Principles of Marketing Chapter 10 Key Terms

product
everything, both favorable and unfavorable, that a person receives in an exchange
business product (industrial product)
A product used to manufacture other good or services, to facilitate an organization’s operations, or to resell to other customers
consumer product
a product bought to satisfy an individual’s personal wants or needs
convenience product
a relatively inexpensive item that merits little shopping effort
shopping product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
specialty product
a particular item that consumers search extensively for and are very reluctant to accept substitutes
unsought product
A product unknown tot he potential buyer or a known product that the buyer not not actively seek.
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
product mix
All products that an organization sells
product mix width
the number of product lines an organization offers
product line depth
the number of product items in a product line
product modification
changing one or more of a product’s characteristics
planned obsolesence
Practice of modifying products so those that have already been sold become obsolete before they actually need replacement
product line extension
adding additional products to an existing product line in order to compete more broadly in the industry
brand
a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
brand name
the part of a brand that can be spoken, including letters, words, and numbers
brand mark
the elements of a brand that cannot be spoken
brand equity
the value of a company or brand name
global brand
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
brand loyalty
A consistent preference for one brand over all others
manufacturer’s brand
the brand name of a manufacturer
private brand
a brand name owned by a wholesaler or a retailer
captive brand
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation
individual branding
using different brand names for different products
family branding
Marketing several different products under the same brand name
co-branding
placing two or more brand names on a product or its package
trademark
A legal designation of exclusive use of brand.
service mark
A trademark for a service
generic product name
identifies a product by class or type and cannot be trademarked
persuasive labeling
a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
informational labeling
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
warranty
A confirmation of the quality or performance of a good or service.
express warranty
A written guarantee
implied warranty
An unwritten guarantee that the good or service is fit for the purpose for which it was sold