Chapter 27 (Product) Flashcards
Brand
A name, term, symbol or any other feature that is used to identify a product of a particular business
Brand awareness
The extent to which people recognizes a brand
Brand development
An ongoing marketing process to improve a brand
Brand loyalty
When customers buy the same brand of a product repeatedly over time
Brand switching
When customers buy from other brands (rivals)
Brand value
The earning potential of a brand
Branding
The practice of using an exclusive name, term, symbol or any other feature to identify a specific product
Consumer goods
Products bought for personal use
Customer loyalty scheme
Used to entice customers to stick to the brand by rewarding those who do
Extension strategies
Used to prolong the life cycle of a product
Genericized brands
Brands that are so popular that they become synonymous with the actual name of the product itself (Kleenex and tissue)
Global brands
Products sold with the same marketing strategies overseas
Innovators
Customers who strive to be the first to own a certain product (from the R&D stage)
Intangible products
Services
Logos
A visual symbol as part of branding
Marketing myopia
When businesses start slacking about its product and so it fails to keep up with change
Multi-brand strategy
Developing multiple brands in the same product category
Producer goods
Products bought for commercial use
Product
Good or service
Product cannibalization
Brands from the same business compete
Product differenciation
Strategies used to make a product stand out
Product life cycle (PLC)
The stages that a product is bound to go through
Product portfolio
The collection of products owned by a business
Prototype
A trial product
Slogans
Catchphrases as part of branding
Tangible products
Goods
Test marketing
Giving out prototypes to sample customers for feedback (R&D)
Trademark
Legal protection to have exclusive use of the brand name
