AI Flashcards
What are the three main categories of products?
- Non-durable goods
- Durable goods
- Services
Give an example of a non-durable good.
Food products
What is a durable good?
A product that lasts for an extended period of time, such as appliances or automobiles
What is a service?
An intangible activity, benefit, or satisfaction, such as banking or visiting a doctor
What is the difference between primary service and supplementary services?
Companies offer supplementary services in addition to their primary service
What are hybrid products?
Combination of goods and services to offer a more competitive product to consumers
What is the service continuum?
A range from tangible to intangible, or goods-dominant to service-dominant
What are the four unique elements of services?
- Intangibility
- Inconsistency
- Inseparability
- Inventory
Why is it challenging to deliver services?
Quality can vary due to the capabilities, experience, and motivation of the people providing the service
What is inseparability in services?
The consumer cannot separate the deliverer of the service from the service itself
What is idle production capacity in services?
A situation when the supply of a service exceeds its demand
What are the three levels of value that a product can provide?
- Core product
- Actual product
- Augmented product
What is a product line?
A group of similar products that are closely related and satisfy a similar need
What does the product mix width refer to?
The number of different product lines offered by a company
What does the product line length refer to?
The number of products or brands in a product line
What does the product line depth refer to?
The number of different versions of each product
What is derived demand in business products?
Sales of business products result from the sale of consumer products
What are production goods and services?
Items used in the manufacturing process that become part of the final product
What are support goods and services?
Items used to assist in producing other goods and services
What are the most influential brands in Canada for 2020?
- Amazon
- YouTube
- Apple
- Netflix
- Visa
- Microsoft
- Walmart
- PC Optimum
What are some characteristics of brands?
- Have status and value
- Have personality
- Evoke emotions
- Signify quality
- Provide legal protection
What is an individual brand?
When a company uses a brand name solely for a specific product category
What is a family brand?
When a company uses a brand name to cover a number of different product categories
What is a brand extension?
When the use of the brand name is used to market other products