Business Management Chapter 14 Vocabulary
Value
good quality at a fair price
knockoff brands
illegal copies of national brand-name goods
brand
name, symbol, or design, that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors
generic goods
non branded products that usually sell at a sizable discount compared to national or private labels
unsought goods and services
products consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
dealer brands `
products that don't carry the manufacturers name but carry a distributor or retailers name
manufacturers brands
the brand names of manufacturers that distribute products nationally
product mix
the combination of product lines by a manufacturer
product differentiation
the creation of real or perceived product differences
brand equality
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
trademark
a brand that has exclusive legal protection for both its brad name and its design
specialty goods and services
consumer products with unique characteristics and brand identity.
a total product offer
everything consumers evaluate when deciding whether to buy something also called a value package
product line
group of products that are physically similar or are intended for a similar market
bundling
grouping 2 or more products together and pricing them as a unit
distributed product development
handing off various parts of your innovation process
convenience goods and services
products that the consumer wants to purchase frequently and with minimum effort
industrial goods
products used in the production of other products b2b goods
brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchases
