Marketing (Chapter 10)

31 terms by scram1990 

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product

is anything that is of value to a consumer and can be offered through a voluntary marketing exchange

product assortment (product mix)

is the complete set of all products offered by a firm

product lines

are groups of associated items, such as items that consumers use together or think of as part of a group of similar products

product category

is an assortment of items that the customer sees as reasonable substitutes for one another or are used under similar circumstances

brands

are the names, terms, designs, symbols, or any other features that identify one seller's good or service as distinct from those of other sellers

breadth

represents the number of product lines offered by the firm

depth

the number of categories within a product line

stock keeping units (SKUs)

are the smallest unit available for inventory control

category depth

the number of SKUs within a category

brand equity

the set of assets and liabilities linked to a brand that add to or subtract from the value provided by the product or service

licensed brand

is one in which there is a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee

brand awareness

measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about that brand

perceived value

is the relationship between a product or service's benefit and its cost.

brand associations

reflect the mental links that consumers make between a brand and its key product attributes, such as a logo, slogan, or famous personality

brand personality

the set of human characteristics associated with a brand, which as symbolic or self-expressive meanings for consumers

brand loyalty

occurs when a consumer buys the same brand's product or service repeatedly over time rather than buy from multiple suppliers within the same category

manufacturer brands (national brands)

are owned and managed by the manufacturer. (Nike, Coca-Cola, KitchenAid)

private-label brands (store brands, house brands, own brands)

are products developed by retailers

premium brands

offer the consumer a private label that is comparable to, or even superior to , a manufacturer's brand quality, sometimes with modest price savings

generic brands

no-frills products offered at a low price without any branding information

copycat brands

imitate the manufacturer's brand in appearance and packaging, generally are perceived as lower quality, and are offered at lower prices

exclusive cobrand

is a brand that is developed by a national brand vendor, often in conjunction with a retailer, and is sold exclusively by the retailer

corporate brand (family brand)

the use of a firm's own corporate name to brand all of its product lines and products

individual brand

the use of individual brand names for each of a firm's products

brand extension

the use of the same brand name for new products being introduced to the same or new markets

brand dilution

occurs when the brand extension adversely affects consumer perceptions about the attributes the core brand is believed to hold

cobranding

the practice of marketing two or more brands together, on the same package or promotion

brand licensing

is a contractual arrangement between firms, whereby one firm allows another to use its brand name, logo, symbols, and/or characters in exchange for a negotiated fee

brand repositioning (rebranding)

the strategy in which marketers change a brand's focus to tarter new markets or realign the brand's core emphasis with changing market preferences

primary package

is the one consumer uses, such as the toothpaste tube

secondary package

is the wrapper or exterior carton that contains the primary package and provides the UPC label used by retail scanners

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