Unit 3 Product and Branding Vocabulary

Vocabulary flashcards related to product and branding from lecture notes.

Product

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

Product Benefit

The need-satisfying quality of a product.

Tangible

Exists physically and can be touched.

Intangible

Exists but is not physical and cannot be touched.

Consumer products

Products sold to customers for personal use.

Business products

Products sold to businesses for business uses.

Intangible (service characteristic)

No physical characteristic. Services cannot be touched.

Inseparable (service characteristic)

Production of the service cannot be separated from use of the service.

Variable (service characteristic)

A service is always unique and never exactly repeated in the same way.

Perishable (service characteristic)

The product cannot be stored for later use.

Quality

Level of excellence (Premium vs Moderate vs Value).

Features

Physical characteristic of the good.

Options

A feature that can be added to a product at the customer’s request.

Instructions

Essential part of many products (furniture, electronics, software).

Installation

Placing a product where it will be used, making it ready for use.

Technical support

People who are available to help with problems.

Packaging

Protect for damage; promotion; nutrition/ingredients; translation; quantity.

Warranty

Written document stating quality; promise to correct problems.

Guarantee

Promise that a product has certain quality and will provide satisfaction

Maintenance and repair

Availability of such services affects customers’ buying decision.

Product life cycle

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

Introduction (product life cycle)

Stage where a new product is presented to the market.

Growth (product life cycle)

The stage during which sales and profits are rapidly rising.

Maturity (product life cycle)

Sales begin to level off because the market has become saturated.

Saturated market

When most of the potential customers who need, want, and can afford a product have bought it.

Decline (product life cycle)

Sales begin to fall.

Brand

A mark or design placed on a product to distinguish it from other products and to identify the owner of the brand.

Brand name

Consists of words, numbers or letters that can be spoken.

Logo

The picture, design or graphic image that is associated with a brand.

Trade character

A logo or brand mark that has been given human characteristics.

Slogan

A phrase or sentence that summarizes some essential aspect of the product.

Corporate brand

The brand that represents the whole company.

Product brand

The brand of a specific product.

Manufacturer brand

Created by a manufacturer for its own products.

Private brand

Owned by a reseller.

Generic brand

A product that is not branded.

Benefit

The need-satisfying ability of a product.

Functional benefits

Meet physical and safety needs.

Emotional benefits

Meet acceptance and esteem needs. Customer experience emotional benefits when the features of the product create positive feelings.

Self-expressive benefits

Meet esteem and self-actualization needs. Customer experience these benefits when use of the product expresses the consumer’s self-image.

Positioning

Consists of the actions marketers take to create a certain image of a product in the minds of customers.

Brand position

The image that a brand has in the mind of the customer.

Brand loyalty

A situation in which the customer will buy only a certain brand of a product.

Trademark

Another term for brand, identifies and distinguishes the source of goods.

Service mark

Same as a trademark except that it identifies and distinguishes the source of a service.

Generic name

The general name for an entire product category.