Unit 3: Product & Branding

These flashcards cover key concepts related to products and branding, including definitions and characteristics that are essential for understanding marketing strategies.

Product

A good, service, or idea that businesses sell to satisfy customer needs.

Product Benefit

The need satisfying quality of a product.

Consumer Products

Goods, services, or ideas sold to customers for personal use.

Business Products

Goods, services, or ideas sold to businesses for business uses.

Intangible

Something that exists but is not physical and cannot be touched.

Tangible

Something that exists physically and can be touched.

Service Characteristics

Services are intangible, inseparable, variable, and perishable.

Intangibility

A characteristic of a service that presents a challenge for marketers as it cannot be physically shown.

Inseparability

The production of a service cannot be separated from its use.

Variable

A characteristic indicating that services are unique and cannot be consistently replicated.

Perishability

A characteristic of services indicating they cannot be stored for later use.

Product Life Cycle

The stages that a product or product category goes through from its beginning to its end.

Introduction Stage

The stage where a new product is presented to the market with zero sales and negative profits.

Growth Stage

The stage where sales and profits are rapidly rising and competition starts to enter the market.

Maturity Stage

The stage when sales level off due to market saturation and competition intensifies.

Decline Stage

The stage when sales begin to fall, often due to outdated technology or changing market needs.

Brand

A mark or design placed on a product to distinguish it from others and identify ownership.

Brand Name

The words, numbers, or letters that can be spoken, that identify a brand.

Corporate Brand

The brand that represents the entire company.

Product Brand

The brand specific to a single product within a company.

Manufacturer Brand

A brand created by a manufacturer for its own products.

Private Brand

A brand owned by a reseller, often referred to as a store brand.

Generic Brand

A product that is not branded and typically has just the product category name.

Brand Loyalty

A situation where a customer continually buys the same brand's product.

Trademark

A word, phrase, symbol, or design that identifies and distinguishes the source of goods.

Generic Name

The general name for an entire product category that cannot be trademarked.