Chapter 10: Product Concepts Flashcards Preview

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Flashcards in Chapter 10: Product Concepts Deck (39)
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1

Product

Anything, both favourable and unfavourable, received by a person in exchange for possession, consumption, attention, or short-term use.

2

Business product

A product used to manufacture other goods or services, to facilitate an organization's operations, or to resell to other customers.

3

Consumer product

A product bought to satisfy an individual's personal wants. Four types of consumer products: convenience, shopping, specialty, and unsought products.

4

Convenience product

A relatively inexpensive item that merits little shopping effort. Ex. candy or gum.

5

Shopping product

A product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores. Two categories are heterogenous (distinct characteristics) or homogenous (ones that do the same thing) shopping products. Ex. computer.

6

Specialty product

A particular item with unique characteristics for which consumers search extensively and for which they are very reluctant to accept substitutes. Ex. cars.

7

Unsought product

A product unknown to the potential buyer or a known product that the buyer does not actively seek.

8

Product item

A specific version of a product that can be designated as a distinct offering among an organization's products. (Tomato soup from Campbell).

9

Product line

A group of closely related product items. (Campbell's different kind of soups).

10

Product mix

All products that an organization sells. (Everything Campbell's sells).

11

Product mix width

The number of product lines an organization offers.

12

Product line length

The number of product items in a product line.

13

Product line depth

The different versions of a product item in a product line.

14

Product modification

Changing one or more of a product's characteristics.

15

Planned obsolescence

The practice of modifying products so those that have already been sold become obsolete before they actually need replacement.

16

Product line extension

Adding products to an existing product line to compete more broadly in the industry.

17

Brand

A name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitor's products.

18

Brand name

That part of a brand that can be spoken, including letters, words, and numbers.

19

Brand mark

The elements of a brand that cannot be spoken.

20

Brand equity

The value of company and brand names.

21

Global brand

A brand with at least 20 percent of the product sold outside its home country or region.

22

Brand loyalty

A consistent preference for one brand over all others.

23

Generic product

A no-frills, no-brand-name, low-cost product that is simply identified by its product category.

24

Manufacturer's brand

The brand name of a manufacturer that actually manufactures the product it is selling. Ex. Samsung.

25

Private brand

A brand name owned by a wholesaler or retailer. Ex. President's Choice, owned by Loblaws which owns Superstore.

26

Individual branding

The use of different brand names for different products. Ex. Procter and Gamble having all kinds of laundry detergent brands like Tide, Cheer, etc.

27

Family brand

The marketing of several different products under the same brand name. Ex. Sony products.

28

Cobranding

Placing two or more brand names on a product or its package.

29

Trademark

The exclusive right to use a brand or part of a brand.

30

Service mark

A trademark for a service.