Marketing Chapter 9

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1. Good A tangible physical entity
2. Service An intangible result of the application of human and mechanical efforts to people or objects
3. Idea A concept, philosophy, image, or issue
4. Consumer products Products purchased to satisfy personal and family needs
5. Business products Products bought to use in an organization's operations, to resell, or to make other products
6. Convenience products Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
7. Shopping products Items for which buyers are willing to expend considerable effort in planning and making purchases
8. Specialty products Items with unique characteristics that buyers are willing to expend considerable effort to obtain
9. 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
10. Installations Facilities and nonportable major equipment
11. Accessory equipment Equipment that does not become part of the final physical product but is used in production or office activities
12. Raw materials Basic natural materials that become part of a physical product
13. 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
14. Process materials Materials that are used directly in the production of other products but are not readily identifiable
15. MRO supplies Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product
16. Business services The intangible products that many organizations use in their operations
17. Product item A specific version of a product that can be designated as a distinct offering among a firm's products
18. Product line A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
19. Product mix The total group of products that an organization makes available to customers
20. Width of product mix The number of product lines a company offers
21. Depth of product mix The average number of different product items offered in each product line
22. Product life cycle The progression of a product through four stages:
1) introduction
2) growth
3) maturity
4) decline
23. 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
24. Growth stage The stage of a product's life cycle when sales rise rapidly and profits reach a peak and then start to decline
25. Maturity stage The stage of a product's life cycle when the sales curve peaks and starts to decline as profits continue to fall
26. Decline stage The stage of a product's life cycle when sales fall rapidly
27. Product adoption process The stages buyers go through in accepting a product
28. Innovators First adopters of new products
29. Early adopters Careful choosers of new products
30. Early majority Those adopting new products just before the average pers
31. Late majority Skeptics who adopt new products when they feel it is necessary
32. Laggards The last adopters, who distrust new products
33. Brand A name, term, design, symbol, or any other feature that identifies one marketer's product as distinct from those of other marketers
34. Brand name The part of a brand that can be spoken
35. Brand mark The part of a brand not made up of words
36. Trademark A legal designation of exclusive use of a brand
37. Trade name Full legal name of an organization
38. Brand equity THe marketing and financial value associated with a brand's strength in a market
39. Brand loyalty A customer's favorable attitude toward a specific brand
40. Brand recognition A customer's awareness that the brand exists and is an alternative purchase
41. Brand preference The degree of brand loyalty in which a customer prefers one brand over competitve offerings
42. Brand insistence The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
43. Manufacturer brands Brands initiated by producers
44. Private distributer brands Brands initiated and owned by resellers
45. Generic brands Brands indicating only the product category
46. Individual branding A policy of naming each product differently
47. Family branding Branding all of a firm's products with the same name
48. Brand extension Using an existing brand to brand a new product in a different product category
49. Co-branding Using 2 or more brands on 1 product
50. Brand licensing An agreement whereby a company permits another organization to use its brand on other products for a licensing fee
51. Family packaging Using similar packaging for all of a firm's products or packaging that has one common design element
52. Labeling Providing identifying, promotional, or other information on package labels