Boone and Kurtz: Contemporary Business – Chapter 12 Vocabulary – Flashcards
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Product
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Bundle of physical, service, and symbolic characteristics designed to satisfy consumer wants.
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Product Line
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Group of related products marked by physical similarities or intended for a similar market.
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Product Mix
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The assortment of product lines and individual goods and services that a firm offers to consumers and business users.
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Product Life Cycle
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Four basic stages - introduction, growth, maturity, and decline - through which a successful product progresses.
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Test Marketing
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Introduction of a new product supported by a complete marketing campaign to a selected city or TV coverage area.
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Brand
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Name, term, sign, symbol, design, or some combination that identifies the products of one firm and differentiates them from competitors' offerings.
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Brand Name
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Part of the brand consisting of words or letters included in a name used to identify and distinguish the firm's offerings from those of competitors.
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Trademark
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Brand that has been given legal protection.
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Brand Equity
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Added value that a respected and successful name gives to a product.
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Category Advisor
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Vendor that is designated by the business customer as the major supplier to assume responsibility for dealing with all the other vendors for a project and presenting the entire package to the business buyer.
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Distribution Strategy
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Deals with the marketing activities and institutions involved in getting the right good or service to the firm's customers.
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Distribution Channels
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Path that products - and legal ownership of them - follow from producer to customers or business user.
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Physical Distribution
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Actual movement of products from producer to consumers or business users.
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Wholesaler
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Distribution channel member that sells primarily to retailers, other wholesalers, or business users.
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Retailer
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Distribution channel member that sells goods and services to individuals for their own use rather than for resale.
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Supply Chain
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Complete sequence of suppliers that contribute to creating a good or service and delivering it to business users and final consumers.
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Logistics
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Process of coordinating the flow of goods, services, and information among members of the supply chain.
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Vendor-Managed Inventory
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Process in which the producer and the retailer agree that the producer (or the wholesaler) will determine how much of a product a buyer needs and automatically ship new supplies when needed.
