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

1
Q

Product

A

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

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2
Q

Service

A

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

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3
Q

Consumer product

A

A product bought by final consumers for personal consumption.

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4
Q

Convenience product

A

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

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5
Q

Shopping product

A

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

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6
Q

Specialty product

A

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

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7
Q

Unsought product

A

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

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8
Q

Industrial product

A

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

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9
Q

Social marketing

A

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

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10
Q

Product quality

A

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

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11
Q

Brand

A

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.

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12
Q

Packaging

A

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

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13
Q

Product line

A

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.

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14
Q

Product mix (or product portfolio)

A

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

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15
Q

Service intangibility

A

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

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16
Q

Service inseparability

A

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

17
Q

Service variability

A

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

18
Q

Service perishability

A

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

19
Q

Service profit chain

A

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

20
Q

Internal marketing

A

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

21
Q

Interactive marketing

A

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

22
Q

Brand equity

A

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

23
Q

Store brand (or private brand)

A

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

24
Q

Co-branding

A

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

25
Q

Line extension

A

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

26
Q

Brand extension

A

Extending an existing brand name to new product categories.