Chapter 9 Terms Flashcards
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
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 customer expectations
Product Life Cycle
A concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline
Introduction Stage
The first stage of the product life cycle, in which slow growth follows the introduction of a new product in the marketplace
Growth Stage
The second stage in the product life cycle, during which consumers accept the product and sales rapidly increase
Maturity Stage
The third and longest stage in the product life cycle, during which sales peak and profit margins narrow
Decline Stage
The final stage in the product life cycle, during which sales decrease as customer needs change
Brand
A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) 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 government obtain protection for exclusive use in that country
Brand Equity
The value of a brand to an organization
Brand Extensions
A new product sold with the same brand name as a strong existing brand
Brand Dilution
A reduction in the value of a brand typically driven by the introduction of a brand extension that possesses attributes that adversely contrast with the current attributes consumers associate with the brand
Family Brand
A brand that a group of individual products or individual brands share
National/Manufacturers’ Brands
Brands that the product manufacturer owns
Private-Label or Store Brands
Brands that a certain retailer or distributor owns and sells
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
Co-Branding
An agreement between two brands to work together to market a new product
Ingredient Branding
A type of branding in which branded materials become “component parts” of other branded products
Package
The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication
