Chapter 7 Flashcards
What are the 3 levels of a product?
Core customer value
Actual product
Augmented product
What is the core customer value?
Core problem-solving benefits that consumers seek when they buy the product
What is the actual product?
Includes the quality level, features, design, brand name and packaging of the product
What is the augmented product?
The various services and benefits that come with the actual product
ex: warranty, free delivery, installation & maintenance
What is a product (broad definition)?
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
includes physical objects but also
services
events
persons
places
organizations
ideas
or mix of the above
What is a service?
Product that is an activity, benefit or satisfaction offered for sale that is essentially intangible
ex: hotel, tax prep, home-repair services
What are the 2 classes of products?
Consumer
Industrial
What is a consumer product?
Bought by a final consumer, it is usually classified according to consumer shopping habits
What is an industrial product?
Purchased for further processing or for use in conducting a business
ex: material and parts, capital items, supplies and services
What do product attribute decisions consist of?
Product quality
features
style & design
What do branding decisions consist of?
Selecting a brand name
Developing a brand strategy
What do packaging decisions consist of?
logo and labels, which identify, describe, and possibly promote the product
What do product support services do?
Enhance customer service and satisfaction
Safeguard against competition
What is a product line?
group of products related in function, customer-purchase needs, or distribution channels
What is a product mix?
All the product lines and items offered to consumers by a particular seller
What are the 4 dimensions of a product mix?
Width
Length
Depth
Consistency
Example of product width
Example of product length
Example of product depth
Example of product consistency
What are the 4 key characteristics of services?
Intangible
Inseparable
Variable
Perishable
What’s a marketer’s role when marketing services?
To try to make the service more tangible
Increase the productivity of providers who are inseparable from their products
standardize quality in the face of variability
improve demand movements + supply capacities in the face of perishability
BASICALLY, counter each of the key characteristics
What is the service profit chain?
Chain that links service firm profits with employee and customer satisfaction
What is internal marketing’s role in services marketing?
Motivating employees
What is interactive marketing’s role in services marketing?
Create service delivery skills among service providers
What are the elements need to be successful as a service marketer?
Creating competitive differentiation (external marketing)
Offer high-service quality (internal marketing)
Find ways to increase service productivity (interactive marketing)
What is brand equity?
The positive differential effect that knowing the brand name has on costumer response to the product or service
What is brand positioning?
What is good brand name selection?
Finding the best brand name based on careful review of product benefits, the target market, and proposed marketing strategies
What are the categories of brand sponsorship?
National brand
Private brand
Licensed brand
Co-brand
What’s a national brand?
What’s a private brand?
What’s a licensed brand?
What’s a co-brand?
What are the different ways to develop a brand?
Line extensions
Brand extensions
Multibrands
New brands
What is a line extension?
What is a brand extension?
What is a multibrand?
What is a new brand?
When should a brand’s positioning be communicated to consumers?
Constantly
