 | Term | Definition |
| |
Brand |
A name, a term, a symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from the competition. |
| |
Brand equity |
The value of a brand to an organization. |
| |
Brand extensions |
A new product sold with the same brand name as a strong existing brand. |
| |
Brand manager |
An individual who is responsible for developing and implementing the marketing plan for a single plan. |
| |
Cannibalization |
The loss of sales of an existing brand when a new item in a product line or product family is introduced. |
| |
Cobranding |
An agreement between two brands to work together in marketing a new product. |
| |
Decline stage |
The final stage in a product life cycle, during which sales decrease as customer needs change. |
| |
Family brand |
A brand that a group of individual products or individual brands share. |
| |
Generic branding |
A strategy in which products are not branded and are sold at the lowest possible price. |
| |
Growth stage |
The second stage in the product life cycle, during which the product is accepted and sales rapidly increase. |
| |
Ingredient branding |
A form of cobranding in which branded materials are used as ingredients or component parts of other branded products. |
| |
Introduction stage |
The first stage in the product life cycle in which slow growth follows the introduction of a new product in the market place. |
| |
Licensing |
An agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time. |
| |
Market manager |
An individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group. |
| |
Maturity stage |
The third and longest stage in the product life cycle, during which sales peak and profit margins narrow. |
| |
National or manufacturer brands |
Brands that are owned by the manufacturer of the product. |
| |
Package |
The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication. |
| |
Private-label brands |
Brands that are owned and sold by a certain retailer of distributor. |
| |
Product category managers |
individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category. |
| |
Product life cycle |
A concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity, and decline. |
| |
Product line |
A firm’s total product offering designed to satisfy a single need or desire of target customers. |
| |
Product mix |
the total set of all products a firm offers for sale. |
| |
Total quality management (TQM) |
A management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement. |
| |
Trademark |
The legal term for a brand name, brand mark, or trade character; trademarks legally registered by a government obtain protection for exclusive use in that country. |
| |
Universal product code (UPC) |
The set of black bars or lines printed on the side or bottom of most items sold in grocery stores and other mass merchandising outlets. The UPC, readable by scanners, creates a national system of product identification. |
| |
Venture teams |
groups of people within an organization who work together focus exclusively on the development of a new product. |
