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Chapter 10
Product, Branding, and Packaging
| Term | Definition |
|---|---|
| good | tangible physical entity |
| service | an intangible result of the application of human and mechanical efforts to people or objects |
| idea | a concept, a philosophy, an image, or an issue |
| consumer products | products purchased to satisfy personal and family needs |
| business products | products bought to use in an organization's operations, to resell or to make other products |
| convenience products | relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort |
| shopping products | items for which buyers are willing to expend considerable effort in planning and making purchases |
| specialty products | items with unique characteristics that buyers are willing to expend considerable effort to obtain |
| unsought products | products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think about buying |
| installations | facilities and nonportable major equipment |
| accessory equipment | equipment that does not become part of the final physical product but is used in production or office activities |
| raw materials | basic natura. materials that become part of a physical product |
| component parts | items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly |
| process materials | materials that are used directly in the production of other products but are not readily identifiable |
| MRO supplies | maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product |
| business service | the intangible products that many organizations use in their operations |
| product item | a specific version of a product that can be designated as a distinct offering among a firm's products |
| product line | a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
| product mix | the total group of products that an organization makes available to customers |
| width of product mix | the number of product lines a company offers |
| depth of product mix | the average number of different product items offered in each product line |
| product life cycle | the progression of a product through four stages: introduction, growth, maturity, and decline |
| introduction stage | the initial stage of a product's life cycle--its first appearance in the marketplace--when sales start at zero and profits are negative |
| growth stage | the stage of a product's life cycle when sales rise rapidly and profits reach a peak and then start to decline |
| maturity stage | the stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall |
| decline stage | the stage of a product's life cycle when sales fall rapidly |
| product adoption process | the stages buyers go through in accepting a product |
| innovators | first adopters of new products |
| early adopters | careful choosers of new products |
| early majority | those adopting new products just before the average person |
| late majority | skeptics who adopt new products when they feel it is necessary |
| laggards | the last adopters, who disrupt new products |
| brand | a name, term, design, symbol, or any other feature that identifies one marketer's products as distinct from those of other marketers |
| brand name | the part of the a brand that can be spoken |
| brand mark | the part of a brand not made up of words |
| trademark | a legal designation of exclusive use of a brand |
| trade name | full legal name of an organization |
| brand equity | the marketing and financial value associated with a brand's strength in a market |
| brand loyalty | a customer's favorable attitude toward a specific brand |
| brand recognition | a customer's awareness that the brand exists and is an alternative purchase |
| brand performance | the degree of brand loyalty in which a customer prefers one brand over competitive offerings |
| brand insistence | the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute |
| manufacturer brands | brands initiated by producers |
| private distributor brands | brands initiated and owned by resellers |
| generic brands | brands indicating only the product category |
| individual branding | a policy of naming each product differently |
| family branding | branding all of a firm's products with the same name |
| brand extension | using an existing brand to brand a new product in a different product category |
| co-branding | using two or more brands on one product |
| brand licensing | an agreement whereby a company permits another organization to use its brand on other products for a licensing fee |
| family packaging | using similar packaging for all of a firm's products or packaging that has one common design element |
| labeling | providing identifying, promotional, or other information on package labels |
Created by:
hallie999
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