Marketing Ch. 10

product
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Terms in this set (36)
product
everything, both favorable and unfavorable, that a person receives in an exchange
business product
product used to manufacture other goods or services to facilitate an organization's operations or to resell to other customers
consumer product
a product bought to satisfy an individual's person's 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 is found in fewer stores
specialty product
a particular item for which consumers search extensively and are very reluctant to accept substitutes
unsought product
product unknown to the potential buyer or a known product that the buyer does not actively seek
product item
specific version of a product that can be designated as a distinct offering among an organization's products
product line
group of closely related product items
product mix
all products that an organization sells
product mix widththe number of product lines an organization offersproduct line depthnumber of product items in a product lineproduct modificationchanging one or more of a products characteristicsplanned obsolescencepractice of modifying products so those that have already been sold become obsolete before they actually need replacementproduct line extensionadding additional products to an existing product line in order to compete more broadly in the industrybranda name, term, symbol, design, or combo thereof that identifies a seller's products and differientiates them from competitor's productsbrand namethat part of a brand that can be spoken including letters, words, or numbersbrand markthe elements of a brand that cannot be spokenbrand equitythe value of company and brand namesglobal brandbrand 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 databrand loyaltyconsistent preference for one brand over all othersmanufacturers brandbrand name of a manufacturerprivate brandbrand name owned by a wholesaler or a retailercaptive brandbrand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliationindividual brandingusing different brand names for different productsfamily brandingmarketing several different products under the same name brandco-brandingplacing two or more brand names on a product or its packagetrademarkthe exclusive right to use a brand or part of a brandservice marka trademark for a servicegeneric product nameidentifies a product by class or type and cannot be trademarkedpersuasive labelingtype of package labeling that focuses on a promo theme or logo and consumer information is secondaryinformational labelingtype of package labeling designed to help consumers make proper products selections and lower their cognitive dissonance after the purchaseuniversal product codesa series of thick and thin vertical lines, bar codes readable by computerized optical scanners that represent numbers used to track productswarrantyconfirmation of the quality or performance of a good or serviceexpress warrantya written guaranteeimplied warrantyan unwritten guarantee that the good or service is fit for the purchase for which it was sold