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Unit 3&4
Terms and Definition
| Term | Definition |
|---|---|
| Product Service Management | A marketing function that involves obtaining, developing, maintaining, and improving a product |
| Introduction | To increase product awareness, get the customer’s attention thru promotion, lots of special promotion |
| Growth | Customers are aware of product, sales increase, companies focus on customer satisfaction, competition starts from other companies |
| Maturity | The product’s sales level off. More money is spent on competition during this stage |
| Decline | Sales start to decline. A company must decide to alter the product, discount, or discontinue product |
| Brand | A design, symbol, term, or word that identifies a company or product |
| Competitive Advantage | Unique features of a company and its products that are observed by the target market as significant and superior to the competition |
| Positioning | Developing a specific marketing mix to influence potential customers’ overall perception of a brand |
| Recognition | When consumers become aware of a brand and know a bit about it |
| Preference | When consumers prefer to purchase a certain product brand based on their positive experience with the brand |
| Insistence | When the consumer insist on “their” brand and will not accept substitutes |
| Brand Positioning | The way consumers see the brand, as compared to a competitive brand |
| Brand Extensions | When a brand name is used for a new or improved product line |
| Brand Licensing | Allows one company to use another’s brand name, logo, or character for a fee |
| Co-Branding | Companies join forces to increase recognition, customer loyalty, and sales of both brands |
| Family Branding | Involves using the same brand for related products in a product line |
| Individual Branding | Involves using different brands for products owned by one company. |
| Generic | Unbranded products that are plainly packaged, have lower or standard quality, are sold at lower prices, and receive little or no promotion |
| National (Manufacturer’s Brand) | Big names/brands everyone recognizes |
| Private/Distributor (Store Brand) | A brand owned by an intermediary or store |
| Channels of communication | Publications, Broadcasts, Direct Mail, Internet, Out of Home |
| Publications | Newspaper/Magazines |
| Newspaper | Reach a large audience, divided into sections |
| Magazines | Appeal to a very specific target audience, consumer magazines, business magazines |
| Broadcast | Television/Radio |
| Television (Mass Media) | The most influential & best selling type, channel are chosen based on type of audience & cost |
| Radio | Effective and affordable way to reach your target market, targets a specific audience through the station’s format |
| Direct Mail | Printed Mail/ Email |
| Internet | Fastest growing media outlet, can target a specific audience and track response |
| Out of Home | Exist to reach people when they are away from home |
Created by:
Wesley_305
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