Fundamentals of Marketing - Chapter 7: Products and Brands

Vocabulary flashcards covering core concepts, product classifications, service characteristics, branding strategies, and intellectual property from Chapter 7: Products and Brands.

Product

A good, a service, or an idea, consisting of a bundle of tangible and intangible attributes that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Non-Durable Good

An item that does not last and is consumed only once or for a limited number of times.

Durable Good

An item that lasts over an extended number of uses.

Service

An activity, benefit, or satisfaction offered for sale; it is intangible and does not result in ownership of anything.

Supplementary Services

Services that accompany the primary offering, allowing product differentiation versus competition and adding value for consumers.

Service Continuum

The range of product offerings from tangible goods to intangible services, or from goods-dominant to service-dominant hybrids.

Virtual Services

Services that exist only online and have no physical person-to-person interaction or tangible component.

Intangibility

A characteristic of services meaning they cannot be seen, tasted, felt, heard, or smelled before they are bought, making them performance-oriented.

Inseparability

A characteristic of services meaning they cannot be separated from their providers and are delivered and consumed at the same time.

Inconsistency (Variability)

A characteristic of services where service quality depends on who provides them as well as when, where, and how they are provided.

Inventory (Perishability)

A characteristic of services meaning they cannot always be stored for later sale or use to be accessed when in demand.

Core Product

The layer of the total product concept that addresses the fundamental, problem-solving benefits or experiences a consumer derives from having the product.

Actual Product

The physical good or service that a consumer purchases, developed by combining features, design, a quality level, a brand name, and packaging.

Augmented Product

The additional features, attributes, and consumer services that accompany a product, such as warranties, customer support, and repair services.

Packaging

The activities of designing and producing the container or wrapper for a product, serving functional, communication, and brand image roles.

Product Mix (Product Portfolio)

The set of all product lines that are marketed by a particular firm or seller.

Product Line

A group of similar products that are closely related because they satisfy a similar need, function in a similar manner, and are directed at the same general target market.

Product Mix Width

The total number of different product lines a firm carries.

Product Line Length

The total number of products or brands a firm carries within its product line.

Product Line Depth

The total number of different versions offered for each product sold within a product line.

Product Mix Consistency

How closely related the various product lines are in end use, production requirements, distribution channels, or other aspects.

Consumer Product

A product purchased for personal consumption by ultimate consumers.

Convenience Product

An inexpensive item purchased frequently with minimal comparison and buying effort, for which buyers readily accept substitutes.

Shopping Product

A fairly expensive item purchased less frequently, for which consumers spend time and effort comparing suitability, quality, price, and style.

Specialty Product

An expensive item with unique characteristics or brand identification for which buyers make a special purchase effort and will not accept substitutes.

Unsought Product

A product that consumers either are unaware of or know about but do not normally consider buying, requiring extensive promotion and personal selling.

Business Product

A product purchased by individuals and organizations either to run a business or to be used as a component in another product or service.

Derived Demand

The demand for business products and services that results directly from the demand for consumer products.

Supplies

The convenience products of the industrial field that are purchased with a minimum of effort or comparison, such as stationery and cleaning supplies.

Brand

A name, phrase, sign, symbol, or design, or a combination of these, uniquely given by a firm to identify its products or services and differentiate them from the competition.

Brand Equity

The differential effect that knowing the brand name has on customer response to the product or its marketing.

Brand Value

The total financial value of a brand.

Customer Equity

The value of customer relationships that a brand creates, serving as the fundamental asset underlying brand equity.

Family Brand (Branded House)

A brand architecture strategy where a single company name covers a number of different product categories.

Individual Brand (House of Brands)

A brand architecture strategy where an individual brand name is solely used for a specific product category.

Sub-Brand

A brand strategy that uses both the family brand name and its own distinct brand name to combine parent brand equity with distinct product differentiation.

Brand Extension

The strategy of extending an existing brand name to new product categories.

Patent

A time-limited, legally protected, exclusive right granted to make, use, or sell an invention, process, or formulation, lasting up to 20 years in Canada.

Trademark

A legal protection granted to individuals or organizations to protect brand names, logos, colors, and designs from usage by others, limited to 10 years but renewable.

Private-Label Brand (Store Brand)

A brand created and owned by a retailer that contracts manufacturing to suppliers and sells the product in its own stores under its store-brand name.