Marketing Ch 11

Front 1

product life cycle

Back 1

describes the stages a new product goes through in the marketplace: introduction, growth, maturity,and decline.

Front 2

product class

Back 2

consists ofthe entire product category or industry.

Front 3

product form

Back 3

consists of variations of a product withinthe product class.

Front 4

Product modification

Back 4

involves altering a product’s characteristic, such as its quality, performance, or appearance, to increase the product’s value and sales.

Front 5

Market modification

Back 5

astrategy in which a company tries to find new customers, increasea product’s use among existing customers, or create new use situations.

Front 6

Trading up

Back 6

addingvalue to the product (or line) through additional features or higher-quality materials.

Front 7

Trading down

Back 7

reducing the number of features, quality,or price.

Front 8

Branding

Back 8

a marketing decision by an organization to use a name, phrase, design, or symbols, or combination of these to identifyits products and distinguish them from those of competitors.

Front 9

brand name

Back 9

any word, device (design, shape, sound,or color), or combination of these used to distinguish a seller’s goods or services.

Front 10

trade name

Back 10

a commercial, legal name under which a company does business.

Front 11

trademark

Back 11

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.

Front 12

Brand equity

Back 12

the added valuea given brand name gives to a product beyond the functional benefits provided.

Front 13

Brand licensing

Back 13

a contractual agreement whereby one company (licensor) allows its brand name(s) or trademark(s) to be used with products or services offered by another company (licensee) for a royalty or fee.

Front 14

Multiproduct branding

Back 14

is a branding strategy in which a company uses one name for allits products in a product class.

Front 15

Multibranding

Back 15

a branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.

Front 16

Private branding

Back 16

a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding.

Front 17

Mixed branding

Back 17

a branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reselleris different from its own market.

Front 18

Packaging

Back 18

a component ofa product that refers to any container in which it is offeredfor sale and on which label information is conveyed.

Front 19

label

Back 19

an integral part of the package that typically identifies the product or brand, who madeit, where and when it was made, how it is to be used, and package contents and ingredients.

Front 20

warranty

Back 20

a statement indicating the liability of the manufacturer for product deficiencies.