Chapter 11: Product Concepts, Branding, and Packaging

Question 1

good

Answer 1

a tangible physical entity

Question 2

service

Answer 2

an intangible result of the application of human and mechanical efforts to people or objects

Question 3

idea

Answer 3

a concept, philosophy, image, or issue

Question 4

consumer products

Answer 4

products purchased to satisfy personal and family needs

Question 5

business products

Answer 5

products bought to use in a firm’s operations, to resell, or to make other products

Question 6

convenience products

Answer 6

relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort

Question 7

shopping products

Answer 7

items for which buyers are willing to expend considerable effort in planning and making purchases

Question 8

specialty products

Answer 8

items with unique characteristics that buyers are willing to expend considerable effort to obtain

Question 9

unsought products

Answer 9

products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying

Question 10

installations

Answer 10

facilities and nonportable major equipment

Question 11

accessory equipment

Answer 11

equipment that does not become part of the final physical product but is used in production or office activities

Question 12

raw materials

Answer 12

basic natural materials that become part of a physical product

Question 13

component parts

Answer 13

items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly

Question 14

process materials

Answer 14

materials that are used directly in the production of other products but are not readily identifiable

Question 15

MRO supplies

Answer 15

maintenance, repair, and operation items that facilitate production and operations but do not become part of the finished product

Question 16

business services

Answer 16

intangible products that many organizations use in their operations

Question 17

product item

Answer 17

a specific version of a product that can be designated as a distinct offering among a firm’s products

Question 18

product line

Answer 18

a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations

Question 19

product mix

Answer 19

the composite, or total, group of products that an organization makes available to customers

Question 20

width of product mix

Answer 20

the number of product lines a company offers

Question 21

depth of product mix

Answer 21

the average number of different products offered in each product line

Question 22

product life cycle

Answer 22

the progression of a product through four stages: introduction, growth, maturity, and decline

Question 23

introduction stage

Answer 23

the initial stage of a product’s life cycle;

its first appearance in the marketplace, when sales start at zero and profits are negative

Question 24

growth stage

Answer 24

the product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline

Question 25

maturity stage

Answer 25

the sage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall

Question 26

decline stage

Answer 26

the stage of a product's life cycle when sales fall rapidly

Question 27

innovators

Answer 27

first adopters of new products

Question 28

early adopters

Answer 28

people who adopt new products early, choose new products carefully, and are viewed as "the people to check with" by later adopters

Question 29

early majority

Answer 29

individuals who adopt a new product just prior to the average person

Question 30

late majority

Answer 30

skeptics who adopt new products when they feel it is necessary

Question 31

laggards

Answer 31

the last adopters, who distrust new products

Question 32

brand

Answer 32

a brand, term, design, symbol, or other feature that identifies one seller's product as distinct from those of other sellers

Question 33

brand name

Answer 33

the part of a brand that can be spoken, including letters, words, and numbers

Question 34

brand mark

Answer 34

the part of a brand that is not made up of words, such as a symbol or design

Question 35

trademark

Answer 35

a legal designation of exclusive use of a brand

Question 36

trade name

Answer 36

the full legal name of an organization

Question 37

brand equity

Answer 37

the marketing and financial value associated with a brand's strength in a market

Question 38

brand loyalty

Answer 38

a customer's favorable attitude toward a specific brand

Question 39

brand recognition

Answer 39

the degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable

Question 40

brand preference

Answer 40

the degree of brand loyalty in which a customer prefers one brand over competitive offerings

Question 41

brand insistence

Answer 41

the degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute

Question 42

manufacturer brands

Answer 42

a brand initiated by producers to ensure that producers are identified with their products at the point of purchase

Question 43

private distributor brands

Answer 43

a brand initiated and owned by a reseller

Question 44

generic brand

Answer 44

a brand indicating only the product category

Question 45

individual branding

Answer 45

a branding strategy in which each product is given a different name

Question 46

family branding

Answer 46

branding all of a firm's products with the same name or part of the name

Question 47

brand extension

Answer 47

an organization uses one of its existing brands to brand a new product in a different product category

Question 48

co-branding

Answer 48

using two or more brands on one product

Question 49

brand licensing

Answer 49

an agreement whereby a company permits another organization to use its brand on other products for a licensing fee

Question 50

family packaging

Answer 50

using similar packaging for all of a firm's products or packaging that has one common design element

Question 51

labeling

Answer 51

providing identifying, promotional, or other information on package labels