Chapter 11 Flashcards
introduction phase -> growth phase -> maturity phase -> decline phase
product life cycle
the initial purchase of a product by a customer
trial
people who tried the product, were satisfied, and bought again
repeat purchasers
dropping the product from the company’s product line
deletion
when a company retains the product but reduces marketing costs
harvesting
significant customer education is required and there is an extended introductory period
high-learning product
little learning is required by the consumer and the benefits of purchase
low-learning product
style of the times
introduced, decline and then seem to return
fashion product
experiences rapid sales on introduction and then an equally rapid decline
fad product
a product diffuses, or spreads, through the population
diffusion of innovation
manages the marketing efforts for a close-knit family of products or brands
brand/product manager
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
the sale of two or more separate products in one package
product bundling
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
the exact same product that is out there but they are changing how they talk about it
product repositioning
adding value to a product or product line with additional features or higher-quality materials
trading up
reducing a product’s number of features, quality or price
trading down
reducing the package content without changing package size and maintaining or increasing the price
shrinkflation
a marketing decision which an organization using a name, phrase, design to identify its products
branding
any word, device or combination to distinguish a seller’s products or services
brand name
a firm has legally registered its brand name or trade name so it has its exclusive use
trademark
brand personality
customer’s subjective and intangible assessment of the brand, above and beyond its objectively perceived value
brand equity
why a brand exists
brand purpose
a contractual agreement whereby one company allows its brand names or trademarks to be used with products
brand licensing
A branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer
private branding/private labeling
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
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
labeling
