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MKTG 305
Chapter 11 - Managing Successful Products, Services, and Brands
| Term | Definition |
|---|---|
| Brand Equity | the added value a brand name gives to product beyond the functional benefits provided |
| Brand Licensing | a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee |
| Brand Name | any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller's goods or services |
| Brand Personality | a set of human characteristics associated with a brand name |
| Branding | a marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors |
| Label | an integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients |
| Market Modification | strategies by which a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
| Mixed Branding | a branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market |
| Mulitbranding | a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segmentation |
| Multiproduct Branding | a branding strategy in which a company uses on enema for all its products in a product class |
| Packaging | a component of a product that refers to any container in which it is offered for sale and on which label information is conveyed |
| Private Branding | a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer (also called private labeling or reseller branding) |
| Product Class | refers to the entire product category or industry |
| Product Form | pertains to variations of a product within the product class |
| Product Life Cycle | describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline |
| Product Modification | strategies that alter a product's characteristics, such as its quality, performance, or appearance, to increase the product's value to customers and increase sales |
| Trade Name | a commercial, legal name under which a company does business |
| Trademark | identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it |
| Trading Down | reducing the number of features, quality, or price of the product |
| Trading Up | adding value to the product (or line) through additional features or higher-quality materials |
| Warranty | a statement indicating the liability of the manufacturer for product deficiencies |
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