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32 Cards in this Set
- Front
- Back
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Services are a result of... |
applying effort |
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a brand that carries no identification whatsoever |
captive brand |
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everything, both favorable and unfavorable that a person receives in an exchange |
product |
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Three things a product could be |
a tangible good a service an idea |
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is used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers. |
business product |
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is bought to satisfy an individual's personal wants or needs |
consumer product |
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Categories of Consumer Products |
Convenience Products Shopping Products Specialty products unsought products |
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a relatively inexpensive item that merits little shopping effort |
convenience product |
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usually more expensive than a convenience product and is found in fewer stores |
shopping product |
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when consumers search extensively for a particular item and are very reluctant to accept substitutes |
specialty product |
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a specific version of a product that can be designated as a distinct offering among an organization's products |
product item |
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a group of closely related product items |
product line |
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includes all the products it sells |
product mix |
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Organizations derive several benefits from organizing related items into product lines: (5) |
advertising economies package uniformity standardized components efficient sales and distribution equivalent quality |
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refers to the number of product lines an organization offers |
product mix width |
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the number of product items in a product line |
product line depth |
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changes one or more of a product's characteristics |
product modification |
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Three product modifications: |
quality modification functional modification style modification |
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change in a product's dependability or durability |
quality modification |
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change in product's versatility, effectiveness, convenience, or safety |
functional modification |
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aesthetic product change rather than a quality or functional change |
style modification |
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a term commonly used to describe the practice of modifying products so that those that have already been sold become obsolete before they actually need replacement |
planned obsolescence |
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Four adjustments to product items, lines, and mixes |
product modification repositioning product line extensions product line contractions |
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occurs when a company's management decides to add products to an existing product line in order to compete more broadly in the industry |
product line extension |
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Product lines can be overextended when (3) |
Some products in the line do not contribute to profits because of low sales or cannibalize sales of other items in the line Manufacturing or marketing resources are disproportionately allocated to slow-moving products Some items in the line are obsolete because of new-product entries in the line of new products offered by competitors |
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that part of a brand that can be spoken, including letters, words and numbers. |
brand name |
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The elements of a brand that cannot be spoken |
brand mark |
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refers to the value of a company or brand name |
brand equity |
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refers to a brand that obtains at least one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data |
global brand |
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The brand name of a manufacturer is called a... |
manufacturer's brand. |
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a brand name owned by a wholesaler or a retailer |
private brand |
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Packages have always served a practical function... |
that is, they hold contents together and protect goods as they move through the distribution channel |
