Marketing Chapter 9

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Good A tangible physical entity
Service An intangible result of the application of human and mechanical efforts to people or objects
Idea A concept, philosophy, image, or issue
Consumer products Products purchased to satisfy personal and family needs
Business products Products bought to use in an organization'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 Products purchased to solve a sudden problem, products of which consumers are unaware, and products that people do not necessarily think about buying
Installations Facilities and nonportable major equipment
Accessory equipment Equipment that does not become part of the final physical product but is used in production or office activities
Raw materials Basic natural materials that become part of a physical product
Component parts Items that become part of the physical product and are either finished items ready for assembly or products that need little processing before assembly
Process materials Materials that are used directly in the production of other products but are not readily identifiable
MRO supplies Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
Business services The intangible products that many organizations use in their operations
Product item A specific version of a product that can be designated as a distinct offering among a firm'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 offered in each product line
Product life cycle The progression of a product through four stages:
1) introduction
2) growth
3) maturity
4) decline
Introduction stage The initial stage of a product's life cycle- its first appearance in the marketplace- when sales start at zero and profits are negative
Growth stage The stage of a product's life cycle when sales rise rapidly and profits reach a peak and then start to decline
Maturity stage The stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall
Decline stage The stage of a product's life cycle when sales fall rapidly
Product adoption process The stages buyers go through in accepting a product
Innovators First adopters of new products
Early adopters Careful choosers of new products
Early majority Those adopting new products just before the average pers
Late majority Skeptics who adopt new products when they feel it is necessary
Laggards The last adopters, who distrust new products
Brand A name, term, design, symbol, or any other feature that identifies one 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 not made up of words
Trademark A legal designation of exclusive use of a brand
Trade name Full legal name of an organization
Brand equity THe marketing and financial value associated with a brand's strength in a market
Brand loyalty A customer's favorable attitude toward a specific brand
Brand recognition A customer's awareness that the brand exists and is an alternative purchase
Brand preference The degree of brand loyalty in which a customer prefers one brand over competitve offerings
Brand insistence The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
Manufacturer brands Brands initiated by producers
Private distributer brands Brands initiated and owned by resellers
Generic brands Brands indicating only the product category
Individual branding A policy of naming each product differently
Family branding Branding all of a firm's products with the same name
Brand extension Using an existing brand to brand a new product in a different product category
Co-branding Using 2 or more brands on 1 product
Brand licensing An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
Family packaging Using similar packaging for all of a firm's products or packaging that has one common design element
Labeling Providing identifying, promotional, or other information on package labels