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C5-14 Product Marketing Terms.Indd Ag Decision Maker extension.iastate.edu/agdm Product Marketing Terms File C5-14 Advertising – A paid form of communication and Brand – An identification (name, symbol, etc.) of promotion involving a product and its attributes. a product that is unique and distinguishable from • Advertising campaign – A marketing message(s) competitor’s products. focused on a target audience over an extended • Brand leveraging – Using the power of an existing period. brand name to support a company’s entry into a • Advertising platform – The product attributes and new, but related, product category. issues conveyed in an advertising message to the • Brand line extension – Using an established target audience. product’s brand name to launch a new, slightly • Advertising target market – The specific group of different item in the same product category. individuals identified as willing and able buyers at • Brand mark – The symbol or design associated which an advertising message is aimed. with a brand. • Advertising theme – The central message of an • Brand name – The words or numbers associated advertising campaign that is repeated throughout with a brand. the campaign. • Dealer brand – A brand that is created and owned • Cooperative advertising – Advertising (usually in- by an intermediary. store) that is designed and paid for cooperatively • Flanker brand – A new brand introduced into by both the marketer and retailer. the market by a company that already has an • Selective demand advertising – Advertising in established brand in the same product category. It which the marketer attempts to create awareness is designed to compete in the same category but of, and provide information about, a specific target a different consumer group. brand. • Generic name – A brand name associated with • Slice-of-life advertising – An advertising message the type of a product rather than with a specific that portrays consumers in situations similar to product. their perceptions of their own lifestyles. • Manufacturer’s brand – A brand that is owned and • Testimonial – An advertising message that is marketed by the manufacturer that produces the presented by someone who is viewed as an expert branded product. or user of the product. • Trademark – Legal production against copycats of • Vertical cooperative advertising – Advertising by a brand. marketers at different stages of the distribution Channel of distribution – A product’s trip from system who advertise jointly. producer or manufacturer to the buyer. Agent – An intermediary who does not take title to • Consumer – The ultimate user of a product. merchandise but facilitates exchanges by bringing • Buyer’s remorse – The anxiety associated with a buyers and sellers together. buyer’s perception that they made a poor purchase • Commission merchant – An agent that sells for decision. manufacturers. • Consumer market – A market dominated as • Manufacturer’s agent – An independent consumers as buyers. sales representative who works for several • Early buyers – Consumers who look for new manufacturers of related but non-competing products or product attributes and often buy a product lines. product early in its life cycle. • Selling agent – An individual who is responsible • Early majority – Consumers who watch early for all of the marketing activities for a buyer’s response to new products before buying. manufacturer. • Laggards – Consumers who are strongly oriented toward existing products and are the last buyers of a new product. Reviewed September 2021 Page 2 Product Marketing Terms Coupon – A certificate that entitles a consumer to a • Market breakdown technique – The sales forecast price reduction or a cash refund. for a large unit is divided into forecasts for smaller units. Demand – A schedule of the amount of a product that • Market buildup technique – Forecast information will be purchased at various prices. on market segments is aggregated to arrive at a • Derived demand – A demand that is predicated on total sales forecast. another demand. For example, the demand for • Market share analysis – The sales forecast for cattle by meat packers is derived from the demand the firm is based on the forecast for the industry for beef by consumers. (based on assumption of market share). • Effective demand – The combination of the desire • Scenario analysis – A description of future to buy a product and the financial ability to buy outcomes is developed based on probabilities of the product. occurrence and cause-and-effect relationships. • Elastic demand – When a percentage change in • Simple trend analysis – Historical data is used to price results in a greater percentage change in project future trends. quantity demanded. Income – Money received in return for labor or • Inelastic demand – When a percentage change in services provided, sale of assets and return on price results in a smaller percentage change in investments. quantity demanded. • Joint demand – When the demand for two • Discretionary income – The amount of disposable different products are complementary. income a consumer has remaining after essentials • Selective demand – Demand for a particular such as food, shelter and clothing are purchased. product brand. • Disposable income – The amount of after-tax • Unitary demand – When a percentage change in income a consumer has available for spending. price results in the same percentage change in Intermediary – An independent or corporate-owned quantity demanded. business that helps move products from the producer Discount – A deduction from the list price in the form to the ultimate consumer. of cash or something else of value. • Intermediate market – A set of wholesalers and • Cash discount – A discount offered to buyers who retailers that buy goods from others and re-sells pay for the product within a stated period. them. • Seasonal discount – A discount offered to • Merchant middleman – An intermediary that takes customers who purchase a product during a title to the products it distributes. season of the year when demand for the product Label – A tag or part of a package that provides is low. information about a product. • Quantity discount – A discount offered to buyers • Grade label – Product quality is identified by a who purchase larger than normal quantities of the number, word or letter. product. • Descriptive label – Describes the important Forecasting – To predict the quantity of a product attributes of a product. that will be sold at various times in the future. • Informative label – Explains the use or preparation • Barometric techniques – Using the analyses of past of a product. trends to predict the future. • Open dating – Provides the expected shelf life of a • Delphi technique – A panel of experts is asked product. to assign rankings and probabilities to various • Nutritional labeling – Describes the ingredients factors that may influence future events. of a food product (i.e., amounts of protein, fat, carbohydrates, calories, etc.) Product Marketing Terms Page 3 Market – A group of individuals with unsatisfied • Consumer panel – A group of consumers who wants and needs who are willing and able buyers. It provide information about a product and its can be defined as narrowly as a specific place where attributes. buying and selling takes place or as broadly as the • Demographics – Statistics about population demand for a product. (gender, age, marital status, birthrate, mortality • Contestable markets – Rivalry among competitors rate, education, income and occupation). keeps profits to a competitive level. • Observational approach – Observing people’s • Horizontal market – Includes a broad spectrum of behavior and recording these observations. industries. • Secondary source – Published data that has been • Industrial market – Consists of firms that engage in collected by a public or private sector organization the manufacture of products. and provided (published) to users. • Institutional market – Not-for-profit organizations • Test-marketing – Introducing a small amount of a that buy products for use in achieving a particular new product into a market to identify consumer goal or mission. acceptance. • Market segment – A portion of a large market • Primary data – Data collected from the actual group of customers within a broader market who market (surveys, panels, interviews, etc.) possess a common set of characteristics. A group Marketing strategy – Marketing approach or method of buyers within a market who have similar wants used to achieve a marketing goal. and needs. • Differentiated marketing – Where a broad market • Market share – The number of units of a product is segmented and a separate marketing program is (or their dollar value) expressed as a percentage of designed for each market segment. the total number of units sold by all competitors • Industrial marketing – Designing a product and its in a given market. The percentage of the total attributes for industrial customers. amount of product sold in a market that is sold by • Market aggregation – A single marketing program an individual company. focuses on all potential consumers. • Market structure – The number and size • Market atomization – Treating each individual distribution of firms in a market. consumer as a unique market segment. • Marketing audit – A systematic and periodic • Positioning – Communicating a distinct place for a examination of an organization’s marketing product or a brand in the minds of consumers. environment, including its goals, strategies and • Product differentiation – Using promotion
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