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37 Cards in this Set
- Front
- Back
What is *Value*?
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Good quality at a fair price; when consumers calculate the value of a product, they look at the benefits adn then subtract the cost to see if the benefits exceed the cash.
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Define *Value Package*:
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Everything that consumers evaluate when deciding whether to buy something; also called the total product offer.
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What is a *Product Line*:
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A group of products that re physically similar or are intended for a similar market.
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Define *Product Differentiation*:
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The creation of real or perceived product differences.
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Define *Convenience Goods and Services*:
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Products that the consumer wants to purchase frequently and with a minimum of effort.
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Define *Shopping Goods and Services*:
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Those products that the consumer buys only after comparing value, quality, and price from a variety of sellers.
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Define *Speciality Goods and Services*:
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Products that have a special attraction to consumers who are willing to go out of their way to obtain them.
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Define *Unsought Goods and Services*:
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Products that consumers are unaware of, haven't necessarily though of buying, or find that they need to solve an unexpected problem
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Define *Industrial Goods*:
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Products used in the production of other products.
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Define *Brand*:
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A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors.
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What is a *Trademark*?
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A brand that has been give exclusive legal protection for both the brand name and the pictorial design.
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Define *Manufacturers' Brand Names*:
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The brand names of manufacturers that distribute products nationally.
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Define *Knock-off Brands*:
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Illegal copies of national brand-name goods.
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What are *Dealer (Private) Brands*?
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Products that don't carry the manufacturer's name, but carry a distributor or retailer's name instead.
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What is a *Generic Name*?
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The name for a product category (versus a brand name).
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Define *Generic Goods*:
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Nonbranded products that usually sell at a sizeable discount compared to national or private brands.
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Define *Brand Equity*:
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The combination of factors such as awareness, loyalty, perceived quality, images, and emotions people associate with a given brand name.
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Define *Brand Loyalty*:
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The degree to which customers are satisfied, like the brand, an dare committed to further purchase.
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Define *Brand Awareness*:
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How quickly or easily a given brand name comes to mind when a product category is mentioned.
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Define *Brand Awareness*:
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How quickly or easily a given brand name, comes to mind when a product category is mentioned.
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Define *Brand Association*:
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The linking of a brand to other favorable images.
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What is a *Brand Manager*?
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A manager who has direct responsibility for one brand or one product line.
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Define *Product Screening*:
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A process designed to reduce the number of new-product ideas being worked on at any one time.
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Define *Product Analysis*:
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Making cost estimates and sales forecasts to get a feeling for profitability of new product ideas.
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Define *Concept Testing*:
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Taking a product idea to consumers to test their reactions.
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Define *Commercialization*:
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Promoting a product to distributors and retailers to get wide distribution and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers.
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Define *Product Life Cycle*:
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A theoretical model of what happens to sales and profits for a product class over time.
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Defing *Target Costing*:
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Designing a product so that it satisfies customers and meets the profit margins desired by the firm.
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Define *Value Pricing*:
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When markets provide consumers with brand name goods and services at fair prices.
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Define a *Break-even Analysis*:
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The process used to determine profitability at various levels of sales.
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Define *Total Fixed Costs*:
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All the expenses that remain the same no matter how many products are sold.
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Define *Variable Costs*:
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Costs that change according to the level or production.
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Define *Skimming Price Strategy*:
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Strategy in which a new product is priced high to make optimum profit while there's little competition.
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Define *Penetration Strategy*:
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Strategy in which a product is priced low to attract many customers an discourage competition.
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Define *Everyday Low Pricing*:
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EDLP is setting prices lower than competitors and then not having any special sales.
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Define *High-Low Pricing Strategy*:
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Set prices that are higher than EDLP stores, but have many special sales where the prices are lower than competitors.
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Define *Price Leadership*:
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The procedure by which one or more dominant firms set the pricing practices that all competitors in an industry follow.
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