Ch. 7 Products, Services, and Brands: Building Customer Value

Question 1

Product

Answer 1

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.

Question 2

Service

Answer 2

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.

Question 3

Consumer product

Answer 3

A product bought by final consumers for personal consumption.

Question 4

Convenience product

Answer 4

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Question 5

Shopping product

Answer 5

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.

Question 6

Specialty product

Answer 6

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Question 7

Unsought product

Answer 7

A consumer product that the consumer either does not know about or knows about but does not normally consider buying.

Question 8

Industrial product

Answer 8

A product bought by individuals and organizations for further processing or for use in conducting a business.

Question 9

Social marketing

Answer 9

The use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society.

Question 10

Product quality

Answer 10

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Question 11

Brand

Answer 11

A name, term, sign, symbol,or design, or a combination of these, that identifies the products or services or one seller or group of sellers and differentiates them form those of competitors.

Question 12

Packaging

Answer 12

The activities of designing and producing the container or wrapper for a product

Question 13

Product line

Answer 13

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

Question 14

Product mix (or product portfolio)

Answer 14

The set of all product lines and items that a particular seller offers for sale.

Question 15

Service intangibility

Answer 15

The concept that services cannot be seen, tasted, felt, heard, or smelled before they are bought.

Question 16

Service inseparability

Answer 16

The concept that services are produced and consumed at the same time and cannot be separated form their providers.

Question 17

Service variability

Answer 17

The concept that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.

Question 18

Service perishability

Answer 18

The concept that services cannot e stored for later sale or use.

Question 19

Service profit chain

Answer 19

The chain that links service firm profits with employee and customer satisfaction.

Question 20

Internal marketing

Answer 20

Orienting and motivating customer-contact employees and service-support people to work as a team to provide customer satisfaction.

Question 21

Interactive marketing

Answer 21

Training service employees in the fine art of interacting with customers to satisfy their needs.

Question 22

Brand equity

Answer 22

The differential effect that knowing the brand name has on customer response to the product or its marketing.

Question 23

Store brand (or private brand)

Answer 23

A brand created and owned by a reseller of a product or service.

Question 24

Co-branding

Answer 24

The practice of using the established brand names of two different companies on the same product.

Question 25

Line extension

Answer 25

Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.

Question 26

Brand extension

Answer 26

Extending an existing brand name to new product categories.