MKTG 101 Chapter 8 Definitions - MKTG 101 Chapter 8...

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MKTG 101 Chapter 8 Definitions Brand equity – The differential effect that knowing the brand name has on customer response to the product or its marketing. Brand extension – Extending an existing brand name to new product categories. Brand value – The total financial value of the brand. Branding – A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of the competitors. Co-branding – The practice of using the established brand names of two different companies on the same product. Consumer product – A product bought by final consumers for personal consumption. Consumer products include convenience products, shopping products, specialty products, and unsought products. Convenience products – A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort. Examples include laundry detergent, candy, magazines, and fast food. Convenience products are usually low priced, and marketers place them in many locations to make them readily available when consumers need them or want them. Industrial products – A product bought by individuals and organizations for further processing or for the use in conducting a business. The distinction is between what the consumer bought the product for, example lawn mower bought for home it’s a consumer product, if the consumer buys same lawn mower for a business, it’s an industrial product. Interactive marketing – Training service employees in the fine art of interacting with customers to satisfy their needs. Internal marketing – Orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction.
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Line extension – Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category. Packaging – The activities of designing and producing the container or wrapper for a product. Product – Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need. Product line – A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same type of outlets, or fall within a given price ranges. Product mix (or product portfolio) – The set of all products and items that a particular seller offers for sale. Product quality – The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. Service inseparability – Services are produced and consumed at the same time and cannot be separated from their providers.
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