Chapter 10 Vocab - Marketing Management

everything, both favorable and unfavorable, that a person receives in an exchange

(tangible goods, services, ideas)

a relatively inexpensive item that merits little shopping effort

a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores

a particular item for which consumers search extensively and are very reluctant to accept substitutes

a product unknown to the potential buyer or a known product that the buyer does not actively seek

a specific version of a product that can be designated as a distinct offering among an organization's products

a group of closely related product items

all products mix

the number of product lines an organization offers

the number of product items in a product line

changing one or more of a product's characteristics

the practice of modifying products so those that have already been sold become obsolete before they actually need replacement

adding additional products to an existing product line in order to compete more broadly in the industry

a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products

that part of a brand that can be spoken, including letters, words, and numbers

the elements of a brand that cannot be spoken

the value of company and brand names

a brand that obtains at least a one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data

consistent preference for one brand over all others

the brand name of a manufacturer

a brand name owned by a wholesaler or a retailer

a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation

using different brand names for different products

marketing several different products under the same brand name

placing two or more brand names on a product or its package

product identification, repeat sales, new product sales

the exclusive right to use a brand or part of a brand

a trademark for a service

identifies a product by class or type and cannot be trademarked

a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary

a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase

A practice in which companies promote their products as environmentally friendly when in truth the brand provides little ecological benefit.

a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products

a confirmation of the quality or performance of a good or service

a written guarantee

an unwritten guarantee that the good or service is fit for the purpose for which it was sold