product
the need-satisfying offering of a firm;
idea of product as potential customer satisfaction or benefits is very important
quality
a product's ability to satisfy a customer's needs or requirements;
focuses on the customer
individual product
a particular product within a product line
product line
a set of individual products that are closely related
product assortment
the set of all product lines and individual products that a firm sells
service
an intangible offering a deed, performance, or effort
branding
the use of a name, term, symbol, or design to identify a product;
use of brand names, trademarks
service mark
the same as a trademark expect it refers to a service offering
brand familiarity
how well customers recognize and accept a company's brand;
degree of this affects the planning for the rest of the marketing mix
brand rejection
potential customers won't buy a brand unless its image is changes, or if customers have no other choice
brand nonrecognition
final consumers don't recognize a brand at all
brand recognition
customers remember the brand
brand preference
target customers usually choose the brand over other brands (out of habit or favorable past experience)
brand insistence
customers insist on firm's branded product and are willing to search for it;
most likely to exhibit positive word of mouth
brand equity
the value of a brand's overall strength in the market
Lanham ACt
spells out what kinds of marks can be protected and the exact method of protecting them
family brand
the same brand name for several products
licensed brand
a well-known brand that sellers pay a fee to use
individual brands
separate brand names for each product
generic products
products that have no brand at all other than identification of their contents and the manufacturer or intermediary
manufacturer brands
brands created by producers
dealer brands
brands created by intermediaries
battle of the brands
competition between dealer brands and manufacturer brand
packaging
promoting, protecting, and enhancing the product
warranty
explains what the seller promises about its product
Magnuson-Moss act
producers must provide a clearly written warranty if they choose to offer any warranty
consumer products
products meant for the final consumer
business products
products meant for use in producing other products
convenience products
products a consumer needs but isn't willing to spend much time or effort shopping for
staples
products that are bought often, routinely, and without much thought
impulse products
products that are bought quickly, unplanned purchases, because of a strongly felt need
emergency products
products that are purchased immediately when the need is great
shopping products
products that a customer feels are worth the time and effort to compare with competing products
homogeneous shopping products
items the customer sees as basically the same and wants at the lowest price
heterogeneous shopping products
items the customer sees as different and wants to inspect for quality and suitability
specialty products
consumer products that the customer really wants and makes a special effort to find
unsought products
products that potential customers don't yet want or know they can buy
new unsought products
products offering really new ideas that potential customers don't know about yet
regularly unsought products
products that stay unsought but not unbought forever (tombstones, life insurance, nursing homes)
derived demand
the demand for business products derives from the demand for final consumer products
expense item
a product whose total cost is treated as a business expense in the year it's purchased
capital item
is a long-lasting product that can be used and depreciated for many years
installations
buildings, land rights, major equipment;
important capital items
accessories
short-lived capital items;
tools and equipment used in production or office activities
raw material
unprocessed expense items that are moved to the next production process with little handling
farm products
grown by farmers
natural products
products that occur in nature
components
processed expense items that become part of a finished product
supplies
expense items that do not become part of a finished product
professional services
specialized services that support a firm's operations