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31 terms

Marketing (Chapter 10)

STUDY
PLAY
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