Business Studies Chapter 14

product line

A group of products that are physically similar or are intended for a similar market

product mix

combination of product lines offered by a manufacturer

brand awareness

how quickly or easily a given brand name comes to mind when a product category is mentioned

unsought goods and services

products that consumers are unaware of haven't necessarily thought of buying or find that they need to solve an unexpected problem

brand equity

the value of the brand name and associated symbols

Functions of Packages

1. Attract attention 2. Protect the product (tamperprood, deter theft) 3. Be easy to open 4. Give information about content 5. Explain benefits of product 6. Give information on warranties etc. 7. Give indication of price, value, and uses

product life cycle

a theoretical model of what happens to sales and profits for a product class over time; stages introduction growth maturity decline

speciality goods and services

consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them.

product differentiation

creation of real or perceived product defferences

brand loyalty

degree to which customers are satisfied, like the brand, and are committed to further purchases

convenience goods and services

products that the consumer wants to purchase frequently and with a minimum of effort

industrial goods

products used in the production of other products. sometimes called business goods or B2B goods

brand association

the linking of a brand to other favorable images

shopping goods and services

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers