Ch. 7 Products, Services, Brands: building Customer Value Flashcards
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
service
An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
define augmented
having been made greater in size or value:
What defines an augmented product?
delivery and credit, after sale service, warranty, product support
Consumer product
A product bought by final consumers for personal consumption.
Convenience product
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
EX: laundry detergent, candy, magazines, newspapers
shopping product
A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
EX: Liam Nieson
specialty product
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
EX: lambo, specific brands of cars, high-priced photography equipment, de- signer clothes, gourmet foods, and the services of medical or legal specialists.
unsought product
A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
EX: life insurance, preplanned funeral services, and blood donations to the Red Cross
industrial product
A product bought by individuals and organizations for further processing or for use in conducting a business.
What are the three kinds of industrial products?
Materials and parts, Capital items, supplies and services.
Materials and parts include
raw materials as well as manufactured materials and parts
Capital items are
industrial products that aid in the buyer’s production or operations, including installations and accessory equipment.
Supplies and services.
Supplies include operating supplies (lubricants, coal, paper, pencils) and repair and maintenance items (paint, nails, brooms). Business services include maintenance and repair services (window cleaning, computer repair) and business advisory services (legal, management consulting, advertising).
Organization marketing consists of
activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization. Business firms sponsor public relations or corporate image marketing campaigns to market themselves and polish their images.
Person marketing consists of
activities undertaken to create, maintain, or change attitudes or behavior toward particular people. People ranging from presidents, entertainers, and sports figures to professionals such as doctors, lawyers, and architects use person marketing to build their reputations. For example, P&G’s Cover Girl brand is represented by well-known celebrities such as Ellen DeGeneres, P!NK, and Sofia Vergara.
Place marketing involves
activities undertaken to create, maintain, or change attitudes or behavior toward particular places. Cities, states, regions, and even entire nations com- pete to attract tourists, new residents, conventions, and company offices and factories
social marketing(not related to social media)
The use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society.
What is the flow of individual Product Decisions
Product attributes Branding Packaging Labeling Product support services
Product quality
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
(TQM)
Total quality management is an approach in which all of the company’s people are involved in constantly improving the quality of products, services, and business processes.
return-on-quality approach
performance quality
—the product’s ability to perform its functions
conformance quality
—freedom from defects and consistency in delivering a targeted level of performance
whats the difference between product design and style?
design goes beneath the surface while style is just on the outside
