4.5a - Product Flashcards
a name that is identifiable with a product of a particular business
brand
the extent to which people recognize a particular brand
brand development
ongoing and long term marketing process of improving and enlarging the brand name in order to boost sales
brand development
customers buying the same brand of a product repeatedly over time
brand loyalty
consumers turn to alternative brands mainly because the original brand has lost some of its former appeal
brand switching
the premium that customers are willing to pay for a brand name over the value of the product
brand value
using an exclusive name, symbol or design to identify a specific product
branding
products bought for personal consumption
consumer goods
form of sales promotion used to entice customers to stick to the brand by rewarding devoted customers
customer loyalty schemes
attempts by marketers to lengthen the life cycle of a particular product, typically used during maturity or early decline
extension strategies
things so popular that they become synonymous with the name of the product itself (kleenex)
genericised brands
highly popular products sold with exactly the same/similar marketing strategies in overseas market
global brands
consumers who strive to be the first to own a certain product
innnovators
non physical services, such as haircuts, bus rides
intangible products
form of branding that uses a visual symbol to represent a business, its brands or products
logos
when a business becomes complacent about its product strategy and fails to keep up with market changes
marketing myopia
a business developing two or more brands in the same product category
multi-brand strategy
products purchased for commercial (business) use, rather than for private consumption
producer goods
any physical or non physical item (good or service) that is purchased
product
brands from the same business directly compete with each other
product cannibalization
any strategy used to make a product appear to be distinct from others, such as quality, branding and packaging
producting differentiation
typical process that products go through from their initial design and launch to their eventual decline and withdrawal
product life cycle
collection of products owned by an organization at any one point in time
product portfolio
trial product, produced to assess the potential success of the product
protoype
catchphrases used to represent the essence of a business or its products in a memorable way
slogans
physical goods, such as cars, computers, phones
tangible products
trialling a new product with a sample of customers, to determine the reactions of customers
test marketing
legal protection to the owner to have an exclusive use of the brand name
trademark
