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Line extension
develpmnet of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs.
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product modification
changes in one or more characteristics of a product
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quality modification
changes relating to a product's dependability and durability
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functional modifications
changes affecting a product's versatility, effectiveness, convenience, or safety.
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aesthetic modifications
changes relating to th esensory appeal of a product
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new-product development process
- A seven phase process for introducing new products
- 1. idea generation
- 2. screening
- 3. concept testing
- 4. business analysis
- 5. product development
- 6. test marketing
- 7. commercialization
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idea generation
seekin product ideas to achieve organization objectives
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screening
selecting the ideas with the greatest potential for further review
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concept testing
seeking a sample of petential buyers' responses to a product idea
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business analysis
evaluating the potentioal impact of a product idea on the firm's saled, costs, ad profits
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product development
determining if producing a product is feasible and cost effective
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test marketing
a limited introduction of a product in geographic areas chosen to represent the intended market
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commercialization
refining and finalizing pland and budgets for full-scale manufacturing and marketing of a product
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product differentiation
creating and designing products so that customers perceive them as different from competing products
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quality
the overall characteristics of a product that allow it to perform as expected in stisfying customer needs
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level of quality
the amount of quality a product possesses
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consistency of quality
the degree to which a product has the same level of quality over time
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product design
how a product is conceived, planned, and produced.
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styling
the physical appearance of a product
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product features
specific design characteristics that allow a product to perform certain tasks
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customer service
human or mechanical efforts or activities that add value to a product
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product deletion
eliminitating a product from the product mix when it no longer satisfies a sufficient number of customers
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product manager
the person within an organization responsible for a product, a product line, or several distinct products that make up a group
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brand manager
the person responsible for a single brand
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market manager
the person responsible for managing the marketing activites that serve a particular group of customers
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venture team
a cross funtional group that creates entirely new products that may be aimed at new markets
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brand
a name, term, design, symbol, or other feature that identifies a seller's products and differentiates them from competitors' products.
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brand name
the part of a brand tha can be spoken, including letters, words and numbers
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brand mark
the part of a brand not made up of words, such as a symbol or design
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trademark
a legal designation of exclusive use of a brand
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trade name
the full legal name of an organization
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brand loyalty
a customers favorable attitude toward a specific brand
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brand recognition
the degree of brand loyalty in which the customer is aware the brand exists and views the brand as an alternative purchase if their preferred brand is unavailable
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brand preference
the degree of brand loyalty in which a customer prefers one brand over competitive offering
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brand insistence
customer strongly prefers a specific brand and will accept no substitute
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brand equity
the marketing and financial value associeated with a brand's strength in a market
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manafacturer brands
a brand initiated by its producer
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private distributor brands
brand inititated and owned by a reseller
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generic brands
brand indicating only the product category
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individual branding
a branding policy in chich each product is given a defferent name
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family branding
branding all a firm's products with the same name of part of the name (Kellogs)
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brand extension
an organization uses one of its existing brands to brand a new product in a different product category (Tylenol PM, Extra strength
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co-branding
using two or more brands on one product (nike ipod shoes)
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brand licensing
an agreement whereby a company permits another organization to use its brands on other products for a licensing fee.
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family packaging
- using similar packaging for all of a firm's products or packaging that has one common design element
- Blue-soothing
- Gray-strength, succes
- Orange-low cost
- Red-stimulating
- Purple-dignity
- Yellow-joy
- Black-strong & masterful
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lableing
providing identifying, promotional, or other info on package labels.
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universal product code
a series of electronically readable lines indetifying a product and containing inventory an pricing info
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intangibility
the quality of being produced and consumed at the same time
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inseperability
the quality of being produced and consumed at the same time
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perishability
the inability of unused service capacity to be stored for future use
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heterogeneity
variation in quality
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client-based relationship
interactions that reslut in satisfied customers who use a service repeatedly ove time
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customer contact
the level of interaction between provider and customer needed to deliver the service.
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service quality
customers' perception of how well a service meets or exceeds their expectations
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search qualities
tangible attributes that can be judged before the purchase of a product
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experience qualities
attributes that can be assessed only during ourchse and consumption of a service
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credence qualities
attributes that customers may be unable to evaluate even after purchasing and sonsuming service
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non-profit marketing
marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share or return on investment.
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target public
a collective of individuals who have an interest in or concern about and organization, product, or social cause
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client publics
direct consumers of a product of a nonbusiness organization
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general publics
indirect consumers of a product of a nonbusiness organization
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opportunity cost
the value of the benefit given up by choosing one alternative over another
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good
a tangible physical entity
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service
an intangible relust of the app. of uman and mechanical efforts to people or objects
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idea
concept philosophy image or issue
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consumer products
products purchased to satisfy personal and family needs
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business products
prodcuts bought to use in and organization's operation to resell or to make other products
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convenience products
relatively inexpensive frequently purchased item for which buyers use minimal purchasing effort
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shopping products
items buyers are willing to expend considerable effort in planning and making purchase
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specalty products
expend considerable effort to obtain
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unsought products
products purchased to solve a sudden problem
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installation
facilities and nonportable major equipment
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accessory equipment
used in production of office activities that does not become a part of the final physical product but is used inprodcution
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raw materials
basic natural materials that become a part of a product
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product line
group of closely related product items viewed as a unit because of marketing, technical or end-use considerations
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product mix
the composite or total group of products that an organization make availavle to customers
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width of product mix
the number of product line a company offers
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depth of product mix
the average number of different products offered in each product line
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product life cycle
- the progression of a product through four stages
- intoduction
- growth
- maturity
- decline
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introduction stage
the initial stage of a product's life cycle; its appearance in the market-place when sales start start at zero profits are negative
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growth stage
the product life cycle statge when sales tise rapidly and profits reach a peak, then start to decline
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maturity stage
the stage of a product's life cycle when the sales curve peaks and starts to decline, and profits continue to fall
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decline stage
the stage of a product's life when sale rapidly fall
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product adoption process
- the five-step process of buyer acceptance of a product
- Awareness
- Interest
- Evaluation
- Trial
- Adoption
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Innovators
first adopters of new products
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early adopters
careful choosers of new products
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early majority
individuals who adopt a new product just prior to the average person
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late majority
skeptics who adopt new products when the fell it is neccessary
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laggards
the last adopters who distrust new products
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