Ch 14 Vocab + LearnSmart
commercialization
1) promoting the product to distributors and retailers to get wide distribution 2) developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers
trademark
a brand that has exclusive legal protection for its brand name and its design
brand
a name, symbol, or design that identifies the goods or services of one seller or group of sellers from the goods & services of competitors
marketing
a set of processes for creating, communicating, and delivering value to customers
competition-based pricing
a strategy based on what all the other competitors are doing
_____ products to new markets is an ongoing process for marketers wishing to compete successfully
adapting
total fixed costs
all the expenses that remain the same no matter how many products are made or sold
everyday low pricing
bring customers to the store whenever they want a bargain
variable costs
changing according to the level of production
examples of shopping goods & services
clothes, shoes, appliances, auto repair services
total product offer
consists of everything consumers evaluate when deciding whether to buy something
target costing
demand based; designs a product to satisfy not only customers, but also meet the profit margins set
brand manager
direct responsibility for one brand or product line, and manages all of the elements of its marketing mix: product, price, place, promotion
penetration strategy
enables the firm to penetrate or capture a large share of the market quickly
value
good quality at a fair price
convenience brand
good/service a consumer wants to purchase frequently and with minimal effort
product line
group of products physically similar or intended for a similar market
bundling
grouping two or more items together and pricing them as a unit
distributed product development
handing off various parts of your innovation process to companies in other countries
brand awareness
how quickly/easily a given brand name coms to awareness when mentioned
knockoff brands
illegal copies of national brand-name brands
product life cycle
introduction, growth, maturity, and decline
product analysis
making cost estimates and sales forecasts to get a feeling for the profitability of new-product ideas
generic goods
nonbranded products that usually sell at a sizable discount compared to national or private-label brands
skimming price strategy
prices a new product high to recover research and development costs and make as much profit as possible while there's little competition
psychological pricing
pricing goods & services at price points that make the product appear cheaper than it is
dealer (private-label) brands
products that don't carry the manufacturer's name but but carry a distributor or retailer's name instead
shopping goods or services
products the consumer buys only after comparing value, quality, price, and style from a variety of sellers
industrial goods
products used in the production of other goods
product screening
reduces the number of new-product ideas a firm is working on at any one time so it can focus on the most promising
high-low pricing strategy
regular prices are higher than at stores using EDLP, but during special sales they are lower
companies usually offer a product line instead do just one product to ----
tailor their offering more closely to customer wants, meet the competition, and appeal to consumer markets
concept testing
takes a product idea to consumers to test their reactions
product mix
the combination of all product lines together
product differentiation
the creation of real or perceived product differences
brand loyalty
the degree to which consumers are satisfied, like the brand, and are committed to further purchases
brand association
the linking of a brand to other favorable images
price leadership
the strategy by which one or more dominant firms set pricing strategies all competitors in an industry follow
brand equity
the value of the brand name & associated symbols