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chapter 4.01 notes

branding, labeling, and products

QuestionAnswer
What is a product? A product is everything, both favorable and unfavorable, that a person recieves in exchange; tangible good, service, idea
What is a business.industrial product? It is used to manufacture other goods or services, to facilitate an organizations operations, or to resell to toher consumers
What is a consumer product? a product bought to satisfy an individual's personal needs/wants
What are the four types of of products? Convenience, shopping, specialty, and unsought
What is a product item? A specific version of a product that can be designated as a distinct offering among an organiations products
What is a product line? A group of closely-related product items
What is a product mix? All products that an organization sells
What is product mix width? The number of product lines an organizations offers
What is planned obselence? The pracitce of modifuing products so those that have already been sold become obsolete before they actually need replacement
What is product line extension? Adding additional products to an exsisting product line in order to compete more broadly in the industry
What is a brand? A name, term, symbol, disign, or combination that identifies a sellers products and differentiates them from competitior's products
What is a generic brand? no-frills, no brand name, low-cost product that is simply identified by its product catergory
What is a manufacturers brand? A brand name of a manufacturer
What is a private brand? A brand owned by a wholesaler/reseller, also known as a private label/store brand
What is an individual brand? Using different brand names for different products
What is a family brand? Marketing several different products under the same brand name
What is a trademark? The exclusive right to use a brand
What is a universal product code? A series of thick and thin vertical lines readabl by computerized optical scanners, that represent numbers used to track products
Created by: marleyspence
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