Chapter 14 Business
Brand Manager
Has direct responsibility for one brand or product line, and manages all the elements of its marketing mix. (product, price, place, promotion)
Penetration strategy
Prices a new product low, to attract more buyers and discourage other companies from making sets because profits are slim.
trademark
a brand that has exclusive legal protection for both its brand name and its design.
Product line
a group of products hat are physically similar or intended for a similar market. they face similar competition
Brand
a name, symbol, or design that the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.
Competition-based pricing
a strategy based on what all the other competitors are doing. the price can be at, above,or below competitors prices.
Product life cycle
a theoretical model of what happens to sales and profits for a product class over time, consists of four stages: Introduction, growth, maturity, and decline.
brand name
a world, letter; or group of the 2that differentiates one seller's goods and services from those of competitors
screening
applies criteria to determine whether the product fits well with present products has good profit potential and is marketable.
total product offer
consists of everything consumers evaluate when deciding whether to buy something.
specialty goods and services
consumer products with unique characteristics and brand identity
Product development and testing
develops a prototype so the consumers can try
Demand-based pricing
first estimate the selling price that people would be willing to pay for a product and then subtract your desired profit margin
Value
good quality at a fair price
Distributive product development
handing off various parts off your innovation process-often to companies in other countries.
knockoff brands
illegal copies of national brand-name goods. the brand name is often just a little off.
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 sizeable discount compared to national or private-label brands. , they feature basic packaging and have little or no advertising.
Skimming price strategy
prices a new product high t recover research and development costs and make as much profit as possible while there's little competition
Psychological pricing
pricing goods and services at price points that make the product appear less expensive than it I. Ex) 299.99 instead of 300.000
unsought good and services
product consumers are unaware of and haven't necessarily thought of buying, or suddenly find they need to solve an unexpected problem.
dealer (private-label) brands
products that dont carry the manufacturers name, but carry a distributor or retailers name instead.
Shopping goods and services
products the consumer buys only after comparing value, quality, price and style from a variety of sellers
convenience goods and services
products the consumer wants to purchase frequently and with minimum effort.
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
brand awareness
refers to how quickly or easily a given brand name comes to mind when someone mentions a product category
high-low pricing strategy
regular prices are higher than at stores using EDLP, but during special sales they're lower.
concept testing
takes a product idea to consumers to test their reactions.
manufacturer's brands
the brand names of manufacturers that distribute products nationally
product mix
the combination of all product lines offered by a manufacturer.
product differentiation
the creation of real or perceived product differences. marketers must use a mix of pricing, advertising and packaging to create a unique and attractive image.
brand loyalty
the degree to which customers are satisfied, like the brand, and are committed to further purchases.
generic name
the name for a whole product category
Break-even analysis
the process used to determine profitability at various levels of sales. the break-even point is the point where revenues from sales equal all costs.
price leadershp
the strategy by which one or more dominant firms set pricing practices all competitors in an industry follow
brand equity
the value of the brand name and associated symbols
Cost based pricing
they develop elaborate cost accounting systems to measure production costs, add in margin of profit, and come up with a price
Everyday low pricing
they set prices lower than competitors and don't usually have special sales
