Marketing Terms: Product, Product Development, Branding, Packaging and Product Lifecycle, Quizzes of Introduction to Business Management

Download Marketing Terms: Product, Product Development, Branding, Packaging and Product Lifecycle and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 define product DEFINITION 1 good, service, people or idea offered to the market for exchange TERM 2 total product concept DEFINITION 2 describes the core, expected, augmented and potential productcore product: fundamental benefit, core product stays the sameexpected: attributes that deliver the benefit of the core product, fulfillcustomer's most basic expectationaugmented: delivers bundle of benefits that buyer may not require as basic fulfillment of needs, allows differentiation, main reason for choosing brandpotential product: possibilities that could be part of the expected or augmented TERM 3 product relationships DEFINITION 3 product item: the version of the productproduct line: set of closely related product itemsproduct mix: set of all products available to customers (all the lines), product width (product lines) and product depth (products in each line) TERM 4 product classification DEFINITION 4 consumer products shopping products, moderate to high engagement ie. washing machine convenience products: inexpensive/frequently purchased (staple products, impulse, emergency) specialty unsought: doesnt know or never considered (alarm system) business to business products parts and materials equipment services and supplies (maintenance, financial/legal services) TERM 5 product lifecycle (overview) DEFINITION 5 new product development introduction growth maturity decline TERM 6 new product development DEFINITION 6 8 phases of introducing new products idea generation screening: feasible concept evaluation (stakeholders evaluate) marketing strategy (long term) business analysis (strategy is a good fit?) product development: convert to actual product test marketing: realworld assessment commercialisation: launch TERM 7 product adoption process DEFINITION 7 awareness interest evaluation trial adoption TERM 8 diffusion of innovations DEFINITION 8 innovators early adopters early majority late majority laggards TERM 9 product differentiation DEFINITION 9 creation of products and product attributes that distinguish one product from another eg. features, quality, price TERM 10 branding: name, equity,strategies DEFINITION 10 brand: collection of symbols to create image in customer's mind that differentiates product from competitor's productsname part that can be spoken trademark: legally registered to secure exclusive use of brand brand mark: symbols and design (not made up of words) equity added value that brand gives a product brand loyalty and brand metrics (determine strength of brand) strategeis individual branding: each product branded seperately family branding: brand for several organisation's products brand extension: giving name to new product in different category eg. starbucks icecream branding control:licensing, franchising, co-branding (2 or more brand names on same product)