MK Final

The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.	Marketing
Trade of things of value between the buyer and the seller so that each is better off after the trade.	Exchange
Bundle of tangible and intangible attributes that satisfies consumers' needs and is received in exchange for money or something else of value.	Product
A product that has tangible attributes that consumers 5 senses can perceive	Good
Permanent Good	Durable Good
Consumed in 1 or a few uses	Non-Durable Good
Intangible item.	Service
Concept or opinion	Idea

Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.	Organizational buyers
The uncontrollable forces that affect a marketing decision: Social, Economic, Technological, Competitive, Regulatory	Environmental forces
Feeling deprived of basic a necessity such as food, clothing, or shelter.	Need
Need that is shaped by a person’s knowledge, culture, and personality.	Want
People with both the desire and the ability to buy a specific product.	Market
Relatively homogeneous groups of prospective buyers that (1) have common needs and (2) will respond similarly to a marketing action.	Market segments:
One or more specific groups of potential customers toward which an organization directs its marketing program.	Target market:
Product, Price, Place, Promotion (4P’s)	Marketing Mix
The unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price	Customer value
a metric that represents the total net profit a company can expect to generate from a customer throughout their entire relationship	Customer Lifetime Value
The idea that an organization should (1) strive to satisfy the needs of consumers while also (2) trying to achieve the organization's goals.	Marketing concept
Products purchased by the ultimate consumer	Consumer Products

Chapter 2- Marketing Strategies	Chapter 2- Marketing Strategies
1) For-profit business firms 2) Nonprofit organizations 3) Government agencies	Three types of organizations
Privately-owned organization that serves its customers to earn a profit, so that it can survive.	For Profit Business firm
Revenue - Expense	Profit
Nongovernmental organization that serves its customers but does not have profit as an organizational goal.	Nonprofit organization
Federal, state, or local unit that provides a specific service to its constituents.	Government agency
An organization's long-term course of action designed to deliver a unique customer experience while achieving its goals.	Strategy
A subsidiary, division, or unit of an organization that markets a set of related products to distinct target markets!	Strategic business units, or SBUs.
The fundamental, passionate, and enduring principles of an organization that guide its conduct over time.	Core values
A statement of the organization's function in society that often identifies its customers, markets, products, and technologies. Often used interchangeably with vision	Mission
The set of values, ideas, attitudes, and norms of behavior that is learned and shared among the members of an organization.	Organizational culture
Ratio of sales revenue of a firm to total sales revenue of all firms in the industry, including the firm itself	Market Share
A road map for the marketing actions of an organization for a specified future time period, such as one year or five years.	Marketing plan
A technique that helps a firm search for growth opportunities from among current and new markets as well as current and new products. • Market Penetration (Current products in Current Markets) • Product Development (New Products in Current Markets) • Market Development (Current Products in New Markets) • Diversification (New Products in New Markets)	Diversification analysis
Question Marks, Stars, Cash Cows, Dogs	Boston Consulting Group Portfolio Analysis
1. Planning (situation assessment, market - product focus and goals, marketing program), 2. Implementation (Gain resources, define tasks & deadlines, execute the marketing program) 3. Evaluation (Review and adjust as needed)	3 Phases of Strategic Marketing Process
Strengths, Weaknesses, Opportunities Threats	SWOT analysis
Aggregating prospective buyers into groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action. (demographic, geographic or psychographic groups)	Market segmentation (Demographics, Psychographics, Geographics)
Those characteristics of a product that make it superior to competitive substitutes.	Points of difference
The place a product occupies in customers’ minds on important attributes relative to the competition.	Product positioning
The visual display of the essential information related to achieving a marketing objective.	Marketing dashboard

Chapter 3 -Marketing Environment	Chapter 3 -Marketing Environment
The process of continually acquiring information on events occurring outside the organization to identify and interpret potential trends.	Environmental scanning:
Social, Economy, Technological, Competitive, Regulatory	Environmental Forces
The demographic and its cultural characteristics of the population (Demographics, Culture)	Social forces
Describing a population on characteristics such as age, gender, ethnicity, income, and occupation.	Demographics
The set of values, ideas, and attitudes that are learned and shared among the members of a group.	Culture
Income, expenditures, and resources that affect the cost of running a business and household. • Macroeconomic conditions related to the marketplace. • Microeconomic factors such as consumer income.	Economy
Comprised of Gross, Disposable, and Discretionary Income	Consumer Income
The total amount of money made in one year by a person or household.	Gross income
The money a consumer has left after paying taxes to use for necessities such as food, housing, clothing, and transportation.	Disposable income
The money a consumer has left after paying for taxes and necessities to put towards savings and to purchase luxuries	Discretionary income
The activities that use electronic communication in the inventory, promotion, distribution, purchase, and exchange of products and services.	Electronic commerce (or e-Commerce):
The network of products embedded with connectivity-enabled electronics.	Internet of Things (loT)
Many sellers with similar products (e.g. Commodities)	Pure competition
Many sellers with substitutable products in a price range	Monopolistic competition
Few sellers control the majority of sales	Oligopoly
Only one seller	Pure monopoly
The moral principles and values that govern the actions and decisions of an individual or group.	Ethics
The legal concept of “let the buyer beware”	Caveat emptor:
The idea that organizations are part of a larger society and are accountable to that society for their actions.	Social responsibility
The recognition of the need for organizations to improve the state of people, the planet, and profit simultaneously if they are to achieve sustainable, long-term growth. 1) profit responsibility, 2) stakeholder responsibility, and 3) societal responsibility.	Triple bottom line
The effort to meet global economic, environmental, and social needs without compromising the opportunity for future generations to meet theirs.	Sustainable marketing
Marketing efforts to produce, promote, and reclaim environmentally sensitive products.	Green marketing
Occurs when the charitable contributions of a firm are tied directly to the customer revenues produced through the promotion of one of its products.	Cause marketing
For Profit, Non-Profit, and Governmental	Types of Organizations

The actions a person takes in purchasing and using products and services, including the mental and social processes that come before and after these actions.	Consumer behavior
The five stages a buyer passes through in making choices about which products and services to buy. Problem Recognition Information Search Alternative Evaluation Post Purchase Behavior	Purchase decision process
Three Types of Consumer involvement in purchase decisions	Extended Problem Solving, Limited Problem Solving, Routine Problem Solving
All of the touchpoints a consumer before during and after a purchase	Consumer Journey Map
• Physiological Needs • Safety Needs • Social Needs • Personal needs • Self-Actualization Needs	Maslow’s Hierarchy of Needs
• Perception: The process by which an individual selects, organizes, and interprets information to create a meaningful picture of the world. • Selective perception: Filtering of exposure, comprehension, and retention of information. • Subliminal perception: The process of seeing or hearing messages without being aware of them. •	Perception Types
The anxiety felt because the consumer cannot anticipate the outcomes of a purchase but believes there may be negative consequences.	Perceived risk
A favorable attitude toward and consistent purchase of a single brand over time.	Brand loyalty
Mode of living—how people spend their time and resources, what they consider important in their environments, and what they think of themselves and the world around them.	Lifestyle
The analysis of consumer lifestyles. • Provides insights into consumer needs and wants. • Useful in segmenting and targeting consumers for new and existing products	Psychographics
Individuals who exert direct or indirect social influence over others.	Opinion leaders
The recruitment of individuals to advocate for products and brands rather than focusing exclusively on prospective buyers.	Influencer marketing
Influencing of people during conversations.	Word of mouth
A group that a person is a member of.	Associative group

A group that a person does not want to be associated with because of differences in values or behaviors.	Dissociative group
A group of consumers that share a common passion for a particular brand, fellow customers of that brand, and the product in use.	Brand community
The relatively permanent, homogeneous divisions in a society used to group people sharing similar values, interests, and behaviors. • (upper, middle, and lower)	Social class

Chapter 5- Organizations	Chapter 5- Organizations
Manufacturers, wholesalers, retailers, service companies, nonprofit organizations, and government agencies that buy products and services for their own use or for resale.	Organizational buyers
The marketing of products to organizational buyers that buy products for their own use or for resale.	Business-to-business marketing
1. Industrial firms: Companies that reprocess products before selling them to the next buyer. 2. Resellers: Wholesalers and retailers that buy products and resell them without any reprocessing. 3. Government agencies: Units of federal, state, and local governments that buy products to serve their constituents.	Organizational Markets
Demand for industrial products that is driven by, or derived from, the demand for consumer products.	Derived demand
Agreement between two organizations to purchase each other’s products.	Reciprocal arrangement
New Buy, Modified Buy, Straight Re-buy	Industrial Buy Classes
A seller puts an item up for sale and potential buyers are invited to bid in competition with each other.	Traditional auction
A buyer communicates a need for a product and potential suppliers are invited to bid in competition with each other.	Reverse auction
For Profit, Non-Profit, and Governmental	Types of Organizations

The practice of simultaneously increasing product benefits while maintaining or decreasing price.	Value pricing:
Setting the highest initial price that customers who really desire the product are willing to pay when introducing a new or innovative product.	Skimming pricing:
Setting a low initial price on a new product to appeal immediately to the mass market.	Penetration pricing:
Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.	Prestige pricing:
Setting prices a few dollars or cents under an even number.	Odd-even pricing:
Marketing two or more products for a single package price.	Bundle pricing:
Adding a fixed percentage to the cost of all items in a specific product class.	Standard markup pricing:
Calculating the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.	Cost-plus pricing:
Setting an annual target of a specific dollar volume or profit	Target Profit Pricing
Setting prices to achieve a profit that is a specified percentage of sales revenue.	Target return-on-sales pricing:
Setting prices to achieve an annual target return on investment (ROI).	Target return-on-investment pricing:
Company gives up immediate profit so to achieve higher market share / penetrate a market	Managing for long term profits pricing
Methods for setting price that focus on competition.	Competition-oriented pricing approaches:
Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors.	Customary pricing
Setting a market price for a product or product class using the average market price as the benchmark—pricing above, at, or below market level.	Above-, at-, or below-market pricing:
Selling a product below its customary price, not to increase sales, but to attract customers' attention to it in hopes that they will buy other products with large markups as well.	Loss-leader pricing:
The practice of exchanging products or services for other products or services rather than money	Barter
A graph that relates the quantity sold and price, showing the maximum number of units that will be sold at a given price. • A change in price results in movement along the demand curve (either up or down).	Demand curve:
The percentage change in quantity demanded relative to a percentage change in price.	Price elasticity of demand:
The total money received from the sale of a product—the product of price and quantity.	Total revenue (TR):
The sum of the expenses that do not change with the quantity sold. • As the quantity sold doubles, these costs remain the same. • Examples: Rent, executive salaries, insurance.	Fixed cost (FC):
The sum of the expenses that vary directly with the quantity of a product that is produced and sold. • As the quantity sold doubles, these costs doubles. • Examples: Direct labor and direct materials used in production; sales commissions tied directly to the quantity sold.	Variable cost (VC):
Variable cost expressed on a per unit basis	Unit variable cost (UVC):
The total expense incurred to produce and market a product	Total cost (TC):
A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output.	Break-even analysis:
A conspiracy among firms to set prices for a product.	Price fixing:
The practice of charging different prices to different buyers for goods of like grade and quality.	Price discrimination:
Price deals that mislead consumers.	Deceptive pricing:
When a firm offers a very low price on a product (the bait) to attract customers to a store and then tricks the customer into purchasing a higher-priced (the switch).	Bait and switch:
Charging a very low price for a product with the intent of driving competitors out of business.	Predatory pricing
Replacing promotional allowances with lower manufacturer list prices. • Aimed at decreasing the average price consumers pay by minimizing promotional allowances.	Everyday low pricing (EDLP):

Chapter 12- Supply Chain	Chapter 12 – Supply Chain
Definition	Term
Network of individuals and firms that make a producer’s product available to end users.	Marketing channel:
An individual or firm that assists manufacturers in distributing products to end users by helping promote, sell, and distribute its products	Intermediary (or middleman):
An intermediary who sells to other intermediaries, usually retailers.	Wholesaler:
An intermediary who sells to consumers.	Retailer:
An intermediary with the legal authority to act on behalf of the manufacturer—their role is to bring buyers and sellers together.	Agent or broker:
A marketing channel with no intermediaries between the producer and the end user.	Direct channel:
A marketing channel with at least one intermediary between the producer and the end user.	Indirect channel:
Strategy of using two or more channels to reach different buyers of the same product.	Dual distribution:
Strategy of combining mutually reinforcing communication and delivery channels to attract, retain, and build relationships with consumers who shop traditional and online channels.	Multichannel marketing (or omnichannel marketing):
Conflict that arises when one channel member believes another channel member is engaged in behavior that prevents it from achieving its goals.	Channel conflict:
Conflict between different levels in a channel.	Vertical conflict:
Conflict between intermediaries at the same level in a marketing channel.	Horizontal conflict:
The activities required to move product inputs and finished products through the supply chain—including order processing, inventory management, materials handling and warehousing, transportation, and return products handling.	Logistics:
The tendency for buyers at different levels of the supply chain to exaggerate the need to increase or decrease inventory in response to variation or lack of predictability in customer demand.	Bullwhip effect:
The process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption for repair, remanufacturing, redistribution, or disposal.	Reverse logistics:
# stores in a geographic area	Density
Distribution density where a firm tries to place its products and services in as many outlets as possible. Used for convenience products	Intensive distribution:
Distribution density where a firm selects a few retailers in a specific geographic area to carry its products. Used for shopping products	Selective distribution:
Distribution density where only one retailer in a specific geographic area carries the firm's products. Used for specialty products	Exclusive distribution:
When a producer owns an intermediary at the next level down	Forward Integration
When a retailer owns a manufacturing operation
Chapter 15- IMC	Chapter 15- IMC
Definition	Term
Medium used to transmit the message from the sender to the receiver—professional selling, advertising, public relations, sales promotions, or direct marketing.	Channel of communication:
Frame of reference including attitudes, values, and beliefs that influence the way a source encodes a message or the way a receiver decodes a message.	Field of experience:
Extraneous factors that can work against effective communication by distorting a message or the feedback received during the communication process.	Noise:
Consumers who read, hear or see the message sent by a source during the marketing communication process	Receivers
The combination of communication tools to (1) inform prospective buyers about the benefits of the product, (2) persuade them to try it, and (3) remind them later about the benefits they enjoyed by using the product.	Promotional mix:
(1) advertising, (2) personal selling, (3) sales promotion, (4) public relations, and (5) direct marketing.	Elements of the promotional mix include:
The concept of designing marketing communications programs that coordinate all promotional activities to provide a consistent message across all audiences.	Integrated marketing communications (IMC):
Any paid form of nonpersonal communication by an identified sponsor about an organization or product.	Advertising:
The two-way flow of communication between a buyer and seller, often in a face-to-face encounter, designed to influence the purchase decision of a person or group.	Personal selling:
A form of communication management that seeks to influence the feelings, opinions, or beliefs held by customers, prospective customers, stockholders, suppliers, employees, and other publics about a company and its products or services.	Public relations:
A nonpersonal, indirectly paid presentation of an organization, product, or service.	Publicity:
A short-term inducement of value offered to arouse interest in buying a product or service.	Sales promotion:
A promotional alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet. (Catalogues, telemarketing, TV home shopping, direct mail)	Direct marketing:
Directing the promotional mix to channel members to gain their cooperation in ordering and stocking the product.	Push strategy
Directing the promotional mix at ultimate consumers to encourage them to ask the retailer for a product.	Pull strategy:
The group of prospective buyers toward which a promotion program will be directed.	Target audience:
The sequence of stages a prospective buyer goes through from initial awareness of a product to eventual action including awareness, interest, evaluation, trial, and adoption of the product.	Hierarchy of effects:
Loyal consumers recommending brands to others.	Advocacy (Consumer):
Spending is set as a percentage of past or anticipated sales.	Percentage of sales budgeting:
Spending is set to match competitors absolute spending or spending relative to market share.	Competitive parity budgeting:
Spending on promotion occurs only after all other expenses are covered.	All-you-can-afford budgeting:
Budget is determined by setting promotion objectives, outlining the tasks needed to accomplish those objectives, and then determining the cost of performing those tasks.	Objective and task budgeting:
The outcome of a direct marketing offer designed to motivate people to visit a business.	Traffic generation:
The result of a direct marketing offer designed to generate interest in a product and request additional information.	Lead generation:
The result of direct marketing offers that contain all the information necessary for a prospective buyer to decide about a purchase and complete the transaction.	Direct orders:
A promotional alternative that uses direct communication with consumers to generate a response in the form of an order, a request for further information, or a visit to a retail outlet.	Direct marketing:
A broad set of interactive messaging options that enables organizations to communicate and engage with consumers through any mobile device.	Mobile Marketing

The process of defining a marketing problem or opportunity, systematically collecting and analyzing information, and recommending actions

Market Research

Specific, measurable goals the decision maker seeks to achieve in conducting the marketing research

Research Objectives

Criteria or standards used in evaluating proposed solutions to the problem.

Measures of Success

In research, Restrictions placed on potential solutions to a problem—often time or money.

Constraints

Ideas about products or services.

Concepts

Facts and figures obtained by watching how people behave, using personal observation, mechanical methods, or neuromarketing techniques.

Observational Data

Research that asks people about their attitudes, awareness, intentions, and behaviors.

Questionnaires

The process of selecting elements from a population, collecting data from them, and using it as representative of all those a researcher is interested in.

Sampling

Using statistical methods to generalize the results from a sample to the population of interest

Statistical inference

Facts and figures recorded prior to the research project

Secondary data

Facts and figures newly collected for the research project

Primary data

Systematic observation of people in their natural settings.

Ethnography

Field of marketing research that focuses on understanding how the brain responds to nonconscious, marketing stimuli.

• Eye tracking

• Biometric monitoring

• Emotional-response facial coding

Neuromarketing

Facts and figures obtained by asking people about their attitudes, awareness, intentions, and behaviors.

Questionnaire data

A qualitative research method that involves bringing together a small group of individuals—typically 6 to 10 participants—for a structured discussion led by a moderator.

Focus Group

Questions that allow respondents to express opinions and ideas or describe behaviors in their own words.

Open-ended questions

Questions that require respondents to select one or more response options from a set of predetermined choices.

Closed-end or fixed alternative questions

Questions that have only two possible response options—usually “yes” or “no”.

Dichotomous questions

Questions that measure the perceptions associated with a concept using pairs of opposing adjectives.

Semantic differential questions

Questions that measure respondents' attitudes, opinions, or perceptions by asking them to rate statements on a scale from “Strongly Agree” to “Strongly Disagree”.

Likert scale questions

Vast amount of data collected from various sources and analyzed with an increasingly sophisticated set of technologies.

Big Data

The practice of examining large databases to find statistical relationships between consumer purchasing patterns and marketing actions.

Data mining

Based on statistical models that use data mining and probability analysis to foretell outcomes.

Predictive modeling

Type of forecasting that involves estimating the value without any intervening steps

Direct Forecast

The total sales of a product that a firm expects during a specified time period under specified conditions and its own marketing efforts.

Sales Forecast

A forecast made by starting with the last known value of the item, listing the factors that could cause changes in that value, estimating the degree of impact that each of those factors would have, and adjusting the base level to arrive at the final amount.

Lost-horse forecast

Forecasting sales by extending a pattern observed in past data into the future. When the pattern is described with a straight line, it is linear trend extrapolation.

Trend extrapolation

Means of displaying 2 dimensions, the location of its own and competing products or brands in the minds of consumers

Perceptual Map

Chapter 8

Definition

Term

Involves aggregating prospective buyers into relatively homogeneous groups, or segments, that (1) have common needs and (2) will respond similarly to a marketing action.

Market segmentation

A marketing strategy that involves a firm using different marketing mix actions to help consumers perceive the product as being different and better than competing products.

Product differentiation

A branding strategy in which a company uses one name for all its products in a product class

Multiple product Branding

Manufacturing a product only when there is an order from a customer

Build to order

Tailoring products or services to the tastes of individual customers on a high-volume scale

Mass customization

A decline in the sales of one of a company’s products resulting from an increase in the sales of another of its products.

Cannibalization

Geography —where prospective customers live or work.

Demographics—physical characteristics, measurable characteristics, and other classification attributes of individuals and households.

Psychographics—subjective mental or emotional attributes of prospective customers.

Behaviors—observable actions. (Usage rates, 80/20 Rule)

4 ways to segment markets

Represents the financial worth of a customer to a company over the course of their relationship.

Customer lifetime value

A framework to relate the market segments of potential buyers to products offered or potential marketing actions.

Market-product grid

The place a product occupies in consumers’ minds based on important attributes relative to competitive products.

Product positioning

Changing the place an offering occupies in consumers’ minds relative to competitive products

Product repositioning

Competing directly with competitors on similar product attributes in the same target market.

Head-to-head positioning

Targeting a less competitive, smaller market niche with unique product benefits.

Differentiation positioning

A means of displaying in two dimensions the location of its own and competing products or brands in the minds of consumers

Perceptual map

A succinct written statement derived from the company’s customer value proposition that directs the company’s overall marketing strategy.

For (target market and need), the product is a

(product category) that offers (benefits).

Product Positioning statement

Analysis of consumer lifestyles

Psychographics

Chapter 9 - New Products & Positioning

Definition

Term

A good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value.

Product

Tangible product or physical item. Can be durable or non-durable.

Good

Intangible activity or benefit that an organization provides to satisfy consumers’ needs

Service

Items that consumers purchase frequently with a minimum of shopping effort.

Convenience products

Items that consumers compare several alternatives on selected criteria.

Shopping products

Items that consumers make special efforts to seek out and buy.

Specialty products

Items that consumers either do not know about or do not initially want.

Unsought products

A specific product with a unique brand, size, or price. (SKU or Stock Keeping Unit)

Product item

A group of closely related products sold by one company that share similar characteristics and serve similar customer needs.

Product line

All the product lines offered by an organization.

Product mix

Addition of a new product to an existing product line.

Product line extension

Using an existing brand name in a new product category.

Brand extension

A specific product with a unique brand, size, or price.

Stock Keeping Unit (SKU) or product item

Revolutionary new product.

Radical Innovation

Unnecessary product features or functions.

Feature bloat

Producing products based on individual customized orders in mass scale approach. based on component inventory methods.

Mass Customization

Manufacturing a product only when there is an order

Build to Order

· Intangibility: Services cannot be experienced before purchase.

· Inconsistency: The quality of services varies.

· Inseparability: Consumers cannot distinguish the service provider from the service itself.

· Inventory (perishability): Can not be stored

Four I’s of Service

Unused productive capacity that occurs when the service provider is available but there is no demand for the service.

Idle production capacity

7 Stages:

1. New Product Strategy

2. Idea Generation

3. Screening and Evaluation

4. Business Analysis

5. Development

6. Market Testing

7. Commercialization

New Product Development Process

· Continuous Innovation: No learning or behaviors

· Dynamically Continuous Innovaton- Some learnings and disruptions to normal routines

· Discontinuous Innovation- Extensive learning and entirely new consumption patterns

Degree of New Consumer Learning Model

Chapter 10- Managing New Products & Services

Definition

Term

Describes the stages a new product goes through in the marketplace— introduction, growth, maturity, and decline

Product Life Cycle

The initial purchase of a product by a customer.

Product Trial

Retaining a product while reducing marketing costs.

Harvesting

Selling a brand to another company.

Divesting

Dropping a product from the company's product line

Deletion

Using different marketing mix actions to help consumers perceive the product as being different and better than competing products.

Product Differentiation

A favorable attitude toward and consistent purchase of a single brand over time.

Brand Loyalty

Altering one or more of a product’s characteristics to increase the product's value to customers and increase sales.

Product modification

Strategies companies use to find new customers, increase a product’s use among existing customers, and create new use situations.

• Finding new customers

• Increasing product use

• Creating a new use situation

Market modification

Changing the place a product occupies in a customer's mind relative to competitive products.

Product repositioning

Adding value to the product or product line through additional features or higher-quality materials.

Trading up

Reducing a product’s number of features, quality, or price.

Trading down

Using a name, phrase, design, symbol, or combination of these to identify a company’s products and distinguish them from those of competitors.

Branding

A word, device (design, sound, shape, or color), or combination of these used to distinguish a company’s products from those of competitors.

Brand name

A set of human characteristics associated with a brand name.

Brand Personality

Brand Equity Pyramid

A contractual agreement where one company (the licensor) allows its brand name or trademark to be used with products offered by another company (the licensee) for a royalty or fee.

Brand licensing

An integral part of the package that typically identifies the product or brand, who made it, where and when it was made, how it is to be used, and package contents and ingredients

Label

Any container in which a product is offered for sale and on which information is communicated

Packaging