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24 Cards in this Set
- Front
- Back
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product |
in marketing, any good or service, along with its perceived attributes and benefits, that creates value for the customer |
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brand |
name, design, symbol, specific colour, slogan or any other feature that identifies a product, distinguishes it from other products, and creates a perception in the mind of consumers |
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trademark |
a legally exclusive design, name, or other identifyinng mark associated with a company's brand |
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brand loyalty |
a customer's preference for a particular brand that results in advocacy for that brand |
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master brand |
a brand that is so dominant that customers think of it immediately when a product category is mentioned |
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manufacturer brand |
a brand that is owned by a national or regional manufacturer; the products are widely distributed |
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dealer brand |
a brand that is owned by the wholesaler or retailer rather than the manufacturer |
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generic brand |
a brand that carries no specific name associated with a manufacturer, wholesaler, or retailer and usually comes in plain containers and sells less than brand name products |
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unsought products |
products that are either unknown to the potential buyer or are known but are not ctively sought by the buyer |
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convenience products |
relatively inexpensive items that require little shopping effort and are purchased routinely without planning |
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shopping products |
items that are bought after considerable planning, including brand-to-brand and store-to-store comparisons of price, suitability, and style |
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specialty products |
items for which consumers search long and hard, and for which they refuse to accept substitutes |
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capital products |
large, expensive items with a long lifespan that are purchased by businesses for use in making other products or providing a service |
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expense items |
ITEMS PURCHASED BY BUSINESSES that are smaller and less expensive than capital products and usually have a lifespan of less than one year |
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product life cycle |
the oattern of sales and profits over time for a product or product category; consists of an introductory stage, growth stage, maturity stage, and decline stage (that ultimately results in death of the product or product category) |
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profit maximization |
a procing objective that entails getting the largest possible profit from a product by producing it for as long as the revenue from the selling exceeds the cost of producing it |
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target return on investment |
a pricing objective where the price of a product is set so as to give the company the desired profitability in terms of return on its money |
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value pricing |
a pricing strategy in which the target market is offered a high-quality product at a fair price with good service |
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price skimming |
the strategy of introducing a product with a high initial price and lowering the price over time as the product through its life cycle |
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penetration pricing |
the strategy of selling new products at low prices in the hope of achieving a large sales volume |
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leader pricing |
the strategy of pricing products below the normal markup or even below cost to attract customers to a store where they would not otherwise shop |
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loss leader |
a product price below cost as part of a leader pricing strategy |
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bundling |
the strategy of grouping two or more related products together and pricing them as a single product |
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odd-even (psychological) pricing |
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