Chapter 11-Managing products and brands Flashcards
Product Life Cycle
The stages a new product goes through in the marketplace: Introduction, Growth, Maturity, Decline
Product Class
The entire product category or industry
Product form
Variations of a product within the product class
Product Modification
Altering a products characteristics such as its quality, performance, appearance, features, or package to try to increase and extend product sales
Market Modification
Strategy in which a company tries to find new customers, increase a products use among existing customers or create new-use situations
Product Repositioning
Changing the place a product occupies in a consumers mind relative to competing products
Trading UP
Adding value to a product through additional features or higher quality materials
Trading down
Reducing number of features, quality or price
Downsizing
Reducing the amount of packaging without changing size and maintaing package price
Trade Name
A comercial 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 Licensing
A contractual agreement whereby a company allows another firm use its brand name, patent, trade secret or other property for a royalty or fee
Multiproduct branding
Use by a company of one name for all its products in a product class
Co-Branding
The pairing of two or more brands recognized brands on a sign service of service
Multi Branding
A manufacturers branding strategy giving each product a distinct name
