| A | B |
|---|
| Product | Everything, both favorable and unfavorable, that a person receives in an exchange |
| Business (Industrial Product) | Product used in the manufacture of other goods |
| Consumer Product | a product that satisfies an individual's personal wants |
| Convenience Product | inexpensive item meriting little shopping effort (require wide distribution) |
| Shopping Product | Usually more expensive than a convenience product and consumers will purchase only after comparing several brands or stores (homogenous, heterogenous) |
| Specialty Product | Consumers search extensively for and are very reluctent to accept substitutes (Gulfstream G650) |
| Unsought Product | Products that are either new and unknown or those that the buyer does not actively persue |
| Product Item | a specific version of a product that can be designated as a distinct offering among an organization's products |
| Product Line | a group of closely related product items |
| Product Mix | all products that an organization sells |
| Product Mix Width (breadth) | refers to the number of product lines an organization offers (firms widen to diversify out unsystematic risk) |
| Product Line Depth | The number of product items in a product line (Firms extend to capture untapped market segments) |
| Benefits of Product lines | Advertising Economies, Package Uniformity, Standardizing Components, Efficient sales and distribution, equivalent quality |
| Product Modification | changing one or more of a products characteristics (3 types: Quality Modification, Functional Modification, Style Modification |
| Planned Obsolescence | The practice of modifying a product such that its predecessors are obsolete before they need replacement |
| Product Line Extension | occurs when a company adds products to an existing product line in order to compete more broadly in the industry |
| Brand | a name, term, symbol, design, or combination thereof that ID's a sellers products and differentiates them from competitors |
| Brand Name | the part of a brand that can be spoken/written (WD-40) |
| Brand Mark | elements of the brand that can't be spoken (the golden arches) |
| Purposes of Branding | product identification (most important), repeat sales, new-product sales |
| Brand Equity | Value of the Companies Brand Name |
| Lanham Act | Protects brands from trademark infringement etc. |
| Global Brand | at least 20% of sales occur outside home country or region |
| Brand Loyalty | A consistent preference to one brand over all others |
| Generic Product | No frills, no brand name, low cost product that is simply identified by its product category |
| Manufacturer's Branding (National Brand) | Brand name of the manufacturer (Cheerios) |
| Private Branding | a brand owned by the wholesaler or retailer (Publix Wheat Cereal) |
| Individual Branding | using different brand names for different products (Tide laundry detergent is made by P&G) |
| Family Branding | Marketing several different products under the same brand name (Honda uses its name on everything from cars to generators) |
| Cobranding | Placing 2 or more brand names on a product or its package (eg. Maglite w/ duracell batteries included) (there are three types: 1. Ingredient 2. Cooperative 3. Complementary |
| Trademark | The exclusive right to use a brand or a prt of a brand |
| Service Mark | Trademark for services |
| Functions of Packaging | Contain and Protect, Promote (last 5 seconds), facilitate storage and use (those are the top three but a recent addition is: Facilitate Recycling/environmental protection |
| Persuasive Labeling | focuses on promotional themes and logos |
| Informational Labeling | labeling designed to help consumers make proper decisions and lower cognatice dissonance |
| Universal Product Code (UPC) | bar code (1974) |
| 3 International Packaging Aspects | Labeling, asthetics, climate |
| Warranty | a confirmation of the quality or performance of a good or service |
| Express Warranty | a writted guarantee |
| Implied Warranty | an unwritten guarantee that the goodor service is fit for the purpose for which it was sold |
| Magnunsun Moss Warranty FTC Improvement Act | Act that helps consumers understand warranties and get action from manufacturers and dealers; any mfg. who does not live up to the act must conspicuously promote itself as a "limited" rather than "full" warranty |
| Product Line Contraction | Strategic way to deal with company overextesion; 3 benefits: 1. concentrated resources on important products 2. No waste on trying to improve sales/profits of bad products 3. more resources to new products = greater chance of success |
| Repositioning | Changing consumers perception of the brand ( |
| Uniform Commercial Code | Mandates that consumers have right to demand that a product perform the purpose for which it is sold (under UCC, all sales have Implied Warranty) |
