Vocab6

Front 1

type of product manufactured by a particular company under a particular name.

Back 1

brand

Front 2

trade·mark

Back 2

a symbol, word, or words legally registered or established by use as representing a company or product.

Front 3

Licensing means renting or leasing of an intangible asset. It is a process of creating and managing contracts between the owner of a brand and a company or individual who wants to use the brand in association with a product, for an agreed period of time, within an agreed territory.

Back 3

license brand

Front 4

lue chips are athletes, particularly high school players, targeted for drafting or signing by teams at the college level. Collegiate players being scouted by professional franchises may also be referred to as blue chips.

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blue chip athlete

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The National Collegiate Athletic Association (NCAA) [a] is a non-profit association which regulates athletes of 1,281 institutions, conferences, organizations, and individuals.

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ncaa

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an extra benefit supplementing an employee's salary, for example, a company car, subsidized meals, health insurance, etc.

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fringe ben·e·fit

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Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. Description: These stages are: Introduction: When the product is brought into the market.

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product life cycle

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Price skimming is a pricing strategy in which a marketer sets a relatively high pricefor a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management.

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skimming price strategy

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Penetration pricing is a pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. Thestrategy works on the expectation that customers will switch to the new brand because of the lower price.

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penetration price strategy

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promote (a product, service, or business) within a particular sector of a market, or as the fulfillment of that sector's specific requirements.

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positioning

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product line

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A product line is a group of related products under a single brand sold by the same company. ... Companies often expand their offerings by adding to existing product lines, because consumers are more likely to purchase products from brands with which they are already familiar.

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product enhancements

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A product line is a group of related products under a single brand sold by the same company. ... Companies often expand their offerings by adding to existing product lines, because consumers are more likely to purchase products from brands with which they are already familiar.

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product enhancements

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. A change to a product which is intended to make it better in some way, e.g. new functions, faster, or occasionally more compatible with other systems. Enhancementsto hardware components, especially integrated circuits often mean they are smaller and less demanding of resources.

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A product line extension is the use of an established product brand name for a new item in the same product category. Line Extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes.

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product extensions

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product mix

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Product mix, also known as product assortment, refers to the total number of product lines that a company offers to its customers. For example, a small company may sell multiple lines of products.