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Unit 3 Marketing
| Term | Definition |
|---|---|
| Product Life Cycle | describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline |
| Product Class | refers to the entire product category or industry, such as prerecorded music |
| Product Form | pertains to variations of a product within the product class |
| Product Modification | involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales |
| 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 |
| Trading Up | involves adding value to the product (or line) through additional features or higher quality materials |
| Trading Down | involves reducing a product’s number of features, quality, or price |
| Branding | a marketing decision in which an organization uses a name, phrase, design, or symbols, or combination of these to identify its products and distinguish them from those of competitors |
| Brand Name | any word, device (design, shape, sound, or color), or combination of these used to distinguish a seller’s products or services |
| Brand Personality | a set of human characteristics associated with a brand name |
| Brand Equity | the added value a brand name gives to a product beyond the functional benefits provided |
| Brand Purpose | the reason why a brand exists, the place it has in consumers’ lives, the solution it provides to consumers, and the brand’s role in making society better off. It focuses on a brand’s underlying values and beliefs and its identity and meaning |
| 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 |
| Multiproduct Branding | a branding strategy in which a company uses one name for all its products in a product class |
| Multibranding | branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment |
| Private Branding | a branding strategy used when a manufacturer produces products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding |
| 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 |
| Packaging | a component of a product that refers to any container in which it is offered for sale on which label information is conveyed |
| 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 |
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paige519