Bmgt350 Ch11 Vocab

Front 1

product life cycle

Back 1

stages a new product goes through in the marketplace: intro, growth, maturity, decline

Front 2

consumer products have _____ life cycles then business products

Back 2

shorter

Front 3

high-learning product

Back 3

significant education of the customer is required and there is an extended intro pd.

Front 4

low-learning product

Back 4

sales begin immed after b/c little learning is required by the consumer, and the benefits of purchase are readily understood

Front 5

fashion product

Back 5

introduced, declined, then seems to return

Front 6

fad

Back 6

rapid sales on intro and then an =lly rapid decline; typically novelties w/short life cycle

Front 7

product class

Back 7

entire product category/industry

Front 8

product form

Back 8

variations within the class

Front 9

diffusion of innovation

Back 9

product diffuses/spreads through the pop

Front 10

product/brand manager

Back 10

manages the marketing efforts for a close-knit family of products/brands

Front 11

product modification

Back 11

altering a product's characteristic (quality, performance, appearance), to try to increase the product's sales

Front 12

market modification

Back 12

company tries to find new customers, increase a product's use among existing customers, or create new use situations

Front 13

product repositioning

Back 13

changing the place a product occupies in a consumer's mind relative to competitive products; done by changing a marketing mix element

Front 14

trading up

Back 14

adding value to the product/line through additional features/higher quality materials

Front 15

trading down

Back 15

reducing the number of features, quality, or price

Front 16

downsizing

Back 16

reducing the content of pkgs w/o changing package size and maintaining or increasing the pkg price

Front 17

branding

Back 17

uses a name, phrase, design, symbols, or a combo to id its products and distinguish them from those of competitors

Front 18

brand name

Back 18

word, device, or comb used to distinguish a seller's goods or services

Front 19

trade name

Back 19

commercial, legal name under which a company does business

Front 20

trademark

Back 20

ids that a firm has legally registered its brand name/trade name so the firm has its exclusive use

Front 21

product counterfeiting

Back 21

low-cost copies of popular brands not manufactured by the original producer

Front 22

Trademark counterfeiting Act (1984)

Back 22

makes counterfeiting a fed offense subject to prison, pmts, and seizure of merchandise

Front 23

brand personality

Back 23

set of human char assoc with a brand name

Front 24

brand equity

Back 24

added value a given brand name gives to a product beyond the functional benefits provided
-comparative advantage
-consumers will pay more

Front 25

steps to creating brand equity:

Back 25

develop pos brand awareness
establish brand meaning
elicit proper consumer responses to brand's id and meaning

Front 26

brand licensing

Back 26

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

Front 27

criteria for picking a good brand name:

Back 27

-name should suggest the product benefits
-memorable, distinctive, and positive
-fit the company/product image
-simple, emotionaly

Front 28

multiproduct brnading

Back 28

use one name for all its products in a product class
-family/corporate branding when company's trade name is used

Front 29

line extensions

Back 29

using a current brand name to enter a new market segment in its product class

Front 30

subbranding

Back 30

combines a corp/family brand w/a new name

Front 31

brand extension

Back 31

practice of using a current brand name to enter a completely diff product class

Front 32

co-branding

Back 32

pairing of 2 brand names of 2 manufacturers on a single product

Front 33

multibranding

Back 33

giving each product a distinct name; each brand is intended for a diff market segment

Front 34

fighting brands

Back 34

confront competitor brands

Front 35

private branding/labeling
or reseller branding

Back 35

manufactures products but sells them under the brand name of a wholesaler or retailer; high profits for manufacturers and resellers

Front 36

mixed branding

Back 36

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

Front 37

packaging

Back 37

any container in which the product is offered for sale and on which label info is conveyed

Front 38

label

Back 38

ids product/brand, who made it, where and when it was made, how it is to be used, and pkg contents and ingrediants

Front 39

warranty

Back 39

statement indicating the liability of the manufacturer for product deficients

Front 40

express warranties

Back 40

written statements of liability

Front 41

limited-coverage warranty

Back 41

specifically states the bounds of non/coverage

Front 42

full warranty

Back 42

no limits of noncoverage

Front 43

Magnuson-Moss Warranty/FTC Improvement Act (1975)

Back 43

regulates the content of consumer warranties

Front 44

implied warranties

Back 44

assign responsibility for product deficiencies to the manufacturer