Chapter 10, Vocabulary
product line
a group of similar products with slight variations in the marketing mix to satisfy different needs in a market
licensed brand
a well-known name or symbol established by one company and sold for use by another company to promote its products
business markets
companies and organizations that purchase products for the operation of a business or the completion of a business activity
direct demand t
he quantity of a product or service needed to meet the needs of the consumer
consumer markets
individuals or socially related groups who purchase products for personal consumption
new product
something that is entirely new or changed in an important and noticeable way
product assortment
the complete set of all products a business offers to its market
trademark
the legal protection of the words or symbols for use by a company
derived demand
the quantity of a product or service needed by a business in order to operate at a level that will meet the demand of its customers
direct demand
the quantity of a product or service needed to meet the needs of the consumer