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44 Cards in this Set

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product life cycle
stages a new product goes through in the marketplace: intro, growth, maturity, decline
consumer products have _____ life cycles then business products
shorter
high-learning product
significant education of the customer is required and there is an extended intro pd.
low-learning product
sales begin immed after b/c little learning is required by the consumer, and the benefits of purchase are readily understood
fashion product
introduced, declined, then seems to return
fad
rapid sales on intro and then an =lly rapid decline; typically novelties w/short life cycle
product class
entire product category/industry
product form
variations within the class
diffusion of innovation
product diffuses/spreads through the pop
product/brand manager
manages the marketing efforts for a close-knit family of products/brands
product modification
altering a product's characteristic (quality, performance, appearance), to try to increase the product's sales
market modification
company tries to find new customers, increase a product's use among existing customers, or create new use situations
product repositioning
changing the place a product occupies in a consumer's mind relative to competitive products; done by changing a marketing mix element
trading up
adding value to the product/line through additional features/higher quality materials
trading down
reducing the number of features, quality, or price
downsizing
reducing the content of pkgs w/o changing package size and maintaining or increasing the pkg price
branding
uses a name, phrase, design, symbols, or a combo to id its products and distinguish them from those of competitors
brand name
word, device, or comb used to distinguish a seller's goods or services
trade name
commercial, legal name under which a company does business
trademark
ids that a firm has legally registered its brand name/trade name so the firm has its exclusive use
product counterfeiting
low-cost copies of popular brands not manufactured by the original producer
Trademark counterfeiting Act (1984)
makes counterfeiting a fed offense subject to prison, pmts, and seizure of merchandise
brand personality
set of human char assoc with a brand name
brand equity
added value a given brand name gives to a product beyond the functional benefits provided
-comparative advantage
-consumers will pay more
steps to creating brand equity:
develop pos brand awareness
establish brand meaning
elicit proper consumer responses to brand's id and meaning
brand licensing
contractual agreement whereby one company allows its brand name(s) or trademark(s) to be used with products/services offered by another company for a royalty/fee
criteria for picking a good brand name:
-name should suggest the product benefits
-memorable, distinctive, and positive
-fit the company/product image
-simple, emotionaly
multiproduct brnading
use one name for all its products in a product class
-family/corporate branding when company's trade name is used
line extensions
using a current brand name to enter a new market segment in its product class
subbranding
combines a corp/family brand w/a new name
brand extension
practice of using a current brand name to enter a completely diff product class
co-branding
pairing of 2 brand names of 2 manufacturers on a single product
multibranding
giving each product a distinct name; each brand is intended for a diff market segment
fighting brands
confront competitor brands
private branding/labeling
or reseller branding
manufactures products but sells them under the brand name of a wholesaler or retailer; high profits for manufacturers and resellers
mixed branding
firm markets products under its own name/s and that of a reseller b/c the segment attracted to the reseller is diff from its own market
packaging
any container in which the product is offered for sale and on which label info is conveyed
label
ids product/brand, who made it, where and when it was made, how it is to be used, and pkg contents and ingrediants
warranty
statement indicating the liability of the manufacturer for product deficients
express warranties
written statements of liability
limited-coverage warranty
specifically states the bounds of non/coverage
full warranty
no limits of noncoverage
Magnuson-Moss Warranty/FTC Improvement Act (1975)
regulates the content of consumer warranties
implied warranties
assign responsibility for product deficiencies to the manufacturer