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Product
everything, both favorable and unfavorable, that a person receives in an exchange TERM 2
Business Products
DEFINITION 2 a product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers TERM 3
Consumer Products
DEFINITION 3 a product bought to satisfy an individual's personal wants TERM 4
Convenience Product
DEFINITION 4 a relatively inexpensive item that merits little shopping effort--that is, a consumer is unwilling to shop extensively for such an item.Ex: Candy, soft drinks, aspirin, car washes TERM 5
Shopping Products
DEFINITION 5 A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer storesHomogeneous-shopping products that are basically similar. Customers typically look for lowest-priced brand that has the desired featuresHeterogeneous-shopping products that are essentially different (clothing, furniture). Prices, quality, and features vary so much.
Specialty Products
A particular item that consumers search extensively for and are very reluctant to accept substitutesEx: Omega watches, Bose Speakers, highly specialized forms of medical care TERM 7
Unsought Products
DEFINITION 7 a product is unknown to the potential buyer or a known product that the buyer does not actively seek. TERM 8
Product Item
DEFINITION 8 a specific version of a product that can be designated as a distinct offering among an organization's productsEx: Campbell's cream of chicken soup TERM 9
Product Line
DEFINITION 9 Group of closely related product itemsEx: Campbell's "Soups" are a product line TERM 10
Product Mix
DEFINITION 10 All the products that an organization sellsEx: Campbell's sells "soups" "Sauces" "Frozen entrees" "Beverages" and "Biscuits".
Functional
Modification
change in a product's versatility, effectiveness, convenience, or safety TERM 17
Style
Modification
DEFINITION 17 aesthetic product change, rather than a quality or functional changeex: Auto manufacturers commonly use style modification to motivate customers to replace products before they are worn out. TERM 18
Planned Obsolescence
DEFINITION 18 the practice of modifying products so those that have already been sold become obsolete before they actually need replacement TERM 19
Repositioning
DEFINITION 19 changing consumers' perceptions of a brand TERM 20
Product Line Extensions
DEFINITION 20 adding additional products to an existing product line in order to compete more broadly in the industryEx: Febreze fabric refresher line with febreze fabric refresher to go-- aimed at travelers
Product Line Contraction
Strategic way to deal with overextension of a product and reduce the number of products in a product line.Ex: Steve jobs reduced the number of products apple sold from 40 to 4 computers that Apple could focus on perfecting TERM 22
Branding
DEFINITION 22 Identifies a seller's products and differentiates from competitors TERM 23
Brand Name
DEFINITION 23 the part of a brand that can be spoken, including letters words and numbersEx: GM, YMCA, Chevrolet etc TERM 24
Brand mark
DEFINITION 24 The elements of a brand that cannot be spokenEx: Mercedes- Benze Symbol, Nike Swoosh Symbol TERM 25
Benefits of Branding
DEFINITION 25
- Product Identification2. Repeat Sales3. New-Product Sales
Captive Brand
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation TERM 32
Individual Branding
DEFINITION 32 using different brand names for different products TERM 33
Family Brand
DEFINITION 33 marketing several different products under the same brand nameEx: Sony (radios, TV, Stereos, other electronic devices) TERM 34
Cobranding
DEFINITION 34 placing two or more brand names on a product or it's packageEx: Mr. Clean Disinfecting Wipes with Febreze TERM 35
Trademark
DEFINITION 35 The exclusive right to use a brand or part of a brand
Service
Mark
a trademark for a serviceEx: H&R Block and Weight Watchers TERM 37
Generic Product Names
DEFINITION 37 identifies a product by class or type and cannot be trademarkedEx: Aspirin, Cola, Thermos TERM 38
Packaging Functions
DEFINITION 38
- Contain and protect products2. Promote products3. Facilitate the storage, use, and convenience of products4. Facilitate recycling and reduce environmental damage TERM 39
Persuasive Labeling
DEFINITION 39 a type of package labeling that focuses on promotional theme or logo, and consumer information is secondary TERM 40
Informational Labeling
DEFINITION 40 A type of labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
