Chapter 5 - Products, services & brands: building customer value Flashcards
What is a product?
Anything that can be offered to a market
For attention, acquisition, use or consumption
Might satisfy want/need
What is a service?
Activity, benefit or satisfaction offered for sale
Essentially intangible
Does not result in ownership of anything
What is a consumer product?
Product bought by final consumers for personal consumption
What is a convenience product?
Consumer product
Customers usually buy frequently, immediately
Minimal comparison and buying effort
What is a shopping product?
Consumer product
In process of selecting and purchasing, usually compares with other products based on attributes such as:
- suitability
- quality
- price
- style
What is a speciality product?
Consumer product
Unique characteristics/brand identification
Significant group of buyers willing to make special effort to purchase
What is an unsought product?
Consumer product
Consumer either does not know about or knows about bus does not normally consider buying
What is an industrial product?
Product bought by individuals and organisations
For further processing/use in conducting a business
What is social marketing?
Use of commercial marketing concepts and tools
In programmes designed to influence individuals behaviour
With aim to improve their well-being and that of society
What is product quality?
Characteristics of a product/service that bear on its ability to satisfy stated/implied customer needs
What is a brand?
Name/term/sign/symbol/design/combination
Identifies products/services of one seller/group of sellers
Differentiates them from those of competitors
What is a product line?
Group of products closely related
Function in similar manner
Sold to same customer groups
Marketed through same types of outlets
Fall within given price ranges
What is service intangibility?
Services that cannot be seen, tasted, felt, heard or smelled before bought
What is service inseparability?
Services produced and consumed at same time
Cannot be separated from their providers
What is service variability?
Quality of services ay vary greatly depending on who provides them and when, where and how
What is service perishability?
Services that cannot be stored for later sale/use
What is a service profit chain?
Chain that links service firm profits with employee and customer satisfaction
What is internal marketing?
Orienting and motivating customer contact employees
Supporting service people to work as team to provide customer satisfaction
What is interactive marketing?
Training services employees in fine art of interacting with customers to satisfy their needs
What is brand equity?
Differential effect that knowing brand name has on customer response to product/marketing
What is co-branding?
Practice of using established brand names of 2 different companies on same product
What is a line extension?
Extending existing brand name to new:
- forms
- colours
- sizes
- ingredients
- flavours
…of an existing product category
