Chapter 9 Flashcards
product management
the systematic and usually team based approach to coordinating all aspects of a product’s marketing initiative including all elements of the marketing mix
product line
a firm’s total product offering designed to satisfy a single need or desire of target customers
product line length
determined by the number of separate items within the same category
cannibalization
the loss of sales of an existing brand when a new item in a product line or product family is introduced
product mix
the total set of all products a firm offers for sale
product mix width
the number of different product lines the firm produces
product quality
the overall ability of the product to satisfy customers’ expectations
product life cycle
a concept that explains how products go through four distinct stages from birth to death: intro, growth, maturity, and decline
intro stage
the first stage of the product life cycle in which slow growth follows the intro of a new product in the marketplace
growth stage
2nd stage in the PLC, during which consumers accept the product and sales rapidly increase
maturity stage
3rd stage and longest, during which sales peak and profit margins narrow
decline stage
the final stage, during which sales decrease as customer needs change
brand
a name, term, a symbol, or any other unique element of a product that identifies one firm’s product and sets it apart from the competition
trademark
the legal term for a brand name, brand mark, or trade character; trademarks legally registered by a gov obtain protection fro exclusive use in that country
brand equity
the value of a brand to an organization
brand meaning
the beliefs and associations that a consumer has about the brand
brand storytelling
marketers seek to engage consumers with compelling stories about brands
brand extensions
a new product sold with the same brand name as a strong existing brand
sub branding
creating a secondary brand within a main brand that can help differentiate a product line to a desired target group
family brand
a brand that a group of individual products or individual brands share
national/manufacturer brands
brand that the product manufacturer owns
private label brands
brands that a certain retailer or distributor owns and sells
generic branding
a strategy in which products are not branded and are sold at the lowest price possible
licensing
an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
cobranding
an agreement between two brands to work together to market a new product
brand manager
an individual who is responsible for developing and implementing the marketing plan for a single brand
product category managers
individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category
market manager
an individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group
venture teams
groups of people within an organization who work together to focus exclusively on the development of a new product
