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Marketing Chapters 9 & 10

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Marketing
Chapter 9  
Goods Tangible products we can see, touch, smell, hear, or taste
Durable goods Consumer products that provide benefits over a period of time such as cars, furniture, and appliances
Nondurable goods Consumer products that provide benefits for a short time because they are consumed (such as food) or are no longer useful (such as newspapers).
Convenience product A consumer good or service that is usually low priced, widely available, and purchased frequently with a minimum of comparison and effort
Shopping Product A good or service for which consumers spend considerable time and effort gathering information and comparing alternatives before making a purchase
Specialty product A good or service that has unique characteristics, is important to the buyer, and for which the buyer will devote significant effort to acquire
Equipment Expensive goods an organization uses in its daily operations that last for a long time
Maintenance, repair, and operating (MRO) products Goods that a business customer consumes in a relatively short time
Raw materials Products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products
Processed materials Products created when firms transform raw materials from their original state
Specialized services Services purchased from outside suppliers that are essential to the operation of an organization but are not part of the production of a product
Component parts Manufactured goods or subassemblies of finished items that organizations need to complete their own products
Innovation A product that consumers perceive to be new and different from existing products
Continuous innovation A modification of an existing product that sets one brand apart from its competitors
Knockoff A new product that copies with slight modifications the design of an original product
Dynamically continuous innovation A change in an existing product that requires a moderate amount of learning or behavior change
Discontinuous innovation A totally new product that creates major changes in the way we live
Test marketing Testing the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter
Product adaption The process by which a consumer or business customer begins to buy and use a new good, service, or an idea
Diffusion The process by which the use of a product spreads throughout a population
Innovators The first segment (roughly 2.5 percent) of a population to adopt a new product
Early adopters Those who adopt an innovation early in the diffusion process but after the innovators
Early majority Those whose adoption of a new product signals a general acceptance of the innovation
Late majority The adopters who are willing to try new products when there is little or no risk associated with the purchase, when the purchase becomes and economic necessity, or when there is social pressure to purchase
Laggards The last consumers to adopt an innovation
   
Chapter 10  
Product line A firs's total product offering designed to satisgy a single need or desire of target customers
Cannibalization The loss of sales of an existing product when a new item in a product line or product family is introduced
Product mix The total set of all products a firm offers for sale
Product life cycle Concept that explains how products go through four distinct stages from birth to death; introduction, growth, maturity, and decline
Introduction The first stage of the product life cycle in which slow growth gollows the introduction of a new product in the marketplace
Growth Stage The second stage in the product life cycle during which the product is accepted and sales rapidly increase
Maturity stage The third and longest stage in the product life cycle in which sales peak and profit margins narrow
Decline stage The final stage in the product life cycle in which sales decrease as customer needs change
Brand A name, a term, a sysmbol, or any other unique element of a product that identifies one firm's products and sets them apart from the competition
Trademark The legal term for a brand name, brand mark, or trade character; trademarks legally registered by a government obatain protection for exlusive use in that country
Brand equity The value of a brand to an orgainization
Brand extension a new product sold with the same brand name as a strong existing brand
Family brand A brand that a group of individual products or individual brands share
National or manufacturer brands Brands that the manufacturer of the product owns
Store or private-label brands Brands that are owned and sold by a certain retailer or distributor
Licensing Agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
Co-branding An agreement between two brands to work together in marketing a new product
Package The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication
Brand manager An individual who is responsible for developing and implementing the marketing plan for a single frand
Product category manager An individual who is responsible for developing and implementing the marketing plan for all the brands and products within a product category
Marketing manager An individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group
Venture Teams Groups of people within an orgainization who work together focusing exclusively on the development of a new product

Last Updated on 12/4/99
By Maria Ribaulo
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