business final chapter 14

convenience, shopping, specialty, and unsought.

4 catergories of consumer goods and services

trademark

A brand that has exclusive legal protection for both its brand name and its design.

brand manager

A manager who has direct responsibility for one brand or one product line; called a product manager in some firms.

brand

A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.

product life cycle

A theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline.

specialty goods and services

Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them.

house brands or distributor brands

Dealer (private-label) brands are also known as

price, appearance, and reputation.

Factors influencing the perception of quality

value

Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs.

bundling

Grouping two or more products together and pricing them as a unit.

brand awareness

How quickly or easily a given brand name comes to mind when a product category is mentioned.

knockoff brands

Illegal copies of national brand-name goods.

generic goods

Nonbranded products that usually sell at a sizable discount compared to national or private-label brands.

focusing on sustainability

One way manufacturers are trying to create more brand loyalty

unsought goods and services

Products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem.

dealer (private-label) brands

Products that don't carry the manufacturer's name but carry a distributor or retailer's name instead.

convenience goods and services

Products that the consumer wants to purchase frequently and with a minimum of effort.

manufacturers' brands

The brand names of manufacturers that distribute products nationally.

product differentiation

The creation of real or perceived product differences.

brand loyalty

The degree to which customers are satisfied, like the brand, and are committed to further purchases.

to identify what consumers look for in a high-quality product, and then to use that information in every message the company sends out.

The key to creating a perception of quality

brand association

The linking of a brand to other favorable images.

brand equity

The value of the brand name and associated symbols.

shopping goods and services

Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers.

product manager

another term for brand manager

demand collection system

buyers post the prices they are willing to pay and invite sellers to accept or decline the price.

brand loyalty

core of brand equity

fine watches, expensive wine, designer clothes, jewelry, imported chocolates, and services provided by medical specialists or business consultants.

examples of Specialty goods and services

candy, gum, milk, snacks, gas, and banking services.

examples of convenience goods and services

emergency car-towing services, burial services, and insurance.

examples of unsought goods and services

introduction, growth, maturity, and decline

four stages of product life cycle

Brand names

give products a distinction that tends to make them attractive to consumers.

through specialty magazines

how are Specialty goods and services marketed

demand-oriented pricing

marketers sometimes price on the basis of consumer demand rather than cost or some other calculation.

Universal Product Codes (UPCs)

on packages to help stores control inventory.

radio frequency identification (RFID) chip,

technology for tracking products

innovation efforts that often require using multiple organizations separated by cultural, geographic, and legal boundaries.

what did the increase in outsourcing and alliance building result in

Attract the buyer's attention. Protect the goods inside, stand up under handling and storage, be tamperproof, and deter theft. Be easy to open and use. Describe and give information about the contents. Explain the benefits of the good inside. Provide information on warranties, warnings, and other consumer matters. Give some indication of price, value, and uses.

what functions must packages have