Vocabulary
The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products.
What is branding?
This product is bought often and is a product that is needed on a regular basis.
What is convenience?
(Step 7) Once the product is introduced, marketers track customers and their responses to it.
What is evaluate customer acceptance?
One of the 4 brand recognition levels. The consumer does not recognize the brand.
What is non-recognition?
The creation of products with new or different characteristics that offer new or additional benefits to the customer.
What is product development?
Consumers put in special effort to get this product because it is unique.
What is specialty?
When the product has passed the market test and it is ready for the marketplace.
What is "Introduce the Product"?
1 of the 4 brand recognition levels. Consumers recognize the brand but has little effect on the purchases they make.
What is recognition?
A good, idea, method, information, object or service created as a result of a process and serves a need or satisfies a want.
What is a product?
Little awareness for the product and little interest.
What is unsought?
(Step 4) If the company's decision makers are in favor of the product a prototype will be made.
What is "Develop the Product"?
1 of the 4 brand recognition levels. Consumers know the brand and will purchase it if available
What is preference?
Distinctive design, graphics, logo, symbols, words, or any combination thereof that uniquely identifies a firm and/or its goods or services, guarantees the item's genuineness, and gives the owner the legal rights to prevent unauthorized use.
What is a trademark?
Products that consumers spend more time researching to select.
What is shopping?
(Step 5) At this step the product is fully developed. Now it is time to collect customers' responses to see if the product is likely to succeed.
What is "Test-Market the Product"?
1 of the 4 brand recognition levels. Consumers are so loyal to the brand that they will reject any other brand.
What is insistence?
Knowledge, creative ideas, or expressions of human mind that have commercial value and are protectable under copyright, patent, service mark, trademark, or trade secret laws from imitation, infringement, and dilution.
What is intellectual property?
Name the 4 types of products.
What is convenience, Unsought, shopping and specialty?
There are 7 steps of product development. These are the step 1 and step 2.
What are "generate ideas" and "screen ideas"?
Two of the seven branding strategies.
What is purpose, consistency, emotion, flexibility, employee involvement, loyalty or competitive awareness?