Stage (Product Life Cycle)
long-run drop in sales, organized abandonment.
Product adoption
Awareness, Interest, Evaluation, Trail, and Adoption
Awareness stage (Product adoption)
customer becomes aware product exist
Interest stage (Product adoption)
seeks information & is receptive to learning about product
Evaluation stage (Product adoption)
considers products benefits and decides to try it
Trail stage (Product adoption)
examines, tests, or tries product
Adoption Stage
purchases product & can be expected to repeat purchase.
Brand Loyalty
favorable attitued towards a brand
Value of branding
helps speed consumer purchases by identifying specific preferred products.
Types of brands
generic, manufactures, private, captive, family, individual, brand extinction, co-branding.
brand perference
degree of partially for one brand over another
brand equity
differential effect brand knowledge has on consumer response to the marketing of the brand.
brand insistence
strength of customer resolve to have a specific brand and no other
