Types of Products
Products purchased to satisfy personal and family needs
Consumer Products
A specific version of a product that can be designated as a distinct offering among a firm’s products
Product Item
What is the first stage of the product life cycle?
Introduction
The marketing and financial value associated with a brand’s strength in a market
Brand Equity
Using two or more brands on one product
Co-Branding
Products bought to use in a firm’s operations, to resell, or to make other products
Business Products
A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations
Product Line
The stage of a product’s life cycle when sales fall rapidly
Decline Stage
Brand Extension
An organization uses one of its existing brands to brand a new product in a different product category
Branding all of a firm’s products with the same name or part of the name
Family Branding
Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort
Convenience Products
Width of product mix
The number of product lines a company offers
The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline
Growth Stage
The degree of brand loyalty in which a customer prefers one brand over competitive offerings
Brand Preference
Using similar packaging for all of a firm’s products or packaging that has one common design element
Family Packaging
Items with unique characteristics that buyers are willing to expend considerable effort to obtain
Specialty Products
Name 3 Product Lines for Adidas
Shoes, Accessories, Apparel
What are two ways that you can extend the life cycle of a product?
Extension, Modification, Improvement
The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute
Brand Insistence
The part of a brand that is not made up of words, such as a symbol or design
Brand Mark (Logo)
Unsought Products
Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying
depth of product mix
The average number of different products offered in each product line
The stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall
Maturity Stage
The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable
The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption
Product Adoption Process