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MKTG 345

Principles of Marketing

TermDefinition
Product Everything, both favorable and unfavorable, that a person receives in an exchange.
Business Product (Industrial Product) A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.
Consumer Product A product bought to satisfy an individual's personal wants or needs.
Convenience Product A relatively inexpensive item that merits little shopping effect. Ex: Candy, dry cleaning, hardware, care washes.
Shopping Product A product that requires comparison shopping bc it is usually more expensive than a convenience product and is found in fewer stores.
Specialty Product A particular item for which consumers search extensively and are very reluctant to accept substitutes.
Unsought Product A product unknown to the potential buyer or a known product that the buyer does not actively seek.
Product Item A specific version of a product that can be designated as a distinct offering among an organization's product. Ex: Campbell's Cream of Mushroom
Product Line A group of closely related product items. Ex: Campbell's Soup
Product Mix All products that an organization sells. Ex: All Campbell's products i.e. soups, sauces, frozen entrees, etc.
Advertising Economies Product lines provide economies of scale in advertising. Several products can be advertised under the umbrella of the line. Ex: Campbell's Soup is "M'm M'm Good!"
Package Uniformity A product line can benefit from package uniformity. All packages in the line may have a common look and still keep their individual identities. Ex: Campbell's Soup, Nike shoe boxes
Standardized Components Product lines allow firms to standardize components, thus reducing manufacturing and inventory costs. Ex: General Motors uses the same parts on many automobile makes and models.
Efficient Sales and DIstrubution A product line enables sales personnel for companies like Procter & Gamble to provide a full range of choices to customers. Distributors and retailers are often more inclined to stock the company's products if it offers a full line.
Equivalent Quality Purchasers usually expect and believe that all products in a line are about equal in quality. Consumers expect that all Campbell's soups and all Gillete razors will be of similar quality.
Product Mix Width (or breadth) The # of product lines an organization offers.
Product Line Depth The # of product items in a product line.
Product Modification Changing one of more of a product's characteristics.
Quality Modification Change in a product's dependability or durability.
Functional Modification Change in a product's versatility, effectiveness, convenience, or safety.
Style Modification Aesthetic (appearance) product change rather than a quality or functional change.
Planned Obsolescence The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Repositioning Changing consumers' perceptions of a brand in relation to competing brands.
Product Line Extensions Adding additional products to an existing product line in order to compete more broadly in the industry.
Brand A name , term, symbol, design, or combination thereof that identifies a seller's products and differentiate them from competitors' products.
Brand Name That part of a brand that can be spoken, including letters, word, and numbers.
Brand Mark The elements of a brand that cannot be spoken.
Brand Equity The value of a company or brand.
Global Brand A brand that obtains at least one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data.
Created by: poeticsoul33
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