CH 10 STUDY GUIDE Product Management & Branding

These flashcards cover key concepts related to product management and branding as outlined in the lecture notes.

Brand Portfolio

All brands a company owns.

Product Lines

Branded categories under the broader brand portfolio.

SKU

Stock-Keeping Unit, represents each product item.

Product Mix Width

The number of product lines/brands in the company portfolio.

Depth of Product Line

The number of items within a product line.

Economies of Scale

Cost advantages gained by a company when production becomes efficient.

Billboard Effect

Greater shelf space and retailer acceptance due to product variety.

Planned Obsolescence

Designing products so that older versions become outdated.

Product Line Management

Activities involved in launching, modifying, pruning, promoting, and evaluating product lines.

Brand Recognition

Awareness and familiarity with a brand due to advertising.

Brand Loyalty

The tendency of consumers to continue buying a brand over competitors.

Interbrand

A method used to measure brand value using financial analysis and brand strength.

Private Brand

A brand owned by a retailer or wholesaler.

Co-Branding

Using two or more brand names together to enhance reach and credibility.

Generic Brand

A low-priced product without advertising or promotions.

Consumer Preference

The tendency to select one brand over another based on previous experiences.

Brand Equity

The value added to a product by having a well-known brand name.

Retail Acceptance

The willingness of retailers to stock a brand’s products.

Quality Modification

Changes that increase or decrease the quality of a product.

Functional Modification

Changes aimed at improving ease of use or effectiveness of a product.

Style Modification

Aesthetic changes made to a product's packaging or appearance.

Trade Dress

Visual appearance of a product or its packaging that signifies the source of the product.

Brand Credibility

The consistency of brand performance and quality as promised.

Standardized Components

Common parts used across multiple products for economies of scale.

Brand Name

A distinct name associated with a product or range of products.

Retailer Issues

Challenges faced by brands in maintaining good relationships with retailers.

Sales/Profit Skew

Distribution of sales and profits where top items dominate performance.

Product Extension

The introduction of new variations of a product under the same brand.

Trademark

A legally registered symbol, word, or words representing a company or product.

Packaging Functions

Roles packaging plays in protecting products and facilitating their distribution.

Brand Strength

A brand’s ability to create loyalty and sustain profit over time.

Market Share

The portion of a market controlled by a particular brand or company.

Distinctive Symbol

A recognizable logo or sign that represents a brand.

Long-term Brand Value

The overall worth of a brand over an extended period, based on loyalty and reputation.

Consumer Insights

Understanding of consumer behavior and preferences gained through research.

Shelf Space

The area allocated to a product in retail stores for display.

Product Contractions

The process of eliminating products that do not perform well.

Value Proposition

A promise of value to be delivered, communicated, and acknowledged.

Advertising Effectiveness

The degree to which advertising achieves its intended objectives.

Brand Extensions

Introducing new products under an existing brand name to leverage brand loyalty.

Retail Strategy

A plan for selling products directly to consumers through retail channels.

Market Segmentation

The process of dividing a broad consumer or business market into sub-groups.

Customer Acquisition

Strategies employed to gain new customers for a brand.

Product Differentiation

Creating differences in products to make them more appealing to consumers.

Penetration Pricing

Setting a low price to attract customers to a new product.

Promotional Strategies

Plans for marketing communication to encourage product sales.

Market Trends

General direction in which customer preferences are moving.

Distribution Power

A brand's ability to effectively place and sell their products across various outlets.

Spillover Effect

A situation where a brand's good performance enhances the perception of its other products.