| A | B |
|---|
| value | good quality at a fair price |
| value package | everything that consumers evaluate when deciding whether to buy something |
| product line | a group of products that are physically similar or are intended for a similar market |
| product mix | the combination of product lines offered by a manufacturer |
| product differentiation | the creation of real or perceived product differences |
| convenience goods and services | products that the consumer wants to purchase frequesntly and with a minimum of effort |
| shopping goods and services | those products that the consumer buys only after comparing value, quality and price from a variety of sellers |
| specialty goods and services | products that have a special attraction to consumers who are willing to go out of their way to obtain them |
| unsought goods and services | products that consumers are unaware of, haven't necessarily thought of buyint or find that they need to solve an unexpected problem |
| industrial goods | products used in the production of other products |
| brand | a name, symbol or design that identifies the goods or services of one seller |
| trademark | a brand that has been given exclusive legal protection for both the brand name and the pictorial design |
| manufacturers brand names | the brand names of manufacturers that distribute products nationally |
| knockoff brands | illegal copies of national brand name goods |
| dealer brands | products that don't carry the manufacturers name but carry a distributor or retailers name instead |
| generic name | the name for a product category verses a brand name |
| generic goods | nonbranded products that usually |
| brand equity | The combination of factors such as awareness, loyalty, perceived quality, images and emotions associated with a brand |
| brand loyalty | The degree to which a consumer is satisfied and committed to further purchase |
| brand awareness | how quickly or easily a given brand name carries to mind when a product category is mentioned |
| brand association | The linking of a brand to other favorable images |
| brand manager | A manager who has direct responsibility for one brand or product line |
| product screening | A process designed to reduce the number of new-product ideas being worked on at any one time |
| product analysis | making cost estimates and sales forecasts to get a feeling for profitability of a new product idea |
| concept testing | Taking a product idea to consumers to test their reactions |
| product life cycle | A theoretical model of what happens to sales and profits for a product class over time |
| target costing | Designing a product so that it satisfies customers and meets the profit margins desired by the firm |
| value pricing | When marketers provide consumers with brand name goods and services at fair prices |
| break-even analysis | The process used to determine profitability at various levels of sales |
| total fixed costs | All the expenses that remain the same no matter how many products are sold |
| variable costs | costs that change according to the level of production |
| skimming price strategy | strategy in which a new product is priced high to make optimum profit while there's little competition |
| penetration strategy | strategy in which a product is priced low to attract many customers and discourage competition |
| everyday low pricing (EDLP) | Setting prices lower than competitors and then not having any special sales |
| high-low pricing strategy | set prices that are higher than EDLP stores, but have many special sales where the prices are lower than competitors |
| price leadership | The procedure by which one or more dominant firms set the pricing practices that all competitors follow |
