business chapter 12
generic brand
A product with no brand at all
component part
An item that becomes a part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly
major equpiment
Large tools and machines used for production purposes
business service
An intangible product that an organization uses in its operations
shopping product
An item for which buyers are willing to expend considerable effort on planning and making the purchase
supply
An item that facilitates production and operations but does not become part of the finished product
specialty product
An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort
product modification
the process of changing one or more of a product's characteristics such as quality, function, aesthetics
maturity
Sales are still increasing but at a slower rate; later in this stage, sales and profits begin to slowly decline
growth
Sales increase rapidly as the product becomes well known
decline
Sales volume decreases sharply and profits continue to fall
demand
The quantity of a product that buyers are willing to purchase at each of various prices
supply
The quantity of a product that producers are willing to sell at each of various prices
line extensions
development of a product closely related to one or more products in the existing product line but designed specifically to meet somewhat different customer needs
labeling
The presentation of information on a product or its package
raw material
A basic material that becomes part of a physical product; usually comes from mines, forests, oceans, or recycled solid wastes
trademark
A brand name or brand mark that is registered with the U.S. Patent and Trademark Office and is legally protected from use by anyone else
manufacturer brand
A brand that is owned by a manufacturer
store brand
A brand that is owned by an individual wholesaler or retailer
individual branding
A firm uses a different brand for each of its products
brand extensions
A firm uses an existing brand to brand a new product in a different product category
family branding
A firm uses the same brand for all or most of its products
product line
A group of similar products that differ only in relatively minor characteristics
process material
A material that is used directly in the production of another product but is not readily identifiable in the finished product
brand
A name, term, symbol, design, or any combination of these that identifies a seller's products as distinct from those of other sellers
business product
A product bought for resale, for making other products, or for use in a firm's operations
consumer product
A product purchased to satisfy personal and family needs
convenience product
A relatively inexpensive, frequently purchased item for which buyers want to exert only minimum effort
product life cycle
A series of stages in which a product's sales revenue and profit increase, reach a peak, then decline
packaging
All of the activities involved in developing and providing a container with graphics for a product
product mix
All of the products that a firm offers for sale
introduction
Customer awareness and acceptance are low
product
Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; good, service, or idea
accessory equipment
Standardized equipment used in a firm's production or office activities
mix depth
The average number of individual products within each line
trade name
The complete and legal name of an organization
brand loyalty
The extent to which a customer is favorable toward buying a specific brand; recognition, preference, and insistence
brand equity
The marketing and financial value associated with a brand's strength in a market
mix width
The number of product lines the mix contains
brand name
The part of a brand that can be spoken
brand mark
The part of a brand that is a symbol or distinctive design
equilibrium
Where the supply and demand curves intersect and quantity and price for buyers and sellers are equal
