Chapter 14 Flashcards
Value
Good quality at a fair price, and according to the American Marketing Association, value is a key foundation of marketing.
Product line
A group of products that are physically similar or intended for a similar market.
Product Mix
The combination of product lines offered by a manufacturer.
Product differentiation
The creation of real or perceived product differences. Marketers use a mix of branding, pricing, advertising, and packaging to create different images.
Convenience goods
Products that the consumer wants to purchase frequently and with a minimum of effort, each to find anywhere and everywhere.
Industrial goods
Products used in the production of other products; Sometimes called B2B goods.
Shopping Goods & Services
Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.
Specially Goods & Services
Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute.
Unsought Goods & Services
Products that consumers are unaware of, haven’t necesaarily thought of buying, or find that they need to solve an unexptected problem.
Functions of packaging
Attract buyer’s attention; protect goods inside and be tamperproof; be easy to open; describe, explain the products; etc.
Brand
A name, symbol, or design that idenitifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.
Trademark
A brand that has exclusive legal protection for both its brand name and its design.
Manufacturer’s national brands
The brand names of manufacturers that distribute products nationally.
Brand Loyalty
The degree to which customers are satisfied, like the brand, and are committed to further purchases. Loyalty is an extremely important goal for all marketers.
Private label store brands
Products that don’t carry the manufacturer’s name but carry a distributor’s or retailer’s name instead.
