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37 Cards in this Set

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  • Back
What is *Value*?
Good quality at a fair price; when consumers calculate the value of a product, they look at the benefits adn then subtract the cost to see if the benefits exceed the cash.
Define *Value Package*:
Everything that consumers evaluate when deciding whether to buy something; also called the total product offer.
What is a *Product Line*:
A group of products that re physically similar or are intended for a similar market.
Define *Product Differentiation*:
The creation of real or perceived product differences.
Define *Convenience Goods and Services*:
Products that the consumer wants to purchase frequently and with a minimum of effort.
Define *Shopping Goods and Services*:
Those products that the consumer buys only after comparing value, quality, and price from a variety of sellers.
Define *Speciality Goods and Services*:
Products that have a special attraction to consumers who are willing to go out of their way to obtain them.
Define *Unsought Goods and Services*:
Products that consumers are unaware of, haven't necessarily though of buying, or find that they need to solve an unexpected problem
Define *Industrial Goods*:
Products used in the production of other products.
Define *Brand*:
A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.
What is a *Trademark*?
A brand that has been give exclusive legal protection for both the brand name and the pictorial design.
Define *Manufacturers' Brand Names*:
The brand names of manufacturers that distribute products nationally.
Define *Knock-off Brands*:
Illegal copies of national brand-name goods.
What are *Dealer (Private) Brands*?
Products that don't carry the manufacturer's name, but carry a distributor or retailer's name instead.
What is a *Generic Name*?
The name for a product category (versus a brand name).
Define *Generic Goods*:
Nonbranded products that usually sell at a sizeable discount compared to national or private brands.
Define *Brand Equity*:
The combination of factors such as awareness, loyalty, perceived quality, images, and emotions people associate with a given brand name.
Define *Brand Loyalty*:
The degree to which customers are satisfied, like the brand, an dare committed to further purchase.
Define *Brand Awareness*:
How quickly or easily a given brand name comes to mind when a product category is mentioned.
Define *Brand Awareness*:
How quickly or easily a given brand name, comes to mind when a product category is mentioned.
Define *Brand Association*:
The linking of a brand to other favorable images.
What is a *Brand Manager*?
A manager who has direct responsibility for one brand or one product line.
Define *Product Screening*:
A process designed to reduce the number of new-product ideas being worked on at any one time.
Define *Product Analysis*:
Making cost estimates and sales forecasts to get a feeling for profitability of new product ideas.
Define *Concept Testing*:
Taking a product idea to consumers to test their reactions.
Define *Commercialization*:
Promoting a product to distributors and retailers to get wide distribution and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers.
Define *Product Life Cycle*:
A theoretical model of what happens to sales and profits for a product class over time.
Defing *Target Costing*:
Designing a product so that it satisfies customers and meets the profit margins desired by the firm.
Define *Value Pricing*:
When markets provide consumers with brand name goods and services at fair prices.
Define a *Break-even Analysis*:
The process used to determine profitability at various levels of sales.
Define *Total Fixed Costs*:
All the expenses that remain the same no matter how many products are sold.
Define *Variable Costs*:
Costs that change according to the level or production.
Define *Skimming Price Strategy*:
Strategy in which a new product is priced high to make optimum profit while there's little competition.
Define *Penetration Strategy*:
Strategy in which a product is priced low to attract many customers an discourage competition.
Define *Everyday Low Pricing*:
EDLP is setting prices lower than competitors and then not having any special sales.
Define *High-Low Pricing Strategy*:
Set prices that are higher than EDLP stores, but have many special sales where the prices are lower than competitors.
Define *Price Leadership*:
The procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow.