Chapter 7 Flashcards
Product
Anything offered to a market to serve a need
Includes
Services. Events. Persons. Place . Organizations or ideas
Service
A type of product such as activities, benefits, intangible do not result in ownership
Consumer products
Products bought by consumers for personal consumption
Convenience product
A consumer product that are bought frequently, immediately, these are everyday buy
Detergent candy magazines fast food
Shopping products
A product that the consumer usually compares to other products and thinks about sustainability quality price and style
Furniture clothing major appliances
Specialty products
A consumer product with unique characteristics or brand identification for a specific target market that is willing to make a special purchase effort
A specific car brand or clothing brand which people give brand expectancy
Unsought products
Consumer products that consumers don’t know about or don’t usually buy
Life insurance Preplanned funeral services
Blood donations
Industrial products
A product bought by individuals and organizations for further processing or for use in conducting business
Materials and parts
Raw materials or manufactured parts
Wheat corn livestock
Iron petroleum
Capital items
Are products that aid in buyers production or operations including instillation and accessory equipment
Factories offices generators elevators large computer desks
Supply and services
An industrial product that provides company with suppliers to operate
Lubricant coal paper pencils
Social marketing
Use of commercial marketing such as ads to bring up problems notify people of situations and influence individuals behavior to improve their well being and that of society
Product quality
A positioning tool this characterizes a product or service and whether it has the ability to satisfy customer needs
Packaging
Designing and producing the container or wrapper for a product
Now part of design and the brand must look good
Product line
A group of products that are closely related in function manner sold to the same group sold same place or have same price range
Nike apparel several lines
The spring line
Product portfolio or mix
All the product lines and items that a particular seller offers
Service intangibility
The service can’t be seen tasted felt heard smelt
Service inseparability
Both the provider and the customer affect service outcome. Thus the service provider can’t be separated from the service because the customer becomes a co-producer
Services produced and consumed at same time
Service variability
The quality of service depends on who provides it when where
Could be a certain brand or even a certain employee at the company
Service perishability
Services that can not be stored for later sale or use
Doctors charge for missed appointments
Service profit chain
The chain that starts with the company making employees happy which makes them make customers happy
Internal service quality Satisfied employees Great service Loyal customers Healthy service profit any growth
Internal marketing
Motivate employees to work as team
Interactive marketing
Training service employees in the fine art of interacting with customers to better satisfy needs
Brand equity
The differential effect that knowing the brand name has on customer response to the product or its marketing
Store brand
A brand created buy a reseller
Walmart
Co branding
Using the established brand names of two different companies on the same product
