Product Types
everything, both favorable and unfavorable, that a person receives in an exchange
Product
a specific version of a product that can be designated as a distinct offering among an organization’s products
product item
changing one or more of a product’s characteristics
Product modification
a name, term, symbol, design, or combination thereof that identifies a seller’s products and differentiates them from competitors’ products
brand
the brand name of a manufacturer
manufacturer’s brand
the exclusive right to use a brand or part of a brand
trademark
placing two or more brand names on a product or its
package
co-branding
a relatively inexpensive item that merits little shopping effort
convenience product
a group of closely related product items
product line
the practice of modifying products so those that have already been sold become obsolete before they actually need replacement
Planned obsolescence
that part of a brand that can be spoken, including letters, words, and numbers
brand name
a brand name owned by a wholesaler or a retailer
private brand
a trademark for a service
service mark
a series of thick and thin vertical lines (bar codes) readable by computerized optical scanners that represent numbers used to track products
universal product codes (UPCs)
a product that requires comparison shopping because it is usually more expensive than a convenience product and is found in fewer stores
shopping product
all products that an organization sells
product mix
adding additional products to an existing product line in order to compete more broadly in the industry
product line extension
the elements of a brand that cannot be spoken
brand mark
a brand manufactured by a third party for an exclusive retailer, without evidence of that retailer’s affiliation
captive brands
identifies a product by class or type and cannot be trademarked generic
product name
a confirmation of the quality or performance of a good or service
warranty
a particular item for which consumers search extensively and are very reluctant to accept substitutes
specialty product
the number of product lines an organization offers
product mix width
a change in a product’s dependability or durability to lower the price or help the firm compete with rival firms
quality modification
the value of a company or brand name
brand equity
using different brand names for different products
individual branding
a type of package labeling that focuses on a promotional theme or logo; and consumer information is secondary
persuasive labeling
a written guarantee
express warranty
a product unknown to the potential buyer or a known product that the buyer does not actively seek
unsought product
the number of product items in a product line
product line depth
a change in a product’s versatility, effectiveness, convenience, or safety
functional modification
a brand that obtains at least a one-third of its earnings from outside its home country, is recognizable outside its home base of customers, and has publicly available marketing and financial data
global brand
marketing several different products under the same brand name
family branding
a type of package labeling designed to help consumers make proper product selections and lower their cognitive dissonance after the purchase
Informational labeling
an unwritten guarantee that the good or service is fit for the purpose for which it was sold
implied warranty