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30 Cards in this Set

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describes the stages a new product goes through in the marketplace; introduction, growth, maturity, and decline.
product life cycle
occurs when a product is first introduced to its intended target market; sales grow slowly, profit is minimal.
introduction stage of product life cycle.
second stage of the product life cycle; characterized by rapid increases in sales. it is in this stage that competitors appear.
growth stage of product life cycle.
the third stage of product life cycle; characterized by a slowing of total industry sales or product class revenue. marginal competitors begin to leave the market.
maturity stage of product life cycle
4th stage of product life cycle; occurs when sales and profits begin to drop. frequently a product enters this stage not because of any wrong strategy on the part of the company but because of environmental changes.
decline stage of product life cycle
refers to the entire product category or industry, such as video game consoles and software.
product class
pertains to variations within the class.
product form
involves altering a product's characteristic, such as its quality, performance, or appearance, to try to increase and extend the product's sales.
product modification
a company tries to find new customers, increase a product's use among existing customers, or create new use situations.
market modification
involves reducing the number of features, quality, or price.
trading down
reducing the content of packages without changing packaging size and maintaining or increasing the package price.
downsizing
an org. uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors.
branding
any word, "device" (design, sound, shape, or color), or combination of these used to distinguish a seller's goods or services.
brand name
commercial, legal name under which a company does business. Ex: The Campbell Soup Company
trade name
identifies that a firm has legally registered its brand name or trade name so the firm has its exclusive use, thereby preventing others from using it.
trademark
a set of human characteristics associated with a brand name
brand personality
the added value a given brand name gives to a product beyond the functional benefits provided.
brand equity
a contractual agreement whereby a company allows another firm to use its brand name, patent, trade secret, or other property for a royalty or a fee.
licensing
the producer dictates the brand name using either a multiproduct or multibrand approach.
manufacturer branding
when a company uses one name for all its products
multiproduct branding
the pairing of two brand names of two manufacturers on a single product.
co-branding
involves giving each product a distinct name
multibranding
strategy of suing the same brand name for the same product across all countries in the European Union.
euro-branding
often called private labeling or reseller branding, it manufactures products but sells them under the brand name of a wholesaler or retailer.
private branding
compromise between manufacturer and private branding; where a firm markets products under its own name and that of a reseller because the segment attracted to the reseller is different from their own market.
mixed branding
a no-brand product such as dog food, peanut butter, or green beans. There is no ID other than a description of the contents.
generic brand
refers to any container in which it is offered for sale and on which label information is conveyed.
packaging
an integral part of the package and typically identifies the product or brand, who make it, where and when it was made, how it is to be used, and package contents and ingredients.
label
a statement indication the liability of the manufacturer for product deficiencies.
warranty
involves adding value to the product through additional features or higher-quality materials.
trading up