Ch 14 Vocab + LearnSmart

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commercialization

1) promoting the product to distributors and retailers to get wide distribution 2) developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers

trademark

a brand that has exclusive legal protection for its brand name and its design

brand

a name, symbol, or design that identifies the goods or services of one seller or group of sellers from the goods & services of competitors

marketing

a set of processes for creating, communicating, and delivering value to customers

competition-based pricing

a strategy based on what all the other competitors are doing

_____ products to new markets is an ongoing process for marketers wishing to compete successfully

adapting

total fixed costs

all the expenses that remain the same no matter how many products are made or sold

everyday low pricing

bring customers to the store whenever they want a bargain

variable costs

changing according to the level of production

examples of shopping goods & services

clothes, shoes, appliances, auto repair services

total product offer

consists of everything consumers evaluate when deciding whether to buy something

target costing

demand based; designs a product to satisfy not only customers, but also meet the profit margins set

brand manager

direct responsibility for one brand or product line, and manages all of the elements of its marketing mix: product, price, place, promotion

penetration strategy

enables the firm to penetrate or capture a large share of the market quickly

value

good quality at a fair price

convenience brand

good/service a consumer wants to purchase frequently and with minimal effort

product line

group of products physically similar or intended for a similar market

bundling

grouping two or more items together and pricing them as a unit

distributed product development

handing off various parts of your innovation process to companies in other countries

brand awareness

how quickly/easily a given brand name coms to awareness when mentioned

knockoff brands

illegal copies of national brand-name brands

product life cycle

introduction, growth, maturity, and decline

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 sizable discount compared to national or private-label brands

skimming price strategy

prices a new product high to recover research and development costs and make as much profit as possible while there's little competition

psychological pricing

pricing goods & services at price points that make the product appear cheaper than it is

dealer (private-label) brands

products that don't carry the manufacturer's name but but carry a distributor or retailer's name instead

shopping goods or services

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

industrial goods

products used in the production of other goods

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

high-low pricing strategy

regular prices are higher than at stores using EDLP, but during special sales they are lower

companies usually offer a product line instead do just one product to ----

tailor their offering more closely to customer wants, meet the competition, and appeal to consumer markets

concept testing

takes a product idea to consumers to test their reactions

product mix

the combination of all product lines together

product differentiation

the creation of real or perceived product differences

brand loyalty

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

brand association

the linking of a brand to other favorable images

price leadership

the strategy by which one or more dominant firms set pricing strategies all competitors in an industry follow

brand equity

the value of the brand name & associated symbols


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