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