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Product Line
In marketing jargon, product lining refers to the offering of several related product (business), products for individual sale. Unlike product bundling, where several products are combined into one group, which is then offered for sale as a units, product lining involves offering the products for sale separately. A line can comprise related products of various sizes, types, colors, qualities, or prices. ''Line depth'' refers to the number of subcategories under a category. ''Line consistency'' refers to how closely related the products that make up the line are. ''Line vulnerability'' refers to the percentage of sales or profits that are derived from only a few products in the line. In comparison to product bundling, which is a strategy of offering more than one product for promotion as one combined item to create differentiation and greater value, product lining consists of selling different related products individually. The products in the product line can come in various siz ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses (B2B Marketing, B2B) or directly to consumers (B2C). Sometimes tasks are contracted to dedicated marketing firms, like a Media agency, media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Price Points
In economics, a price point is a point along the demand curve at which demand for a given product is supposed to stay relatively high. The term "price point" is often used incorrectly to refer to a price. Characteristics Introductory microeconomics depicts a demand curve as downward-sloping to the right and either linear or gently convex to the origin. The downward slope generally holds, but the model of the curve is only piecewise true, as price surveys indicate that demand for a product is not a linear function of its price and not even a smooth function. Demand curves resemble a series of waves rather than a straight line. The diagram shows price points at the points labeled A, B, and C. When a vendor increases a price beyond a price point (say to a price slightly above ''price point B''), sales volume decreases by an amount more than proportional to the price increase. This decrease in quantity demanded more than offsets the additional revenue from the increased unit pric ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Line Extensions
A product line extension is the use of an established product brand name for a new item in the same product category. Overview Line extensions occur when a company introduces additional items in the same product category under the same brand name such as new flavors, forms, colors, added ingredients, package sizes. This is as opposed to brand extension which is a new product in a totally different product category. Line extension occurs when the company lengthens its product line beyond its current range. The company can extend its product line down-market stretch, up-market stretch, or both ways. Product line extensions are a process where companies with an established brand alter the factors of a product or products to satisfy a refined segment in the market. There are two types of product line extensions, horizontal and vertical. Horizontal extensions consist of keeping the price and quality consistent, but changing factors like flavour or colour to differentiate the produc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Product Management
Product management is the business process of planning, developing, launching, and managing a product or service. It includes the entire lifecycle of a product, from ideation to development to go to market. Product managers are responsible for ensuring that a product meets the needs of its target market and contributes to the business strategy, while managing a product or products at all stages of the product lifecycle. Software product management adapts the fundamentals of product management for digital products. History The concept of product management originates from a 1931 memo by Procter & Gamble President Neil H. McElroy. McElroy, requesting additional employees focused on brand management, needed "Brand Men" who would take on the role of managing products, packaging, positioning, distribution, and sales performance. The memo defined a brand man's work as: * Study carefully the shipments of his brands by units. * Where brand development is heavy ... examine care ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Marketing
Marketing is the act of acquiring, satisfying and retaining customers. It is one of the primary components of Business administration, business management and commerce. Marketing is usually conducted by the seller, typically a retailer or manufacturer. Products can be marketed to other businesses (B2B Marketing, B2B) or directly to consumers (B2C). Sometimes tasks are contracted to dedicated marketing firms, like a Media agency, media, market research, or advertising agency. Sometimes, a trade association or government agency (such as the Agricultural Marketing Service) advertises on behalf of an entire industry or locality, often a specific type of food (e.g. Got Milk?), food from a specific area, or a city or region as a tourism destination. Market orientations are philosophies concerning the factors that should go into market planning. The marketing mix, which outlines the specifics of the product and how it will be sold, including the channels that will be used to adverti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Halo Effect
The halo effect (sometimes called the halo error) is the tendency for positive impressions of a person, company, country, brand, or product in one area to positively influence one's opinion or feelings. The halo effect is "the name given to the phenomenon whereby evaluators tend to be influenced by their previous judgments of performance or personality." The halo effect is a cognitive bias which can prevent someone from forming an image of a person, a product or a brand based on the sum of all objective circumstances at hand. The term was coined by Edward Thorndike. A simplified example of the halo effect is when a person, after noticing that an individual in a photograph is attractive, well groomed, and properly attired, then assumes, using a mental heuristic, that the person in the photograph is a good person based upon the rules of their own social concept. This constant error in judgment is reflective of the individual's preferences, prejudices, ideology, aspirations, and soci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand Management
In marketing, brand management refers to the process of controlling how a brand is perceived in the market (economics), market. Tangible elements of brand management include the look, price, and packaging of the product itself; intangible elements are the experiences that the target markets share with the brand, and the relationships they have with it. A brand manager oversees all aspects of the consumer's brand association as well as relationships with members of the supply chain. Developing a good relationship with target markets is essential for brand management. Definitions In 2001, Hislop defined branding as "the process of creating a relationship or a connection between a company's product and emotional perception of the customer for the purpose of generating segregation among competition and building loyalty among customers". In 2004 and 2008, Kapferer and Keller respectively defined it as a fulfillment in customer expectations and consistent customer satisfaction.Shamoon, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand
A brand is a name, term, design, symbol or any other feature that distinguishes one seller's goods or service from those of other sellers. Brands are used in business, marketing, and advertising for recognition and, importantly, to create and store value as brand equity for the object identified, to the benefit of the brand's customers, its owners and shareholders. Brand names are sometimes distinguished from Generic brand, generic or store brands. The practice of branding—in the original literal sense of marking by burning—is thought to have begun with the ancient Egyptians, who are known to have engaged in livestock branding and branded slaves as early as 2,700 BCE. Branding was used to differentiate one person's cattle from another's by means of a distinctive symbol burned into the animal's skin with a hot branding iron. If a person stole any of the cattle, anyone else who saw the symbol could deduce the actual owner. The term has been extended to mean a strategic person ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Five And Dime
A variety store (also five and dime (historic), pound shop, or dollar store) is a retail store that sells general merchandise, such as apparel, auto parts, dry goods, toys, hardware, furniture, and a selection of groceries. It usually sells them at discounted prices, sometimes at one or several fixed price points, such as one dollar, or historically, five and ten cents. Variety stores, as a category, are different from general merchandise superstores, hypermarkets (such as those operated by Target and Walmart), warehouse clubs (such as Costco), grocery stores, or department stores. Dollar stores that sell food have been alleged to create food deserts: areas with limited access to affordable and healthy food. This is alleged to occur when dollar stores outcompete local businesses, and soon become some of the only grocery store–like businesses available in some areas. Economics Pricing and margins Some items are offered at a considerable discount over other retailers, wher ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jargon
Jargon, or technical language, is the specialized terminology associated with a particular field or area of activity. Jargon is normally employed in a particular Context (language use), communicative context and may not be well understood outside that context. The context is usually a particular occupation (that is, a certain trade, profession, vernacular or academic field), but any ingroups and outgroups, ingroup can have jargon. The key characteristic that distinguishes jargon from the rest of a language is its specialized vocabulary, which includes terms and definitions of words that are unique to the context, and terms used in a narrower and more exact sense than when used in colloquial language. This can lead In-group and out-group, outgroups to misunderstand communication attempts. Jargon is sometimes understood as a form of technical slang and then distinguished from the official terminology used in a particular field of activity. The terms ''jargon'', ''slang,'' and ''argot ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Brand Equity
Brand equity, in marketing, is the worth of a brand in and of itself – i.e., the social value of a well-known brand name. The owner of a well-known brand name can generate more revenue simply from brand recognition, as consumers perceive the products of well-known brands as better than those of lesser-known brands. In the research literature, brand equity has been studied from two different perspectives: cognitive psychology and information economics. According to cognitive psychology, brand equity lies in consumer's awareness of brand features and associations, which drive attribute perceptions. According to information economics, a strong brand name works as a credible signal of product quality for imperfectly informed buyers and generates price premiums as a form of Return on brand, return to branding investments. It has been empirically demonstrated that brand equity plays an important role in the determination of price structure and, in particular, firms are able to charge p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Family Branding
Umbrella branding (also known as family branding) is a marketing practice involving the use of a single brand name for the sale of two or more related products. Umbrella branding is mainly used by companies with a positive brand equity (value of a brand in a certain marketplace). All products use the same means of identification and lack additional brand names or symbols etc. This marketing practice differs from brand extension in that umbrella branding involves the marketing of similar products, rather than differentiated products, under one brand name. Hence, umbrella branding may be considered as a type of brand extension. The practice of umbrella branding does not disallow a firm to implement different branding approaches for different product lines (e.g. brand extension). Strategy Marketers may increase the chance of success for a new product launch by using a sub-brand name and a parent brand name simultaneously. In the article by Howard Pong Yuen LAM and other co-aut ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
