Mk 530 Chapter 6

Front 1

Consumer Goods

Back 1

Convenience Goods
Shopping Goods
Specialty Goods

Front 2

Product definition

Back 2

The sum of the physical psychological, and sociological satisfactions the buyer derives from purchase, ownership and consumption: Tangible product, extended product, or generic product

Front 3

tangible product

Back 3

The physical entity or service being offered to the buyer

Front 4

Extended product

Back 4

tangible product along with the accompanying services it provides.

Front 5

generic product

Back 5

the essential benefits the buyer expects to receive from the product

Front 6

Product Classification

Back 6

in general products are classified into 1 end use or market, and 2 degree of processing or physical transformation.

Front 7

Agricultureal proucts and raw materials

Back 7

Products that are extracted from land or sea. Fairly homogeneous, sold in large volume and have low value per unit

Front 8

Organizational goods

Back 8

products purchased by business firms for the purpose of producing other goods or for running a business: Raw materials and semifinished goods, Major and minor equipment, parts or components, supplies

Front 9

Convenience goods

Back 9

goods such as food purchased with little effort also impulse goods

Front 10

Shopping goods

Back 10

goods such as appliances which are purchased after some time and energy are spent comparing

Front 11

Specialty goods

Back 11

goods such as car which are unique in some way so the customer will make special effort to obtain them

Front 12

Product quality

Back 12

defined as the degree of excellence or superiority that a companies product possesses

Front 13

Product Value

Back 13

What the customer gets from what the customer gives

Front 14

Product Mix

Back 14

A full set of products offered for sale by the organization, may consist of several product lines or groups of products that share common characteristics distribution channels customers or uses. Described by its width and debth or consistency

Front 15

Product Width

Back 15

Number of product lines

Front 16

Product depth

Back 16

average number of products per line

Front 17

Consistency

Back 17

Similarity of product lines

Front 18

branding

Back 18

A name, term, design, symbol, or any other feature that identifies one seller’s good or service as distinct from those of other sellers.
The legal term for a brand is the trademark.
Good brand names evoke strong feelings of trust, confidence, security, etc.

Front 19

Strengthing brand

Back 19

Quality, consistent advertising, distribution intensity( customers see brand everywhere they shop), brand personality(brand stands for something)

Front 20

Trademark

Back 20

Legal name for brand

Front 21

Branding strategies

Back 21

Line extension, brand extension, family branding, Dual branding, assign multiple or different brand names to related products( multibranding),

Front 22

Line extension

Back 22

brand name facilitates entry into a new segment (diet coke).
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Front 23

Brand extension

Back 23

: brand used to enter a completely different product class (coke candy or coke pop-sickles).
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Front 24

Family Branding

Back 24

attach a corporate name to a product to enter a new segment or different product class (Honda lawnmowers).
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Front 25

Dual Branding

Back 25

2 or more brands integrated (Bacardi and Coke)
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Front 26

advantages of branding

Back 26

firm can distance products from other offerings, product can have unique image and be targeted at a specific market segment, if product fails, its impact on company’s other products is minimized (P&G Tide, Bold, Cheer, and Dash Landry detergent).
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Front 27

Multibranding

Back 27

assigning different brand names to related products

Front 28

Branding equity

Back 28

the set of assets or liabilities linked to the brand that adds or subtracts value. Competing with national manufacturers brands are private label and generic brands.
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Front 29

Packaging

Back 29

way to differentiate product, can help urgently sell

Front 30

Product life Cycle

Back 30

drop the product, alter the product seek new uses , seek new markets or continue with more of the same. limited or helped by fashions or fads

Front 31

Innovators

Back 31

those who first buy a new product

Front 32

early adopters

Back 32

respected social leaders and above average in education

Front 33

early majority

Back 33

tend to avoid risk and make purchases carefully

Front 34

Late majority

Back 34

avoid risks and are still careful about buying product

Front 35

laggards

Back 35

are reluctant to make changes and stick with traditional products

Front 36

Product Audit

Back 36

A review of a product to determine if it needs to be continued, improved, modified, or deleted. Altering means changing either product attributes or marketing dimensions.
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Front 37

Attributes

Back 37

refer to product features, design, and packaging.
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Front 38

Marketing dimensions

Back 38

Refer to price, promotion, and channel of distribution