Term
| Trade Mark (Charting The Production Life Cycle) |
|
Definition
| identifies a firm has legally registered name or brand name so firm has exclusive use, thereby prevents others from using it. |
|
|
Term
| Introduction Stage (Charting The Production Life Cycle) |
|
Definition
| Stage One. Time when product is introduced to target market. Objective is to make this period as SHORT as possible since profits are generally not earned. |
|
|
Term
| Growth Stage(Charting The Production Life Cycle) |
|
Definition
| 2nd Stage. Period where sales increase at rapid pace. Usually company makes additional investments in people and equipment in order to satisfy increasing demands for the product. |
|
|
Term
| Maturity Stage (Charting The Production Life Cycle) |
|
Definition
| 3rd Stage. Period where company has established a firm market position, has all people and equipment in place, and has opportunity to capitalize on their investment and earn the maximum profits. |
|
|
Term
| Declining or Deletion Stage (Charting The Production Life Cycle) |
|
Definition
| Fourth Stage. Time when appeal for product is declining. Profits are still maximize at this stage even though sales are declining. Market objective is to revitalize product by some product improvement to change direction back to the growth stage. |
|
|
Term
| Product Modification (Managing the Product Life Cycle) |
|
Definition
| involves altering the products characteristics, such as quality, performance or appearance, to increase appeal for this product. |
|
|
Term
| Product Modification (Managing the Product Life Cycle) |
|
Definition
| involves altering the products characteristics, such as quality, performance or appearance, to increase appeal for this product. |
|
|
Term
| Modifying the market (Managing the Product Life Cycle) |
|
Definition
| entails finding new customers, increase a product's use among existing customers, or create new uses for the product. |
|
|
Term
| Repositioning (Managing the Product Life Cycle) |
|
Definition
| the product involves changing the place a product occupies in a consumers mind relative to competitive products. Creates image that product is used for something other than originally designed for. Options to competition: ignore or react. |
|
|
Term
|
Definition
| assumed human characteristics associated with brand name. ex. convertible is a sexy car. |
|
|
Term
|
Definition
| added value a brand name give to product beyond functional benefits provided. For example, a consumer my assume that product implies benefits and values beyond normal use. |
|
|
Term
|
Definition
| contractual agreement whereby one company (licensor) allows its brand name or trade mark to be used with products or services offered by another company (licensee) for a royality or fee. Generally a one shot deal. With Royalty, sometimes brand makes .01 off products with their brand licensed to sell off others. |
|
|
Term
| Picking a good product name (5 Steps) |
|
Definition
1. Name should suggest product benefits. (Tide)
2. The name should be memorable and positive (Mustang)
3. Name should fit the company or product image (Sharp)
4. Name should have no legal or regulatory restrictions. (Heart)
5. Name should be simple. (Bic Pens) |
|
|
Term
| Charting the Product Life Cycle |
|
Definition
| Products travel through a life cycle. In most cases products go through four distinct stages and most repeat some of stages. The time of each stage is variable and depends on the product, product expenditures, marketing effort, comsumer acceptance, and the ability of the company to continue to make the product attractive to the consumer. Ultimate aim of marketer is to extend life of product, and in so doing, increase profits by capitalizing on the past investment. |
|
|
Term
| Marketing Objective (Charting The Production Life Cycle) |
|
Definition
| move into the growth and maturity stages as swiftly as possible and to try to remain in the maturity stage because this is where maximum profits are earned. |
|
|
Term
|
Definition
| Watch product name in other countries. could mean something offensive. |
|
|
