Marketing Chapter 10-11

product
a good, service, or idea received in an exchange
good
a tangible physical entity
service
the result of the application of human and mechanical efforts to people ir objects
idea
a concept, philosophy, image, or issue
core product
the product’s fundamental utility or main benefit; addresses the basic needs of the consumer
consumer products
purchased to satisfy personal and family wants and needs
business products
bought to use in a firm’s operations, to resell, or to make other products
convenience products
relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
shopping products
items for which buyers are willing to expend considerable effort in planning and making purchases
specialty products
items with unique characteristics that buyers are willing to expend considerable effort to obtain
unsought products
a product purchased to solve a sudden problem; products of which customers are unaware’ any products that people do not think of buying
business products
bought to use in an organization’s operation, to resell, or to make other products
installations
facilities and non-portable equipment
accessory equipment
not part of the final product
raw materials
natural materials that are part of a product
component parts
finished items ready for assembly, or that need little processing
process materials
used in production, but not identifiable
MRO supplies
maintenance, repair, and operating items that are not part of the final product
Services
intangible products in operations
product item
a specific version of a product that can be designated as a distinct offering among an organization’s products
product line
a group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
product mix
the total group of products that an organization makes available to customers
width of product mix
the number of product lines a company offers
depth of product mix
the average number of different product items in each product line
innovators
first adopters of new products
early adopters
careful choosers of new products
early majority
those dopting new products just before the average person
late majority
skeptics who adopt new products only when they feel it is necessary
laggards
the last adopters who distrust new products
brand
a name, term, design, symbol, or other feature that identifies the marketer’s product as distinct from those of other marketers
brand name
the part of a brand that can be spoken
brand mark
the part of a brand that is not made up of words
trademark
a legal designation of exclusive use of the brand
trade name
the full name of an organization
brand equity
the marketing and financial value associated with a brand’s strength in a market
cultural branding
a term used to explain how a brand conveys a powerful myth that consumers find useful in cementing their identities
brand loyalty
a customer’s favorable attitude toward a specific brand
brand recognition
buyer is aware a brand exists and considers it as an alternative if the preferred brand is unavailable
brand preference
buyer prefers the product over competitive offerings and will purchase it if available
brand insistence
product is strongly preferred; buyer will accept no substitute
manufacturing brands
initiated by producer to ensure that producers are identified with their products at the point of purchase
private distributor brands
initiated and owned by a reseller; manufactures are not identified
generic brand
indicate only the product category and do not include the company name or other identifying terms; usually sold at lower prices
individual branding
a policy of naming each product differently
family branding
branding all of the firm’s products with the same name
brand extension
an organizations uses one of its existing brands to brand a new product in a different product category
brand licensing
an agreement in which a company permits another organization to use its brand on other products for a licensing fee
packaging
the development of a container and a graphic design for a product
family packaging
using similar packaging for all of a firm’s products, or packaging that has a similar design element