Product Concepts Flashcards
everything, both favorable and unfavorable, that a person receives in an exchange
product
a product used to manufacture other goods or services, to facilitate an organization’s operations, or to resell to other customers
business product (industrial product)
products can be classified as either ___ or ____, depending on the buyer’s intentions
business (industrial) or consumer
a product bought to satisfy an individual’s personal wants
consumer product
a relatively inexpensive item that merits little shopping effort
convenience product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
shopping product
a particular item that consumers search extensively for and are very reluctant to accept substitutes
specialty product
a product unknown to the potential buyer or a known product that the buyer does not actively seek
unsought product
a specific version of a product that can be designated as a distinct offering among an organization’s products
product item
a group of closely related product items
product line
all products that an organization sells
product mix
the number of product lines an organization offers
product mix width
the number of product items in a product line
product line depth
changing one or more of a product’s characteristics
product modification
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
planned obsolescence
adding additional products to an existing product line in order to compete more broadly in the industry
product line extension
a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
brand
that part of a brand that can be spoken, including letters, words, and numbers
brand name
the elements of a brand that cannot be spoken
brand mark
the value of company and brand names
brand equity
a brand that obtains at least a third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
global brand
consistent preference for one brand over all others
brand loyalty
the brand name of a manufacturer
manufacturer’s brand
a brand name owned by a wholesaler or a retailer
private brand
a brand manufactured by a thid party for an exclusive retailer, without evidence of that retailer’s affiliation
captive brand
using different brand names for different products
individual branding
marketing several different products under the same brand name
family branding
placing two or more brand names on a product or its package
co-branding
the exclusive right to use a brand or part of a brand
trademark
a trademark for a service
service mark
identifies a product by class or type and cannot be trademarked
generic product name
Three most important functions of packaging
to contain and protect products
promote products
facilitate the storage, use and convenience of products
a fourth function is to facilitate recycling and reduce environmental damage
a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondar
persuasive labeling
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
informational labeling
when a product or company attempts to give the impression of environmental friendliness whether or not it is environmentally friendly
greenwashing
a series of thick and thin vertical lines (bar codes), readable by computerized optical scanners, that represent numbers used to track products
universal product codes (UPSc)
when planning to enter a foreign market with an existing product, what are the three options a firm has for handling the brand name
one brand name everywhere
adaptions and modifications
different brand names in different markets
a confirmation of the quality or performance of a good or service
warranty
a written guarantee
express warranty
an unwritten guarantee that the good or service is fit for the purpose for which it was sold
implied warranty
