- actual product
- product available for purchase
- augmented product
- product having unseen aspects essential to customers
- brand
- an intangible asset with tangible value; made up of promotion efforts and customer meaning
- brand engagement
- measure of how deeply the customer identifies emotionally with a brand
- brand equity
- the additional value that a brand has over a substitute
- brand extensions
- products that leverage the brand name to new product categories
- brand lift
- measure of customer and noncustomer perception of a product over time
- brand name
- the official name of a brand
- brand positioning
- the way a brand signals emotions in consumers’ minds
- brand preference
- measure of the degree to which a brand is preferred over others in the category
- brand value
- the financial asset associated with a brand
- branding
- the process of developing a brand
- capital items
- assets valuable to a business that also have tangible value
- co-brand
- to bring the equity of two brands together for greater value
- convenience products
- products that consumers can purchase easily, quickly, and without a lot of thoughtful decision-making
- core product
- product solution that the customer is actually buying: convenience, ego, ease, flexibility, etc.
- cost of goods sold
- expenses directly attributable to the product or service
- cradle-to-cradle packaging design
- product design that eliminates waste from the life cycle of package
- customer experience
- the overarching impression that customers have of a brand
- decline stage
- part of the product life cycle characterized by a significant decrease in sales and profitability
- divest
- to sell a brand or discontinue a product to protect a portfolio
- gross profit margin
- comparison of profit before expenses to total revenue
- growth stage
- part of the product life cycle characterized by increasing sales; stage when copycat brands may enter the market
- hard-core loyals
- tried-and-true customers who will generally only purchase one brand in a category
- harvest
- to reduce all unnecessary expenses to retain any remaining revenue
- introduction stage
- part of the product life cycle when consumer awareness is building and sales are starting to grow
- licensed brands
- brands that provide the likeness of their brand as a fee for use
- line extensions
- products that create new opportunities for an existing product and brand
- manufactured materials and parts
- products used to create a product
- market modification
- an extension of a product to new customers
- maturity stage
- part of the product life cycle when sales growth slows and profitability levels off
- multibrands
- new brand names within a company’s existing product category
- national brands
- name brands that sell a product or service under its corporate name and identity
- net profit margin
- calculation that deducts all expenses from profitability
- new brands
- an entirely different brand entity from a parent company
- private-label brands
- store brands that are similar products to a national brand and labeled privately
- product item
- a particular good that a company sells
- product life cycle
- the stages a product goes through, tracking its sales and profitability
- product line
- a set of products that are similar or complementary
- product line depth
- the number of products in a line
- product line filling
- products added to a product line to keep competitors from entering the market
- product line stretching
- addition of product lines
- product mix
- all the products a company sells
- product mix width
- the number of product lines a brand carries
- product modification
- alteration of products to fit the market
- products
- tangible items that are part of an exchange between a buyer and a seller
- profit margins
- a widely used financial measure to determine the profitability of a business; considers costs to manufacture and sell a product or service
- rapid penetration pricing strategy
- strategy that sets a lower-price strategy; appropriate when volume sales will increase market share quickly
- rapid skimming strategy
- strategy that sets a high price along with extensive advertising and sales promotion to establish a product in the marketplace
- raw materials
- products that a business needs to purchase in order to make a consumer good
- services
- intangible solutions that are an exchange between buyer and seller
- shifting loyals
- customers who are loyal to one product or service for a time, then turn their loyalty to a different product or service at another time
- shopping products
- products that require more thought from the consumer as they seek the best quality or price
- slow penetration pricing strategy
- strategy that sets low prices and little promotion to capture market share slowly in a market not susceptible to promotion
- slow skimming strategy
- strategy that sets high prices with low advertising and sales promotion investment
- specialty products
- products that have unique qualities that consumers will make an extra effort to seek out
- split loyals
- customers who have a consideration set of two or three products or services in a category
- supplies and services
- goods and services that are typically disposed of and do not contain a tangible value
- switchers
- customers who continually change their purchasing behaviors
- trademarks (service marks)
- symbols that show legal ownership of a brand name or brand mark
- unsought products
- consumer goods that a buyer doesn’t anticipate purchasing