business chapter 12

generic brand

A product with no brand at all

component part

An item that becomes a part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly

major equpiment

Large tools and machines used for production purposes

business service

An intangible product that an organization uses in its operations

shopping product

An item for which buyers are willing to expend considerable effort on planning and making the purchase

supply

An item that facilitates production and operations but does not become part of the finished product

specialty product

An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort

product modification

the process of changing one or more of a product's characteristics such as quality, function, aesthetics

maturity

Sales are still increasing but at a slower rate; later in this stage, sales and profits begin to slowly decline

growth

Sales increase rapidly as the product becomes well known

decline

Sales volume decreases sharply and profits continue to fall

demand

The quantity of a product that buyers are willing to purchase at each of various prices

supply

The quantity of a product that producers are willing to sell at each of various prices

line extensions

development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs

labeling

The presentation of information on a product or its package

raw material

A basic material that becomes part of a physical product; usually comes from mines, forests, oceans, or recycled solid wastes

trademark

A brand name or brand mark that is registered with the U.S. Patent and Trademark Office and is legally protected from use by anyone else

manufacturer brand

A brand that is owned by a manufacturer

store brand

A brand that is owned by an individual wholesaler or retailer

individual branding

A firm uses a different brand for each of its products

brand extensions

A firm uses an existing brand to brand a new product in a different product category

family branding

A firm uses the same brand for all or most of its products

product line

A group of similar products that differ only in relatively minor characteristics

process material

A material that is used directly in the production of another product but is not readily identifiable in the finished product

brand

A name, term, symbol, design, or any combination of these that identifies a seller's products as distinct from those of other sellers

business product

A product bought for resale, for making other products, or for use in a firm's operations

consumer product

A product purchased to satisfy personal and family needs

convenience product

A relatively inexpensive, frequently purchased item for which buyers want to exert only minimum effort

product life cycle

A series of stages in which a product's sales revenue and profit increase, reach a peak, then decline

packaging

All of the activities involved in developing and providing a container with graphics for a product

product mix

All of the products that a firm offers for sale

introduction

Customer awareness and acceptance are low

product

Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; good, service, or idea

accessory equipment

Standardized equipment used in a firm's production or office activities

mix depth

The average number of individual products within each line

trade name

The complete and legal name of an organization

brand loyalty

The extent to which a customer is favorable toward buying a specific brand; recognition, preference, and insistence

brand equity

The marketing and financial value associated with a brand's strength in a market

mix width

The number of product lines the mix contains

brand name

The part of a brand that can be spoken

brand mark

The part of a brand that is a symbol or distinctive design

equilibrium

Where the supply and demand curves intersect and quantity and price for buyers and sellers are equal