Contemporary Business | Chapter 12

Front 1

Product

Back 1

Bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants.

Front 2

Product Line

Back 2

Group of related products marked by physical similarities or intended for a similar market.

Front 3

Product Mix

Back 3

The assortment of product lines and individual goods and services that a firm offers to consumers and business users.

Front 4

Product Life Cycle

Back 4

Four basic stages - introduction, growth, maturity, and decline - through which a successful product progresses.

Front 5

Test Marketing

Back 5

Introduction of a new product supported by a complete marketing campaign to a selected city or TV coverage area.

Front 6

Brand

Back 6

Name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.

Front 7

Brand Name

Back 7

Part of the brand consisting of words or letters included in a name used to identify and distinguish the firm's offerings from those of competitors.

Front 8

Trademark

Back 8

Brand that has been given legal protection.

Front 9

Brand Equity

Back 9

Added value that a respected and successful name gives to a product.

Front 10

Category Advisor

Back 10

Vendor that is designated by the business customer as the major supplier to assume responsibility for dealing with all the other vendors for a project and presenting the entire package to the business buyer.

Front 11

Distribution Strategy

Back 11

Deals with the marketing activities and institutions involved in getting the right good or service to the firm's customers.

Front 12

Distribution Channels

Back 12

Path that products - and legal ownership of them - follow from producer to customers or business user.

Front 13

Physical Distribution

Back 13

Actual movement of products from producer to consumers or business users.

Front 14

Wholesaler

Back 14

Distribution channel member that sells primarily to retailers, other wholesalers, or business users.

Front 15

Retailer

Back 15

Distribution channel member that sells goods and services to individuals for their own use rather than for resale.

Front 16

Supply Chain

Back 16

Complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers.

Front 17

Logistics

Back 17

Process of coordinating the flow of goods, services, and information among members of the supply chain.

Front 18

Vendor-Managed Inventory

Back 18

Process in which the producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and automatically ship new supplies when needed.