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RIT POM CH 10
| Term | Definition |
|---|---|
| Product | everything both favorable and unfavorable that a person receives in an exchange. |
| Business Product | A product used to manufacture other goods or services, to facilitate an organizations operations or to resell to other consumers |
| Consumer Product | A product bought to satisfy an individuals needs or wants |
| Convenience | A relatively inexpensive item that merits little shopping effort |
| Shopping Product | A product that requires comparison shopping, because it is often more expensive and found in fewer stores |
| Specialty Product | A particular item for which consumers tend to search extensively and are reluctant to accept substitutes |
| Unsought Product | A product unknown to the potential buyer. Or unknown product that the buyer does not actively seek |
| What are the types of consumer products? | - Convenience<br> -Shopping<br> -Specialty<br> -Unsought<br> |
| What are the types of products? | -Consumer <br> -Business<br> |
| Product Item | A specific version of a product that can be designated as a distinct offering among an organizations 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 particular line |
| Product Modification | changing one or more of a products characteristics |
| Obsolescence | the practice of modifying products so that those that have already been 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 |
| Brand | a name, term, symbol, 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 the company and brand names |
| Brand Loyalty | Consistent preference for one brand over all others |
| Manufacturers Brand | The brand name of a manufacturer |
| Private Brand/Label | A name owned by a wholesaler or retailer |
| Captive Branding | A brand manufactured by a third party for an exclusive retailer without evidence of that retailers afilliation |
| Family Branding | Marketing several different products under then same brand name |
| Co-Branding | Placing two or more brand names on a product or its package |
| Generic Product Name | Identifies a product by class or type and cannot be trademarked |
| Warranty | A confirmation of the quality or performance of a good or service |
Created by:
thecrew
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