MKTG Exam 2 Study Guide COLORS

Product modification changing one or more of a

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Product modification = changing one or more of a product’s characteristics Planned obsolescence = the practice of modifying products so those that have already been sold become obsolete before they actually need replacement (EX: cell phones become obsolete because technology changes so quickly) Product line extension = adding additional products to an existing line in order to compete more broadly in the industry (EX: use Scrabble name- Scrabble Slam, Scrabble Trickster) Branding Brand = a name, term, symbol, design, or combination thereof that identifies a seller’s product and differentiates them from competitors’ products Brand name = the part of a brand that can be spoken , including letters, words, and numbers
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Brand mark = the elements of a brand that cannot be spoken Brand equity = the value of company & brand names Global brand the brand that obtains at least a third of its earning form outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data Brand loyalty = a consistent preference for one brand over all others Manufacturer’s brand = the brand name of a manufacturer (national brand) Private brand = a brand name owed by a wholesaler or a retailer Captive brand = a brand manufactured by a 3 rd party for an exclusive retailer, without evidence of that retailer’s affiliation (EX: BioInfusion only sold at Walgreens) Individual branding = using different brand names for different products Family branding = marketing several different products under the same brand name Co-branding = placing two or more brand names on a product or its package Trademark = the exclusive right to use a brand or part of a brand Service mark = a trademark for a service (EX: H&R Block, WeightWatchers) Generic product name = identifies a product by class or type and cannot be trademarked Packaging Persuasive labeling = a type of package labeling that focuses on a promotional theme or logo, and consumer information is secondary Informational labeling = a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase Universal Product Codes (UPCs) = a series of thick and thing vertical lines (bar codes) readable by computerized optical scanner that represent number used to track products Product Warranties Warranty = a confirmation of the quality or performance of a good or service Express Warranty = a written guarantee Implied Warranty = an unwritten guarantee
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