Ch. 7 | Products and Brands Flashcards
what is a product?
product
it is a good, service, or an idea, consisting of tangible and intangible attributes
the consumer market consists of 4 different categories of products, what are they?
- convenience
- shopping
- specialty
- unsought
what are convenience products?
- list some examples
convenience products
they are inexpensive items that a consumer purchases frequently with minimal effort
- pop, gum, candy, bread
what are shopping products?
- list some examples
shopping products
are items for which the consumer compares and assessing different attributes about a product and brand
- jeans, airline tickets, electronic devices
what are specialty products?
- list some examples
specialty product
are items that require considerable time and effort to purchase, and tend to be more expensive
- rolex, LV, cruise, rolls royce
what are unsought products?
- list some examples
unsought products
are items that the consumers does not know about (yet) or is not interested in purchasing
- hobby items
there are 4 unique elements to services, what are they?
- intangibility
- inconsistency
- inseparability
- inventory
what is meant by intangibilty in regard to the uniqueness of services?
- list some examples
intangibility
cannot be held, touched, or seen before a purchase - usually tends to be a service
- spa, game subscription
what is meant by inconsistency in regard to the uniqueness of services?
- list some examples
inconsistency
delivery services is challenging because the quality of a service is dependent on the people who provide it, when, where, and how they provide it
- restaurant service, hotel service
what is meant by inseparability in regard to the uniqueness of services?
- list some examples
inseparability
the consumer cannot (and does not) separate the deliverer of the service from the service itself
- the quality of a spa and its facilities may be excellent, but you’re not satisfied with the massage or it took too long to book
what is meant by inventory in regard to the uniqueness of services?
- list some examples
inventory
inventory problems exist because services cannot necessarily be stored and accessed when in demand - they cannot be stored for a later sale or use
- sporting event: unsold tickets cannot be stored and sold at a later date
The Total Product Concept
marketers view products as having 3 different layers, what are they and what do they entail?
1) core product layer
- the fundamental purpose or benefit
2) actual product layer
- the physical good or service
3) augmented product layer
- the additional features and attributes that accompany the product
what is a product line?
product line
a group of similar products; that satisfy a similar need and are directed at the same general target market
- eg: Apple has a product line of iPhones, iPads, iWatches, etc.
what is a product mix?
product mix
this consists of all the product lines marketed by a company
- eg: Coca-Cola offers several brands such as, minute maid, sprite, Fanta, etc.
what does product mix width refer to?
to the number of different product lines offered by the company
eg: Proctor & Gamble’s width is 4. (beauty) (baby, feminine, and family care) (fabric and home care) (health and grooming)