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