10. Product concepts
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Created by:
ShiftyCapone on April 5, 2011
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36 terms
Terms | Definitions |
|---|---|
 Packaging | Contain and protect product, can help promote, differentiate |
| Labeling | Persuasive, and informational (attributes of product, nutrition, etc) have government standards now |
| Universal product code | Bar code |
| Warranties | Protects buyer, gives info about product |
| Express warranty | Written out |
| Implied warranty | Should automatically be Enforced by company If product is not satisfactory |
| Product | Everything, both favorable and unfavorable, that a person receives in an exchange |
| Business product (industrial product) | A product used to manufacture other goods or services to facilitate an organizations operations or to sell to other customers |
| Consumer product | A product bought to satisfy an individuals personal wants |
| 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 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 to the potential buyer or a known product that the buyer does 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 obsolescence | the 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 sellers products and differentiates them from competitors products |
| Brand name | That 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 company and brand names |
| 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 |
| Generic product | a no-frills, no-brand-name, low-cost product that is simply identified by its product category |
| 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 brand | marketing several different products under the same brand name |
| Cobranding | placing two or more brand names on a product or its package |
| Trademark | The exclusive right to use a brand or part of a brand |
| Service mark | a trademark for a service |
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