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brand a name, term, sign, symbol, design, or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors. brand equity the differential effect that knowing the brand name has on customer response to the product or its marketing consumer product a product bought by final consumers for personal consumption convenience product a consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price and style industrial product a product bought by individuals and organizations for further processing or for use in conducting a business line extension extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category packaging the activities of designing and producing the container or wrapper for a product product anything that can be offered to a market for attention, acquisition, use ,or consumption that might satisfy a want or need. product line a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges. product mix the set of all product lines and items that a particular seller offers for sale product quality the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. service an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything service inseparability a major characteristic of services - they are produced and consumed at the same time and cannot be separated from their providers service intangibility a major characteristic of services - they cannot be seen, tasted, felt, heard ,or smelled before they are bought service perishability a major characteristic of services - they cannot be stored for a later sale or use. service variability a major characteristic of services - their quality may vary greatly, depending on who provides them and when, where, and how shopping product A consumer product on which someone will spend considerable time and effort gathering relevant information about price, quality, resale value, etc., before making a decision to buy. Diamonds, cars, and high-end bicycles are examples of shopping products. specialty product - a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort store brand (private brand) a brand created and owned by a reseller of a product or service unsought product a consumer product that the consumer either does not know about or knows about but does not normally think of buying Service recovery The time it takes for the service to recover from being in a failed state. Licensing Grant a license to permit the use of something or to allow an activity to take place. Core customer value consists of the sum total of benefits which a vendor promises a customer will receive in return for the customer's associated payment (or other value-transfer). Augmented product A core product to which additional products and services may be added to generate multiple revenue streams. Actual product Tangible aspects of a product, such as the brand name, design, features, quality level, styling. Business analysis a review of the sales, costs, and profit projections for a new product to find out whether these factors satisfy the companys objectives Commercialization introducing a new product into the market Concept testing testing new product concepts with a group target consumers to find out if the concepts have strong consumer appeal Decline stage the product life cycle stage in which a products sales decline Growth stage the product life style stage in which a products sales start climbing quickly Idea generation the systematic search for new product ideas Idea screening screening new product ideas in order to spot good ideas and drop poor ones as soon as possible Introduction stage the product life cycle stage in which the new product is first distributed and made available for purchase. Marketing strategy development designing an initial marketing strategy for a new product based on the product concept Maturity stage the product life cycle stage in which sales growth slows or levels off New-product development the development of the original products, product improvements, product modifications, and new brands through the firms own product development efforts Product concept a detailed version of the new product idea stated in meaningful consumer terms Product development developing the product concept into a physical product in order to ensure that the product idea can be turned into a workable market offering Product life cycle (PLC) the course of a products sales and profits over its lifetime. It involves five distinct stages: product development, introduction, growth, maturity, and decline. Test marketing the stage of new product development in which the product and marketing program are tested in realistic market settings Allowance promotional money paid by manufacturers to retailers in return for an agreement to feature the manufactures products in some way Break-even pricing setting price to break even on the costs of making and marketing a product, or setting price to make a target return By-product pricing setting a price for by products in order to make the main products price more competitive Captive-product pricing setting a price for products that must be used along with a main product, such as blades for a razor and games for a videogame console Cost-based pricing setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk. Cost-plus pricing adding a standard markup to the cost of the product Customer value-based pricing settings price based on buyers' perceptions of value rather than on the seller's cost Demand curve a curve that shows the number of units the market will buy in a given time period, at different prices that might be charged Discount a straight reduction in price on purchases during a stated period of time or of larger quantities Dynamic Pricing adjusting prices continually to meet the characteristics and need of individual customers and situations Fixed Costs costs that do not vary with production or sales levels Good-value pricing offering just the right combination of quality and good service at a fair price market penetration pricing setting a low price for a new product in order to attract a large number of buyers and a large market share market skimming pricing setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price: the company makes fewer but more profitable sales. optional product pricing the pricing of optional or accessory products along with a main product price the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service price elasticity a measure of the sensitivity of demand to changes in price product bundle pricing combining several products and offering the bundle at a reduced price product line pricing setting the price steps between various products in a product line based on cost differences between the products, customer evaluations of different features, and competitors' prices promotional pricing temporarily pricing products below the list price, and sometimes even below cost, to increase short run sales psychological pricing pricing that considers the psychology of prices and not simply the economics; the price is used to say something about the product references prices prices that buyers carry in their minds and refer to when they look at a given product segmented pricing selling a product or service at 2 or more prices, where the difference in prices is not based on differences in costs total costs the sum of the fixed and variable costs for any given level of production value added pricing attaching value added features and services to differentiate a companys offers and charging higher prices variable costs costs that vary directly with the level of production yield management The process of making frequent adjustments in the price of a product in response to certain market factors, such as demand or competition seasonal pricing A special electric rate feature under which the price per unit of energy depends on the season of the year. loss leader A product sold at a loss to attract customers. geographic pricing Variable-pricing method in which a selling price is computed according to the customer's or market's distance or transportation costs incurred. everyday low pricing Setting prices lower than competitors and then not having any special sales. Age & lifecycle segmentation dividing a market into different age and life cycle groups Behavioral segmentation dividing the market into segments based on consumer knowledge, attitudes, uses, or responses to a product Benefit segmentation dividing the market into segments according to the different benefits that consumers seek from the product Competitive advantage an advantage over competitors gained by offering greater customer value, either through lower prices or by providing more benefits that justify higher prices Concentrated (or niche) marketing a market coverage strategy in which the firm goes after a large share of one or a few segments or niches Demographic segmentation dividing the market into segments based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race, generation, and nationality. differentiated marketing a market coverage strategy in which a firm decides to target several market segments and designs separate offers for each differentiation actually differentiating the market offering to create superior customer value gender segmentation dividing the market into different segments based on gender income segmentation dividing the market into different income segments individual marketing tailoring products and marketing programs to the needs and preferences of individual customers - also labeled "one-to-one marketing" "customized marketing" and "markets- of -one marketing" local marketing tailoring brands and promotions to the needs and wants of local costumer segments - cities, neighborhoods, and even specific stores market segmentation dividing a market into smaller segments with distinct needs, characteristics, or behavior that might require separate marketing strategies or mixes. market targeting the process of evaluating each market segments attractiveness and selecting one or more segments to enter. micromarketing the practice of tailoring products and marketing programs to the needs and wants of specific individuals and local customer segments - includes local marketing and individual marketing occasion segmentation dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item positioning arranging for market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers product position the way the product is defined by consumers on important attributes - the place the product occupies in consumers' minds relative to competing products psychographic segmentation dividing the market into different segments based on social class, lifestyle, or personality characteristics target market a set of buyers sharing common needs or characteristics that the company decides to serve undifferentiated marketing a market coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one offer value proposition the full positioning of a brand - the full mix of benefits upon which it is positioned differentiation strategy Approach under which a firm aims to develop and market unique products for different customer segments. focus strategy A marketing strategy in which a company concentrates its resources on entering or expanding in a narrow market or industry segment. middle of the road strategy An expression that refers to businesses that target customers in the median range of income or spending tendencies, or focus on delivering a level of quality between high and low level in order to capture the broadest possible market segment. overall cost leadership strategy emphasizes providing products and services at the lowest per unit cost within an entire market. Porter perceptual positioning map A map that illustrates the price/value relationship and perceived positioning of several properties, usually direct competitors, within a market. intermodel transportation Transportation movement involving more than one mode marketing (0r distribution) channel A marketing channel is a set of practices or activities necessary to transfer the ownership of goods, and to move goods, from the point of production to the point of consumption and, as such, which consists of all the institutions and all the marketing activities in the marketing process marketing logistics (physical distribution) Physical distribution of the products. supply chain management spans all movement and storage of raw materials, work-in-process inventory, and finished goods from point of origin to point of consumption 3rd-party logistics is a firm that provides a one stop shop service to its customers of outsourced (or "third party") logistics services for part, or all of their supply chain management functions. vertical marketing system (VMS) discord among members at different levels of a marketing channel, for example manufacturer-wholesaler or wholesaler-retailer discord. assortment wide variety inbound logistics The activities of receiving, storing, and disseminating incoming goods or material for use. intermediaries A person who acts as a link between people in order to try to bring about an agreement or reconciliation; a mediator. outbound logistics The process related to the movement and storage of products from the end of the production line to the end user. pipelines A channel supplying goods or information reverse logistics stands for all operations related to the reuse of products and materials. railroads (rail carriers) An enterprise that offers service via rail carriage