specific, measurable, achievable, relevant, time-bound

firm’s total product offering to satisfy a group of target customers. - Product line length is determined by the number of stock keeping units (SKUs)

Product line strategies

Full-line vs. limited-line strategies - Stretching: Upward, downward, or two-way line stretch - Filling-out - Contracting - Cannibalization is a risk

wide range of products within particular product category

offers only a few items within a product category-focusing on a narrower segment

expand product line beyond its current range

add more items within the existing price and quality range

remove or drop products from a product line that are unprofitable, outdate, or unnessary

new product steals sales from companies exisiting products

total set of products a firm offers for sale.

useful way to expalin how market response and marketing activities cahnge over the life of a product

trying to build up awareness- not much profit

product is accepted and sales rapidly increase add product variations attract new market segments

typically longest phase sales peak while profit margin narrow

sales decrease as customer needs change -phase out -simple dump

maintains relationships with customers. - positions a product by: - (1) portraying an image or (2) describing how the product works

legal term for a brand name, mark, or trade character

results in brand loyal consumers and attachment which provides competitive advantage

encompasses the beliefs and associations a consumer has about the brand

arise from a firm leveraging brand equity to sell new products using same brand name

occurs when a firm crates a secondary brand to help differentiate a product line

Individual brand strategy

uses seperate, unique brand for each item in the product line

Family brand strategy

product items share a common brand name

produced and marketed by manufacturer

store or private label

brands are those which are offered by a retial store or chain under an exclusive trade name

when one firm sells to another firm the right to use a brand name for a specific purpose for a specific period of time.

Help

Options

focusNode

Didn't know it?
click below

Knew it?
click below

Don't Know

Remaining cards (0)

Know

retry

shuffle

restart

0:00

Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size Small Size show me how

ch 9 mkt

Question	Answer
SMART objectives	specific, measurable, achievable, relevant, time-bound
Product line	firm’s total product offering to satisfy a group of target customers. - Product line length is determined by the number of stock keeping units (SKUs)
Product line strategies	Full-line vs. limited-line strategies - Stretching: Upward, downward, or two-way line stretch - Filling-out - Contracting - Cannibalization is a risk
Full line	wide range of products within particular product category
Limited time	offers only a few items within a product category-focusing on a narrower segment
Stretching	expand product line beyond its current range
Downward stretch	add lower priced products
Upward stretch	add higher-end products
Filling out	add more items within the existing price and quality range
Contracting	remove or drop products from a product line that are unprofitable, outdate, or unnessary
Cannibalization	new product steals sales from companies exisiting products
Product mix	total set of products a firm offers for sale.
Product life cycle	useful way to expalin how market response and marketing activities cahnge over the life of a product
Tntro phase PLC	trying to build up awareness- not much profit
growth phase plc	product is accepted and sales rapidly increase add product variations attract new market segments
Maturity phase plc	typically longest phase sales peak while profit margin narrow
Decline phase plc	sales decrease as customer needs change -phase out -simple dump
Good brand name:	maintains relationships with customers. - positions a product by: - (1) portraying an image or (2) describing how the product works
trademark	legal term for a brand name, mark, or trade character
Brand Equity	results in brand loyal consumers and attachment which provides competitive advantage
Brand Meaning	encompasses the beliefs and associations a consumer has about the brand
Brand extensions	arise from a firm leveraging brand equity to sell new products using same brand name
Subbranding	occurs when a firm crates a secondary brand to help differentiate a product line
Individual brand strategy	uses seperate, unique brand for each item in the product line
Family brand strategy	product items share a common brand name
National brands	produced and marketed by manufacturer
store or private label	brands are those which are offered by a retial store or chain under an exclusive trade name
Licensing	when one firm sells to another firm the right to use a brand name for a specific purpose for a specific period of time.

Created by: user-1879979

"Know" box contains:
Time elapsed:
Retries: