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Product
Everything, both favorable and unfavorable, that a person receives in an exchange.
Convenience product
a relatively inexpensive item that merits little shopping effort
Shopping Product
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores.
Specialty product
a particular item for which consumers search extensively and are very reluctant to accept substitutes.
Unsought product
a product unknown to the potential buyer or a known product that the buyer does not actively seek.
Product item
a specific version of a product that can be designated as a distinct offering among an organization's products.
Product line
a group of closely related product items.
Product mix
all products that an organization sells.
Product mix width
the number of product lines an organization offers.
Product line depth
the number of product items in a product line.
Product modification
changing one or more of a product's characteristics.
Planned obsolescence
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement.
Product line extension
adding additional products to an existing product line in order to compete more broadly in the industry.
Brand
a name, term, symbol, design, or combination thereof that identifies a seller's products and differentiates them from competitors' products.
Brand name
that part of a brand that can be spoken, including letters, words, and numbers
Brand mark
the elements of a brand that cannot be spoken
Brand equity
the value of a company or brand name
Global brand
a brand that obtains at least a one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
Brand loyalty
consistent preference for one brand over all others
Manufacturer's brand
the brand name of a manufacturer
Private brand
a brand name owned by a wholesaler or a retailer
Captive brand
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer's affiliation
Individual branding
using different brand names for different products
Family branding
marketing several different products under the same brand name
Co-branding
placing two or more brand names on a product or its package
Trademark
the exclusive right to use a brand or part of a brand
Service mark
a trademark for a service
Generic product name
identifies a product by class or type and cannot be trademarked
Persuasive labeling
a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary
Informational labeling
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Universal product codes (UPCs)
a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products
Warranty
a confirmation of the quality or performance of a good or service
Express warranty
a written guarantee
Implied warranty
an unwritten guarantee that the good or service is fit for the purpose for which it was sold
New product
a product new to the world, the market, the producer, the seller, or some combination of these
New-product strategy
a plan that links the new-product development process with the objectives of the marketing department, the business unit, and the corporation
Product development
a marketing strategy that entails the creation of marketable new products; the process of converting applications for new technologies into marketable products
Brainstorming
the process of getting a group to think of unlimited ways to vary a product or solve a problem.
Screening
the first filter in the product development process, which eliminates ideas that are inconsistent with the organization's new-product strategy or are obviously inappropriate for some other reason
Concept test
a test to evaluate a new-product idea, usually before any prototype has been created
Business analysis
the second stage of the screening process where preliminary figures for demand, cost, sales, and profitability are calculated
Development
the stage in the product development process in which a prototype is developed and a marketing strategy is outlined.
Simultaneous product development
a team-oriented approach to new-product development
Test marketing
the limited introduction of a product and a marketing program to determine the reactions of potential customers in a market situation
Stimulated (laboratory) market testing
the presentation of advertising and other promotional materials for several products, including a test product, to members of the product's target market
Commercialization
the decision to market a product
Innovation
a product perceived as new by a potential adopter
Diffusion
the process by which the adoption of an innovation spreads
Product life cycle (PLC)
a concept that provides a way to trace the stages of a product's acceptance, from its introduction (birth) to its decline (death)
Product Category
all brands that satisfy a particular type of need
Introductory stage
the full-scale launch of a new product into the marketplace
Growth stage
the second stage of the product life cycle when sales typically grow at an increasing rate, many competitors enter the market, large companies may start to acquire small pioneering firms, and profits are healthy
Maturity stage
a period during which sales increase at a slower rate
Decline stage
a long-run drop in sales
Service
the result of applying human or mechanical efforts to people or objects
Intangibility
the inability of services to be touched, seen, tasted, heard, or felt in the same manner that goods can be sensed
Search quality
a characteristic that can be easily assessed before purchase
Experience quality
a characteristic that can be assessed only after use
Credence quality
a characteristic that consumers may have difficulty assessing even after purchase because they do not have the necessary knowledge or experience
Inseparability
the inability of the production and consumption of a service to be separated; consumers must be present during the production
Heterogeneity
the variability of the inputs and outputs of services, which causes services to tend to be less standardized and uniform than goods
Perishability
the inability of services to be stored, warehoused, or inventoried
Reliability
the ability to perform a service dependably, accurately, and consistently
Responsiveness
the ability to provide prompt service
Assurance
the knowledge and courtesy of employees and their ability to convey trust
Empathy
caring, individualized attention to customers
tangibles
the physical evidence of a service, including the physical facilities, tools, and equipment used to provide the service
Gap model
a model identifying five gaps that can cause problems in service delivery and influence customer evaluations of service quality
Core service
the most basic benefit the consumer is buying
Supplementary services
a group of services that support or enhance the core service
Mass customization
a strategy that uses technology to deliver customized services on a mass basis
Internal marketing
treating employees as customers and developing systems and benefits that satisfy their needs
Nonprofit organization
an organization that exists to achieve some goal other than the usual business goals of profit, market share, or return on investment
Nonprofit organization marketing
the effort by nonprofit organizations to bring about mutually satisfying exchanges with target markets
Public service advertisement (PSA)
an announcement that promotes a program of a federal, state, or local government or of a nonprofit organization
Retailing
all the activities directly related to the sale of goods and services to the ultimate consumer for personal, nonbusiness use
Retailer
a channel intermediary that sells mainly to consumers
Independent retailer
a retailer owned by a single person or partnership and not operated as part of a larger retail institution
Chain store
a store that is part of a group of the same stores owned and operated by a single organization
Franchise
a relationship in which the business rights to operate and sell a product are granted by the franchisor to the franchisee
Franchiser
the originator of a trade name, product, methods of operation, and so on that grants operating rights to another party to sell its product
Franchisee
an individual or business that is granted the right to sell another party's product
Gross margin
the amount of money the retailer makes as a percentage of sales after the cost of goods sold is subtracted
Department store
a store housing several departments under one roof
Specialty store
a retail store that carries a narrow product line with a deep assortment within that line
Supermarket
a large, departmentalized, self-service retailer that specializes in food and some nonfood items
Drugstore
a retail store that stocks pharmacy-related products and services as its main draw
Convenience store
a miniature supermarket, carrying only a limited line of high-turnover convenience goods
Discount store
a retailer that competes on the basis of low prices, high turnover, and high volume
Full-line discount store
a discount store that carries a vast depth and breadth of product within a single product category
Supercenter
a large retailer that stocks and sells a wide variety of merchandise including groceries, clothing, household goods, and other general merchandise
Specialty discount store
a retail store that offers a nearly complete selection of single-line merchandise and uses self-service, discount prices, high volume, and high turnover
Category killer
a large discount store that specializes in a single line of merchandise and becomes the dominant retailer in its category
Warehouse club
a large, no-frills retailer that sells bulk quantities of merchandise to customers at volume discount prices in exchange for a periodic membership fee
Off-price retailer
a retailer that sells at prices 25 percent or more below traditional department store prices because it pays cash for its stock and usually doesn't ask for return privileges
Factory outlet
an off-price retailer that is owned and operated by a manufacturer
Used goods retailer
a retailer whereby items purchased from one of the other types of retailers are resold to different customers
Restaurant
a retailer that provides both tangible products—food and drink—and valuable services—food preparation and presentation
Nonstore retailing
shopping without visiting a store
Automatic vending
the use of machines to offer goods for sale
