Chapter 8 Flashcards
Product:
The Need-satisfying offerings of a firm.
Quality:
A product’s ability to satisfy a customer’s needs or requirements.
Product Assortment:
The set of all product lines and individual products that a firm sells.
Product Line:
A set of individual products that are closely related.
Individual Product:
A particular product within a product line.
Branding:
The use of a name, term, symbol, or design to identiy a product.
Brand Name:
A world, letter, or a group of words or letters.
Trademark:
Includes only those words, symbols, or marks that are legally registered for use by a single company.
Service Mark:
The same as a trademark except that it refers to a service offering.
Brand Familiarity:
How well customers recognize and accept a company’s brand.
Brand Rejection:
When potential customers won’t buy a brand unless its image is changed.
Brand Nonrecognition:
Final consumers don’t recognize a brand at all, even though intermediaries may use the brand name for identification and inventory control.
Brand Recognition:
Customers remember the brand.
Brand Preference:
Target customers usually choose the brand over other brands, likely either because of habit or favorable past experience.
Brand Insistence:
Customers insist on a firm’s brandd product and are willing to search for it.
Brand Equity:
The value of a brand’s overall strength in the market.
Lanham Act:
Spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them.
Family Brand:
The same brand name for several products.
Licensed Brand:
A well-known brand that sellers pay a fee to use.
Individual Brands:
Separate brand names for each product.
Generic Products:
Products that have no brand at all other than identification of their contents and the manufacturer or intermediary.
Manufacturer Brands:
Brands created by producers.
Dealer Brands/Private Brands:
Brands created by intermediaries such as
Battle of the Brands:
The competition between dealer brands and manufacturer brands.
Packaging:
Involves promoting, protecting, and enhancing the product.
Universal Product Code (UPC):
Identifies each product with marks readable by electronic scanners.
Federal Fair Packaging and Labeling Act:
Requires that consumer goods be clearly labelled in easy to understand terms to give consumers more information.
Warranty:
Explains what the seller promises about its product.
Magnuson-Moss Act:
Says that producers must provide a clearly written warranty if they choose to offer any warranty.
Consumer Products:
Products meant for the final consumer.
Business Products:
Products meant for use in producing other products.
Convenience Products:
Products a consumer needs but isn’t willing to spend much time or effort shopping for.
Staples:
Products that are bought often, routinely, and without much thought - like breakfast cereal, canned soup, and most other packaged foods used almost everyday in almost every household.
Impulse products
Products that are bought quickly as unplanned purchases because of a strongly felt need.
Emergency Products
Products that are purchased immediately when the need is great. Not much time to shop around.
Shopping Products:
Products that a customer feels are worth the time and effort to compare with competing products.
Homogeneous Shopping Products:
Shopping products the customer sees as basically the same and wants at the lowest price.
Heterogeneous Shopping Products:
Shopping products the customer sees as different and wants to inspect for quality and suitability.
Specialty Products:
Consumer products that the customer really wants and makes a special effort to find. Willingness to search, not the extent of the search makes the product a specialty product.
Unsought Products:
Products that potential customers do’t yet want or know they can buy.
New Unsought Products:
Products offering really new ideas that potential customers don’t know about yet.
Regularly Unsought Products:
Stay unsought but not unbought forever.
Derived Demand:
The demand for business products derives from the demand for final consumer products.
Expense Item:
A product whose total cost is treated as a business expense in the year it’s purchased.
Capital item:
A long-lasting product that can be used and depreciated for many years.
Installations:
Important capital items such as buildings, land rights, and major equipment.
Accessories:
Short-lived capital items, tools and equipment used in production or office activities.
Raw Materials:
Unprocessed expense items that are moved to the next production process with little handling.
Farm Products:
Grown by farmers, a type of raw material.
Natural Products:
Products that occur in nature, a type of raw material.
Components:
Processed expense items that become part of a finished product.
Supplies:
Expense items that do not become part of a finished product. Can be divided into three types: maintenance, repair, and operating supplies.
Professional Services
Specialized services that support a firm’s operations.
