Chapter 7 Vocabulary

Question 1

Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need

Answer 1

Product

Question 2

An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything

Answer 2

Service

Question 3

A product bought by final consumers for personal consumption

Answer 3

Consumer product

Question 4

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Answer 4

Convenience product

Question 5

A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price and style

Answer 5

Shopping product

Question 6

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

Answer 6

Specialty product

Question 7

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

Answer 7

Unsought product

Question 8

A product bought by individuals and organizations for further processing or for use in conducting a business

Answer 8

Industrial product

Question 9

Using traditional business marketing concepts and tools to create behaviors that will create individual and societal well-being

Answer 9

Social marketing

Question 10

Individual product decisions

Answer 10

Product attributes 
Branding
Packaging
Labeling
Product support services

Question 11

The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs

Answer 11

Product quality

Question 12

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

Answer 12

Brand

Question 13

The activities of designing and producing the container or wrapper for a product

Answer 13

Packaging

Question 14

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

Answer 14

Product line

Question 15

The number of items in the product line

Answer 15

Product line length

Question 16

Adding more items within the present range of the line

Answer 16

Product line filling

Question 17

When a company lengthens it’s product line beyond its current range

Answer 17

Product line stretching

Question 18

The set of all product lines and items that a particular seller offers for sale

Answer 18

Product mix (or product portfolio)

Question 19

The number of different product lines the company carries

Answer 19

Product mix width

Question 20

The total number of items a company carries within its product lines

Answer 20

Product mix length

Question 21

The number of versions offered for each product in the line

Answer 21

Product mix depth

Question 22

How closely related the various product lines are in end use, production requirements, distribution channels or some other aspect

Answer 22

Consistency

Question 23

Services cannot be seen, tasted, felt, heard, or smelled before they are bought

Answer 23

Service intangibility

Question 24

Four type of services

Answer 24

Intangibility
Variability
Inseparability
Perishability

Question 25

Services are produced and consumed at the same time and cannot be separated from their providers

Answer 25

Service inseparability

Question 26

The quality of service may vary greatly depending on who provides them and when, where and how they are provided

Answer 26

Service variability

Question 27

Services cannot be stored for later sale or use

Answer 27

Service perishability

Question 28

Orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction

Answer 28

Internal marketing

Question 29

Training service employees in the fine art of interacting with customers to satisfy their needs

Answer 29

Interactive marketing

Question 30

Three major marketing tasks faced by service companies

Answer 30

Service differentiation
Service quality
Service productivity

Question 31

The differential effect that knowing the brand name has on a customer response to the product and it’s marketing

Answer 31

Brand equity

Question 32

The total financial value of the brand

Answer 32

Brand value

Question 33

Major brand strategy decisions

Answer 33

Brand positioning
Brand name selection
Brand sponsorship
Brand development

Question 34

Attributes
Benefits
Beliefs and values

Answer 34

Brand positioning

Question 35

Selection

Protection

Answer 35

Brand name selection

Question 36

Manufacturers brand
Private brand
Licensing
Co-branding

Answer 36

Brand sponsorship

Question 37

Line extensions
Brand extensions
Multi-brands
New brands

Answer 37

Brand development

Question 38

A brand created and owned by a reseller of a product or service

Answer 38

Store brand (or private brand)

Question 39

The practice of using the established brand names of two different companies on the same product

Answer 39

Co-branding

Question 40

Four choices when it comes to brand development

Answer 40

Line extensions
Brand extensions
Multi brands
New brands

Question 41

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

Answer 41

Line extension

Question 42

New product category and existing brand name: Extending an existing brand name to new product categories

Answer 42

Brand extension

Question 43

Existing product category and new brand name

Answer 43

Multi brands

Question 44

New product category and new brand name

Answer 44

New brands