Ch. 15 UGBA 10

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a type of consumer product. everyday goods and services that people buy frequently, usually without much conscious planning

are fairly important goods and services that people buy less frequently, such as computers and college educations. stakes are higher and so product require more though and comparison shopping.

• particular brands that the buyer especially wants and will seek out, regardless of location or price.
• ex: suzuki violin lessons or Bang and Olufsen home entertainment gear.

ex: life insurance, cemetery plots

things people need but aren't looking for.

relatively inexpensive goods that are typically used within a year of purchase, like printer cartridges and papers\

• more expensive items with longer use life.
• ex: computers, cats, factories

• 1. introduction
• 2. growth
• 3. maturity
• 4. decline

• - unsought goods
• - shopping goods
• - specialty products
• -convenience products
• -expense items
• -capital items

• intro: R&D -> product's first commercial availability
• - a weak intro can doom a product(in some cases)
• growth: jump in sales, competition increases, struggle for market share.
• -expansion of distribution outlets
• -economies of scale may be reached
• maturity: long in the product life cycle
• - market becomes saturated
• - profits level off
• - might have to win sales from other suppliers
• - "milking a cash cow" to fund the new products
• decline: declines occur because of changing demographics, shifts in popular taste, overwhelming competition and advances in technology

preproduction samples of products used for testing and evaluation

a product development stage in which a product is sold in small quantities to gauge its market appeal

final step of development - large scale production and distribution of products that survived the testing process

NOT SURE, SEE NOTES

• this is the identity of a company.
• incorporates 3 things:
• 1. the unique name/symbol
• 2. the legal protections afforded by a trademark etc.
• 3. the overall company or organizational brand

the value in the brand that the company has built up

the degree to which customers continue to purchase a specific brand

• portion of a brand that can be expressed verbally
• -includes words, numbers, letters

portion of a brand that can't be expressed verbally

visual representation of the brand

legal protection of the brand so that owners have exclusive usage rights

brands owned by the manufacturer and distributed nationally

brands that carry the label of a retailer or a wholesaler rather than a manufacturer

partnering with another company to closely link their brand names together for a single product

allowing the usage and marketing of another company's products in exchange for a royalty or a fee

managers who develop and implement marketing strategies and programs for specific products or brands

a series of related products offered by a firm

the complete portfolio of products that a company offers for sale

using a brand name on a variety of related products

applying a successful brand name to a new product category

a measure of the sensitivity of demand to changes in price

costs the remain constant regardless of the number of units produced

costs that change with volume

• the method of calculating the minimum value of sales needed at a given price to cover all costs.
• break even point refers to the sales volume at a given price that will cover all company costs

a method of pricing based on production costs rather than marketplace conditions

a method of setting prices based on customer perceptions of value

• factors to influence pricing:
• marketing objectives
• government regulations
• customer perceptions
• market demand
• competition