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44 Cards in this Set
- Front
- Back
product life cycle
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stages a new product goes through in the marketplace: intro, growth, maturity, decline
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consumer products have _____ life cycles then business products
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shorter
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high-learning product
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significant education of the customer is required and there is an extended intro pd.
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low-learning product
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sales begin immed after b/c little learning is required by the consumer, and the benefits of purchase are readily understood
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fashion product
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introduced, declined, then seems to return
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fad
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rapid sales on intro and then an =lly rapid decline; typically novelties w/short life cycle
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product class
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entire product category/industry
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product form
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variations within the class
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diffusion of innovation
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product diffuses/spreads through the pop
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product/brand manager
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manages the marketing efforts for a close-knit family of products/brands
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product modification
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altering a product's characteristic (quality, performance, appearance), to try to increase the product's sales
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market modification
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company tries to find new customers, increase a product's use among existing customers, or create new use situations
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product repositioning
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changing the place a product occupies in a consumer's mind relative to competitive products; done by changing a marketing mix element
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trading up
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adding value to the product/line through additional features/higher quality materials
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trading down
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reducing the number of features, quality, or price
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downsizing
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reducing the content of pkgs w/o changing package size and maintaining or increasing the pkg price
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branding
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uses a name, phrase, design, symbols, or a combo to id its products and distinguish them from those of competitors
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brand name
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word, device, or comb used to distinguish a seller's goods or services
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trade name
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commercial, legal name under which a company does business
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trademark
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ids that a firm has legally registered its brand name/trade name so the firm has its exclusive use
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product counterfeiting
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low-cost copies of popular brands not manufactured by the original producer
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Trademark counterfeiting Act (1984)
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makes counterfeiting a fed offense subject to prison, pmts, and seizure of merchandise
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brand personality
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set of human char assoc with a brand name
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brand equity
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added value a given brand name gives to a product beyond the functional benefits provided
-comparative advantage -consumers will pay more |
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steps to creating brand equity:
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develop pos brand awareness
establish brand meaning elicit proper consumer responses to brand's id and meaning |
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brand licensing
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contractual agreement whereby one company allows its brand name(s) or trademark(s) to be used with products/services offered by another company for a royalty/fee
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criteria for picking a good brand name:
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-name should suggest the product benefits
-memorable, distinctive, and positive -fit the company/product image -simple, emotionaly |
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multiproduct brnading
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use one name for all its products in a product class
-family/corporate branding when company's trade name is used |
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line extensions
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using a current brand name to enter a new market segment in its product class
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subbranding
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combines a corp/family brand w/a new name
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brand extension
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practice of using a current brand name to enter a completely diff product class
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co-branding
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pairing of 2 brand names of 2 manufacturers on a single product
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multibranding
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giving each product a distinct name; each brand is intended for a diff market segment
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fighting brands
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confront competitor brands
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private branding/labeling
or reseller branding |
manufactures products but sells them under the brand name of a wholesaler or retailer; high profits for manufacturers and resellers
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mixed branding
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firm markets products under its own name/s and that of a reseller b/c the segment attracted to the reseller is diff from its own market
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packaging
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any container in which the product is offered for sale and on which label info is conveyed
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label
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ids product/brand, who made it, where and when it was made, how it is to be used, and pkg contents and ingrediants
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warranty
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statement indicating the liability of the manufacturer for product deficients
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express warranties
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written statements of liability
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limited-coverage warranty
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specifically states the bounds of non/coverage
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full warranty
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no limits of noncoverage
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Magnuson-Moss Warranty/FTC Improvement Act (1975)
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regulates the content of consumer warranties
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implied warranties
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assign responsibility for product deficiencies to the manufacturer
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