BUSI 406 Vocabulary Flashcards (Ch. 8-19)

Professor Williams. Spring 2025

Product

An item that is offered for sale to consumers or businesses.

Quality

The inherent or perceived value of a product or service.

Warranty

A promise made by a seller regarding the quality or longevity of a product.

Individual Product

A specific version of a product within a product line.

Product Line

A group of related products that are marketed under a single brand.

Product Assortment

The variety of products a company offers to its customers.

Product Line Length

The total number of items in a product line.

Service

A transaction where no physical goods are transferred.

Augmented Reality (AR)

An interactive experience that combines the real world with computer-generated content.

Non-Fungible Token (NFT)

A unique digital asset that represents ownership of a specific item or content.

Branding

The process of creating a unique name and image for a product.

Brand Name

The part of a brand that can be spoken, including letters, numbers, and words.

Trademark

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

Service Mark

A trademark for a service rather than a product.

Brand Familiarity

How well customers recognize or know a brand.

Brand Rejection

The point at which consumers will not consider a brand for purchase.

Brand Nonrecognition

Brand awareness is so low that consumers cannot recognize the brand at all.

Brand Recognition

The ability of consumers to identify a brand by its attributes.

Brand Preference

A situation where consumers prefer one brand over others.

Brand Insistence

A form of brand loyalty where consumers will only buy a specific brand.

Brand Evangelism

Passionate advocacy by customers for a brand.

Brand Equity

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

Lanham Act

A federal statute that governs trademarks, service marks, and unfair competition.

Family Brand

A single brand name that covers multiple products.

Licensed Brand

A brand that is leased to another company for use.

Individual Brands

Unique brand names for each product in a product line.

Generic Products

Products without a brand name that are usually cheaper.

Manufacturer Brands

Brands owned by the manufacturer.

Dealer Brands / Private Brands

Brands owned by retailers rather than manufacturers.

Battle of the Brands

Competition between manufacturer brands and retailer brands.

Packaging

The process of designing and producing the container for a product.

Federal Fair Packaging and Labeling Act

A law requiring that consumer products be labeled honestly.

Consumer Products

Goods purchased for personal consumption.

Business Products

Goods used in the production of other products.

Convenience Products

Items that are frequently purchased with minimal effort.

Staples

Basic, everyday products that consumers buy regularly.

Impulse Products

Items that consumers do not plan to buy but purchase on a whim.

Emergency Products

Products bought in response to an emergency situation.

Shopping Products

Items for which consumers compare quality and price before purchasing.

Homogeneous Shopping Products

Products that are similar in nature and easily compared.

Heterogeneous Shopping Products

Products that differ greatly in characteristics and are more difficult to compare.

Specialty Products

Items with unique characteristics that are sought after by consumers.

Unsought Products

Items that consumers do not actively seek out.

New Unsought Products

Innovative items that consumers are unfamiliar with.

Regularly Unsought Products

Products that consumers need but do not usually think about.

Derived Demand

Demand for a product that occurs as a result of demand for another product.

Expense Item

A product that businesses purchase for immediate consumption.

Capital Item

A long-term item purchased for use over a period of time.

Installations

Large, long-lasting capital items such as machinery.

Accessories

Small items that complement major capital items.

Raw Materials

Basic materials used in the manufacturing process.

Farm Products

Products derived from agriculture.

Natural Products

Raw materials that are gathered from nature.

Components

Finished goods that are used in the manufacture of another product.

Supplies

Items used in supporting production processes.

Professional Services

Specialized services provided by professionals.

Product Life Cycle

The stages a product goes through from introduction to decline.

Market Introduction

The phase where a product is first launched into the market.

Market Growth

The phase where sales begin to increase rapidly.

Market Maturity

The phase where sales growth begins to slow down.

Sales Decline

The phase where sales decrease and other products take market share.

Fashion

A current trend in style or behavior.

Fad

A short-lived trend that is very popular but fades quickly.

New Product

A product that has been newly introduced to the market.

Continuous Innovations

Minor improvements to existing products.

Dynamically Continuous Innovations

Products that represent a significant change but are not too disruptive.

Discontinuous Innovations

Products that change consumer behavior significantly.

Federal Trade Commission (FTC)

A federal agency that regulates unfair business practices.

Patent

A legal right granted for an invention, giving the inventor exclusive rights.

Consumer Product Safety Act

A law established to protect the public from unreasonable risks of injury.

Product Liability

The legal responsibility of manufacturers for injuries caused by their products.

Return on Investment (ROI)

A measure used to evaluate the efficiency of an investment.

Concept Testing

The process of evaluating new product ideas with consumers.

Prototype

An early sample or model of a product used to test its concept.

Product Managers / Brand Managers

Individuals responsible for overseeing marketing strategies for products.

Total Quality Management (TQM)

An organization-wide approach to continuous quality improvement.

Continuous Improvement

Ongoing efforts to enhance products or processes.

Empowerment

Giving employees the autonomy to make decisions.

Place

The location where a product is sold or distributed.

Channel of Distribution

The path through which products travel from producer to consumer.

Direct Marketing

A form of advertising that allows businesses to communicate directly with consumers.

Discrepancy of Quantity

The difference between the amount of product produced and the amount desired by the market.

Discrepancy of Assortment

The difference between the types of products consumers want and what is offered.

Regrouping Activities

Processes that help match supply and demand in distribution.

Accumulating

The process of collecting products from various sources.

Bulk-breaking

The process of dividing large quantities into smaller ones.

Sorting

Organizing products based on specific criteria.

Assorting

Collecting different types of products to sell in a single location.

Traditional Channel Systems

Conventional methods of distributing goods.

Vertical Channel Conflict

Disagreements between different levels of the same distribution channel.

Horizontal Channel Conflict

Disagreements between businesses at the same level of distribution.

Channel Captain

A dominant firm in a channel that coordinates and influences members.

Vertical Marketing Systems

A system where channel members work together to maximize efficiency.

Corporate Channel Systems

Channels owned and managed by a single company.

Vertical Integration

The process of a company acquiring its suppliers or distributors.

Administered Channel Systems

A distribution system that relies on the power of one member to coordinate activities.

Contractual Channel Systems

Systems where channel members agree to cooperate on activities.

Ideal Market Exposure

The optimal level of distribution that maximizes market coverage.

Intensive Distribution

A strategy where products are available at as many outlets as possible.

Selective Distribution

Choosing specific retailers to sell a product.