Ch 11 and 12 Product, Branding, and Package Decisions; Developing New Products

Flashcards covering key vocabulary terms related to product and branding decisions, and the new product development process.

Core Customer Value

The basic problem-solving benefits that customers are seeking.

Product Line

Groups of associated items that consumers use together or think of as part of a group of similar products.

Product Mix / Product Assortment

The complete set of all products offered by a firm.

Branding

The process of creating a strong, positive perception of a company, its products or services in the customer’s mind by combining such elements as logo, design, mission statement, and a consistent theme throughout all marketing communications.

Perceived Value

A consumer's perception of a product's or service's worth relative to its alternatives.

Co-Branding

The linking of brands together to enhance perceptions of quality.

Idea Generation

Development of viable new product ideas.

Concept Testing

Testing the new product idea among a set of potential customers.

Product Development

Development of prototypes and/or the product.

Market Testing

Testing the actual products in a few test markets.

Product Launch

Full-scale commercialization of the product.

Evaluation of Results

Analysis of the performance of the new product and making appropriate modifications.