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| Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs. |
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| Everything the consumers evaluate when deciding whether to buy something; also called a value package. |
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| A group of products that are physically similar or are intended for a similar market. |
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| The combination of product ines offered by a manufacturer. |
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| The creation of real or perceived product differences. |
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| Convenience Goods and Services |
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Definition
| Products that the consumer wants to purchase frequently and with a minimum of effort. |
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| Shopping Goods and Services |
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| Those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers. |
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| Specialty Goods and Services |
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Definition
| Consumer products with unique charateristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them. |
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| Unsought Goods and Services |
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| Products that consumers are unaware of, havent necessarily thought of buying, or find that they need to solve an unexplained problem. |
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| Products used in the production of other products. Sometimes called business goods or B2B goods. |
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| Grouping two or more products together and pricing them as a unit. |
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| A name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors. |
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| A brand that has exclusive legal protection for both its brand name and its design. |
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| Manufacturers' Brand Names |
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Definition
| The brand names of manufacturers that distribute products nationally. |
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| Dealer (private-label) Brands |
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Definition
| Products that dont carry the manufacturer's name but carry a distributor or retailer's name instead. |
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| Nonbranded products that usually sell at a sizable discount compared to national or private-label brands. |
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| Illegal copies of national brand-name goods. |
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| The value of the brand name and associated symbols. |
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| The degree to which customers are satisfied, like the brand, and are committed to further purchases. |
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| How quickly or easily a given brand name comes to mind when a product category is mentioned. |
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| The linking of a brand to other favorable images. |
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| A manager who has direct responosibility for one brand or one product line; called a product manager in some firms. |
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| A process designed to reduce the number of new-product ideas being worked on at any one time. |
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Definition
| making cost estimates and sales forecasts to get a feelinf for profitability of new-product ideas. |
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Definition
| Taking a product idea to consumers to test their reactions. |
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| Promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers. |
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| A theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline. |
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| Designing a product so that it satisfies customers and meets the profit margins desired by the firm. |
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| Competition-Based Pricing |
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Definition
| A pricing strategy based on what all the other competitors are doing. The price can be set at, above, or below competitors' price. |
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| The strategy by which one or more dominant firms set the pricing practices that all competitors in an industry follow. |
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Definition
| The process used to determine profitability at various levels of sales. |
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| All the expenses that remain the same no matter how many products are made or sold. |
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| Costs that change according to the level of production. |
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| Strategy in which a new product is priced high to make optimum profit while there's little competition. |
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Definition
| Strategy in which a product is priced low to attract many customers and discourage competition. |
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Term
| Everyday Low Pricing (EDLP) |
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Definition
| Setting prices lower than competitors and then not having any special sales. |
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| High-low Pricing Strategy |
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Definition
| Setting prices that are higher than EDPL stored, but having many special sales where the prices are lower than competitors'. |
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Definition
| Pricing goods and services at price points that make the product appear less expensive than it is. |
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