Chapter 11 Flashcards
Product Life Cycle
The stages a new product foes through in the market place: introduction growth maturity and decline
Product Class
The entire product category or industry
Product Form
Variations of a product within the product class
Product modification
Altering a product’S characteristics, such as its quality, performance, appearance, features or package to try to increase and extend the product’s sales
Market Modification
Strategy in which a company tries to find new customers, increase a product’s use among existing customers, or create new-use situations
Product Repositioning
Changing the place an offering occupies in a consumer’s mind relative to competitive products
Trading Down
Reducing the number of features, quality or price
Downsizing
Reducing the content of packages without changing package size and maintaining or increasing the package price
Trading Up
Adding value to a product (or line) through additional feature or high quality materials
Branding
Activity 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
Brand name
any word, device (design shape, sound or colour) or combination of these used to distinguish a seller’s good/service
Trade Name
A commercial, legal name under which a company does business
Trademark
Identifies that a firm has legally registered its brand name or trade name so that the firm has its exclusive use.
Brand personality
A set of human characteristics associated with a brand name
Brand equity
The added value that a given brand name gives to a product beyond the functional benefits provided
Brand Licensing
A contractual agreement whereby a company allows another firm to use its brand name, patent, trade secret, or other property for a royalty or a fee
Multiproduct Branding
Use by a company of one name for all its products in a product class
Multibranding
A manufacturer’S branding strategy giving each product a distinct name
Private Branding
When a company manufactures products but sells them under the brand name of the wholesale/retailer (private labeling or reseller branding)
Cohort Brand management
The bundling of one’s company’s multiple brands into a single marketing effort aimed at a common consumer group
Mixed branding
A firm markets products under its own name and that of a reseller because the segment attracted by the reseller is different from its own market
Packaging
Any containing in which a product is offered for sale and on which label information is communicated
label
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
warranty
A statement indicating the liability of the manufacturer for product deficiencies
