Textbook Notes (368,318)
Canada (161,798)
MGTA02H3 (363)
H Laurence (23)

Summary of Terms CH 16-20

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Management (MGT)
H Laurence

CHAPTER 16 features: The qualities, both tangible and intangible, that a company builds into its products. value package: Product marketed as a bundle of value-adding attributes, including reasonable cost. convenience goodsservices: Relatively inexpensive consumer goods or services that are bought and used rapidly and regularly, causing consumers to spend little time looking for them or comparing their prices. shopping goodsservices: Moderately expensive consumer goods or services that are purchased infrequently, causing consumers to spend some time comparing their prices. specialty goodsservices: Very expensive consumer goods or services that are purchased rarely, causing consumers to spend a great deal of time locating the exact item desired. expense items: Relatively inexpensive industrial goods that are consumed rapidly and regularly. capital items: Expensive, long-lasting industrial goods that are used in producing other goods or services and have a long life. product line: A group of similar products intended for a similar group of buyers who will use them in a similar fashion. product mix: The group of products a company has available for sale. technology: The application of science that enables people to do entirely new things or to perform established tasks in a new and better way. service package: Identification of the tangible and intangible features that define the service. service process design: Selecting the process, identifying worker requirements, and determining facilities requirements so that the service can be effectively provided. speed to market: Strategy of introducing new products to respond quickly to customer andor market changes. product life cycle (PLC): The concept that the profit-producing life of any product goes through a cycle of introduction, growth, maturity (levelling off), and decline. product extension: Existing, unmodified product that is marketed globally. product adaptation: Product modified to have greater appeal in foreign markets. reintroduction: Process of reviving for new markets products that are obsolete in older ones. brand awareness: Extent to which a brand name comes to mind when the consumer considers a particular product category. brand equity: Degree of consumers loyalty to and awareness of a brand and its resultant market share. brand loyalty: Customers recognition of, preference for, and insistence on buying a product with a certain brand name. branding: Process of using symbols to communicate the qualities of a product made by a particular producer. licensed brands: Selling the right to use a brand name, a celebritys name, or some other well-known identification mark to another company to use on a product. national brands: Products distributed by and carrying a name associated with the manufacturer. private brands: Products promoted by and carrying a name associated with the retailer or wholesaler, not the manufacturer. trademark: The exclusive legal right to use a brand name. patent: Protects an invention or idea for a period of 20 years. copyright: Exclusive ownership rights granted to creators for the tangible expression of an idea. packaging: The physical container in which a product is sold, including the label. label: That part of a products packaging that identifies the products name and contents and sometimes its benefits. Consumer Packaging and Labelling Act: A federal law that provides comprehensive rules for packaging and labelling of consumer products. CHAPTER 17 pricing: Deciding what the company will receive in exchange for its product. pricing objectives: Goals that producers hope to attain in pricing products for sale. market share: A companys percentage of the total market sales for a specific product. variable costs: Those costs that change with the number of goods or services produced or sold. fixed costs: Those costs unaffected by the number of goods or services produced or sold. www.notesolution.com
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