Chapter 10 Flashcards
Describes the stages a new product goes through in the marketplace: introduction, growth, maturity, and decline.
product life cycle
Refers to the entire product category or industry.
product class
Pertains to variations of a product within the product class.
product form
Involves altering one or more of a product’s characteristics, such as its quality, performance, or appearance, to increase the product’s value to customers and increase sales.
product modification
Strategies by which a company tries to find new customers, increase a product’s use among existing customers, or create new use situations.
market modification
Adding value to the product (or line) through additional features or higher-quality materials.
trading up
Reducing a product’s number of features, quality,
or price.
trading down
A marketing decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those of competitors.
branding
Any word, device (design, sound, shape, or color), or combination of these used to distinguish a seller’s products or services.
brand name
A set of human characteristics associated with a brand name.
brand personality
The added value a brand name gives to a product beyond the functional benefits provided.
brand equity
The reason why a brand exists, the place it has in consumers’ lives, the solution it provides to consumers, and the brand’s role in making society better off. It focuses on a brand’s underlying values and beliefs and its identity and meaning.
brand purpose
A contractual agreement whereby one company (licensor) allows its brand name(s) or trademarks) to be used with products or services offered by another company (licensee) for a royalty or fee.
brand licensing
A branding strategy in which a company uses one name for all its products in a product class.
multiproduct branding
A branding strategy that involves giving each product a distinct name when each brand is intended for a different market segment.
multi branding
A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding.
private branding
A branding strategy where a firm markets products under its own name(s) and that of a reseller because the segment attracted to the reseller is different from its own market.
mixed branding
A component of a product that refers to any container in which it is offered for sale and on which label information is conveyed.
packaging
An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients.
label
An expanded marketing mix concept for services that includes the four Ps (product, price, promotion, and place or distribution) as well as people, physical environment, and process.
seven P’s of services marketing
Charging different prices during different seasons of the year and different times of the day or during different days of the week to reflect variations in demand for the service.
off-peak pricing
Integrating the service component of the marketing mix with efforts to influence consumer demand.
capacity management
