Principles of Marketing Chapter 9 Vocab – Flashcards
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Product Management
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The systematic and usually team-based approach to coordinating all aspects of a product's marketing initiative including all elements of the marketing mix.
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Product Line
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A firm's total product offering designated to satisfy a single need or desire of target customers.
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Product Line Length
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Determined by the number of separate items within the same category.
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Cannibalization
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The loss of sales of an existing brand when a new item in a product line or product family is introduced.
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Product Mix
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The total set of all products a firm offers for sale.
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Product Mix Width
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The number of different product lines the firm produces.
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Product Quality
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The overall ability of the product to satisfy customers' expectations.
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Product Life Cycle
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A concept that explains how products go through four distinct stages from birth to death; introduction, growth, maturity, and decline.
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Introduction Stage
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The first stage of the product life cycle in which slow growth follows the introduction of a new product in the marketplace.
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Growth Stage
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The second stage in the product life cycle, during which consumers accept the product and sales rapidly increase.
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Maturity Stage
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The third and longest stage in the product life cycle, during which sales peak and profit margins narrow.
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Decline Stage
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The final stage in the product life cycle, during which sales decrease as customer needs change.
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Brand
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A name, a term, a symbol, or any other unique element of a product that identifies one firm's products and sets it apart from the competition.
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Trademark
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The legal term for a brand name, brand mark, or trade character; legally registered by a government obtain protection for exclusive use in that country.
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Brand Equity
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The value of a brand to an organization.
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Brand Meaning
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The beliefs and associations that a consumer has about the brand.
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Brand Storytelling
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Marketers seek to engage consumers with compelling stories about brands.
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Brand Extensions
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A new product sold with the same brand name as a strong existing brand.
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Sub-branding
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Creating a secondary brand within a main brand that can help differentiate a product line to a desired target group.
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Family Brand
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A brand that a group of individual products or individual brands share.
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National or Manufacturer Brands
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Brands that the product manufacturer owns.
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Private-label Brands
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Brands that a certain retailer or distributor owns and sells.
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Generic Branding
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A strategy in which products are not branded and are sold at the lowest price possible.
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Licensing
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An 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.
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Cobranding
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An agreement between two brands to work together to market a new product.
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Package
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The covering or container for a product that provides product protection, facilitates product use and storage, and supplies important marketing communication.
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Universal Product Code
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The set of black bars or lines printed on the side or bottom of most items sold in a grocery store and other mass-merchandising outlets. The UPC, readable by scanners, creates a national system of product identification.
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Brand Manager
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An individual who is responsible for developing and implementing the marketing plan for a single brand.
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Product Category Managers
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Individuals who are responsible for developing and implementing the marketing plan for all the brands and products within a product category.
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Market Manager
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An individual who is responsible for developing and implementing the marketing plans for products sold to a particular customer group.
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Venture Teams
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Groups of people within an organization who work together to focus exclusively on the development of a new product.
