product branding and packaging Flashcards
product
everything both favorable and unfavorable that a person receives in an exchange
convenience product
a relatively inexpensive item that merits little shopping effort. straight rebuy, require wide distribution
shopping product
requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
specialty product
consumers search extensively for and are very reluctant to accept substitutes
unsought product
unknown to the potential buyer or a known product that the buyer does not actively seek
product item
specific version of a product a distinct offering
product line
a group of closely related product items. advantages include advertising economies, package uniformity, standardized components , efficient sales and distribution, equivalent quality
product category
an assortment of items that customers view and reasonable substitutes
product mix or product assortment
the complete set of products offered by a firm
product modification
changing one or more of a products characteristic. quality, function, style.
product line extension
adding additional products to an existing product line in order to compete more broadly in the industry
increase depth
bandaid has 40 products, chef boy ardeeeeee
product line contraction
when products do not contribute profits, or manufacturing/marketing resources are disportionately allocated to slow-moving products or products are obsolete
brand
a name, term, symbol, design, or combination thereof that identifies a sellers products and differentiates them from competitors products
brands facilitate purchasing because
consumer recognition facilitates quick decisions
