Chapter 8

Front 1

Product

Back 1

the need satisfying offering of a firm

Front 2

Quality

Back 2

a product's ability to satisfy a customer's needs or requirements

Front 3

Relative quality

Back 3

is the highest grade

Front 4

individual product

Back 4

is a particular product within a product line

Front 5

product line

Back 5

is a set of individual products that are closely related

Front 6

product assortment

Back 6

is the set of all product lines and individual products that a firm sells

Front 7

product line length

Back 7

the number of individual products in a product line

Front 8

service

Back 8

an intangible offering involving a deed, performance, or effort

Front 9

Branding

Back 9

the use of a name, term, symbol, or design or a combination of these to identify a product.

Front 10

brand name

Back 10

is a word, letter, or a group of words or letters

Front 11

trademark

Back 11

includes only those words, symbols, or marks that are legally registered for use by a single company.

Front 12

service mark

Back 12

is the same as trademark except that it refers to a service offering

Front 13

brand familiarity

Back 13

how well customers recognize and accept a company's brand

Front 14

brand nonrecognition

Back 14

final customers don't recognize a brand at all even though intermediaries may use the brand name for identification and inventory control

Front 15

brand preference

Back 15

target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience

Front 16

brand insistence

Back 16

customers insist on a firm's branded product and are willing to search for it

Front 17

brand equity

Back 17

the value of a brand's overall strength in the market

Front 18

Landham Act

Back 18

a 1946 law that spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them

Front 19

family brand

Back 19

a brand name that is used for several products

Front 20

licensed brand

Back 20

a well known brand that sellers pay a fee to use

Front 21

individual brands

Back 21

separate brand names used for each product

Front 22

generic products

Back 22

products that have no brand at all other than identification of their contents and the manufacturer or intermediary

Front 23

manufacturer brands

Back 23

brands created by producers

Front 24

dealer brands

Back 24

brands created by intermediaries - sometimes referred to as private brands

Front 25

private brands

Back 25

brands created by intermediaries - sometimes referred to as dealer brands

Front 26

battle of the brands

Back 26

the competition between dealer brands and manufacturer brands

Front 27

packaging

Back 27

promoting, protecting, and enhancing the product

Front 28

Federal Fair Packaging and Labeling Act

Back 28

a 1966 law requiring that consumer goods be clearly labeled in easy-to-understand terms

Front 29

warranty

Back 29

what the seller promises about its product

Front 30

Magnuson-Moss Act

Back 30

a 1975 law requiring that producers provide a clearly written warranty if they choose to offer any warranty

Front 31

consumer products

Back 31

products meant for the final consumer

Front 32

business products

Back 32

products meant for use in producing other products

Front 33

convenience products

Back 33

products a consumer needs but isnt willing to spend much time or effort shopping for

Front 34

staples

Back 34

products that are bought often, routinely, and without much thought

Front 35

impulse products

Back 35

products that are bought quickly as unplanned purchases because of a strongly felt need

Front 36

emergency products

Back 36

products that are purchased immediately when the need is great

Front 37

shopping products

Back 37

products that a customer feels are worth the time and effort to compare with competing products

Front 38

homogeneous shopping products

Back 38

shopping products the customer sees as basically the same and wants at the lowest price

Front 39

heterogeneous shopping products

Back 39

shopping products the customer sees as different and wants to inspect for quality and suitability

Front 40

specialty products

Back 40

consumer products that the customer really wants and makes a special effort to find

Front 41

unsought products

Back 41

products that potential customers don't yet want or know they can buy

Front 42

new unsought products

Back 42

products offering really new ideas that potential customers don't know about yet

Front 43

regularly unsought products

Back 43

products that stay unsought but not unbought forever

Front 44

derived demand

Back 44

demand for business products derives from the demand for final consumer products

Front 45

expense item

Back 45

a product whose total cost is treated as a business expense in the period it's purchased

Front 46

capital item

Back 46

a long-lasting product that can be used and depreciated for many years

Front 47

installations

Back 47

important capital items such as buildings, land rights, and major equipment

Front 48

accessories

Back 48

short-lived capital items - tools and equipment used in production or office activities

Front 49

raw materials

Back 49

unprocessed expense items - such as logs, iron ore, and wheat - that are moved to the next production process with little handling

Front 50

farm products

Back 50

products grown by farmers, such as oranges, sugar cane, and cattle

Front 51

natural products

Back 51

products that occur in nature - such as timber, iron ore, oil, and coal

Front 52

components

Back 52

processed expense items that become part of finished product

Front 53

supplies

Back 53

expense items that do not become part of a finished product

Front 54

professional services

Back 54

specialized services that support a firm's operations