Chapter 7 Vocabulary Flashcards
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Product
An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
Service
A product bought by final consumers for personal consumption
Consumer product
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort
Convenience 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
Shopping 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
Specialty product
A consumer product that the consumer either does not know about or knows about but does not normally consider buying
Unsought product
A product bought by individuals and organizations for further processing or for use in conducting a business
Industrial product
Using traditional business marketing concepts and tools to create behaviors that will create individual and societal well-being
Social marketing
Individual product decisions
Product attributes Branding Packaging Labeling Product support services
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Product quality
A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or a group of sellers and differentiates them from those of competitors
Brand
The activities of designing and producing the container or wrapper for a product
Packaging
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
Product line
The number of items in the product line
Product line length
Adding more items within the present range of the line
Product line filling
When a company lengthens it’s product line beyond its current range
Product line stretching
The set of all product lines and items that a particular seller offers for sale
Product mix (or product portfolio)
The number of different product lines the company carries
Product mix width
The total number of items a company carries within its product lines
Product mix length
The number of versions offered for each product in the line
Product mix depth
How closely related the various product lines are in end use, production requirements, distribution channels or some other aspect
Consistency
Services cannot be seen, tasted, felt, heard, or smelled before they are bought
Service intangibility
Four type of services
Intangibility
Variability
Inseparability
Perishability
Services are produced and consumed at the same time and cannot be separated from their providers
Service inseparability
The quality of service may vary greatly depending on who provides them and when, where and how they are provided
Service variability
Services cannot be stored for later sale or use
Service perishability
Orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction
Internal marketing
Training service employees in the fine art of interacting with customers to satisfy their needs
Interactive marketing
Three major marketing tasks faced by service companies
Service differentiation
Service quality
Service productivity
The differential effect that knowing the brand name has on a customer response to the product and it’s marketing
Brand equity
The total financial value of the brand
Brand value
Major brand strategy decisions
Brand positioning
Brand name selection
Brand sponsorship
Brand development
Attributes
Benefits
Beliefs and values
Brand positioning
Selection
Protection
Brand name selection
Manufacturers brand
Private brand
Licensing
Co-branding
Brand sponsorship
Line extensions
Brand extensions
Multi-brands
New brands
Brand development
A brand created and owned by a reseller of a product or service
Store brand (or private brand)
The practice of using the established brand names of two different companies on the same product
Co-branding
Four choices when it comes to brand development
Line extensions
Brand extensions
Multi brands
New brands
Existing product category and existing brand name: Extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category
Line extension
New product category and existing brand name: Extending an existing brand name to new product categories
Brand extension
Existing product category and new brand name
Multi brands
New product category and new brand name
New brands
