Chapter 8 Flashcards

1
Q

product

A

anything that can be offered to a market (includes services, events, persons, places) for acquisition, use, or consumption that might satisfy a want or need

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2
Q

services

A

form of a product; intangible and does not result in the ownership of a anything

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3
Q

experiences

A

customers buying much more than just products and services; buying what those offers will do for them

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4
Q

levels of product and services

A
  1. core customer value
  2. actual product
  3. augmented product
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5
Q

product and service classifications (2)

A

consumer products and industrial products

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6
Q

consumer products

A

products and services bought by final consumers for personal consumption

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7
Q

consumer products include (4)

A
  1. convenience products
  2. shopping products
  3. specialty products
  4. unsought products
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8
Q

industrial products (3)

A
  1. materials and parts
  2. capital items
  3. supplies and services
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9
Q

branding

A

identifies the maker or seller; customers attach meanings

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10
Q

packaging

A

should perform sales tasks such as attracting buyers, communicating brand positioning, closing the sale

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11
Q

product line

A

a group of products that are closely related because they function in a similar manner, sold to the same customer groups, marketed throughout he same types of outlets, or fall within given price ranges
ex. nike lines of shoes

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12
Q

product length line

A

the number of items in the product line

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13
Q

line filling

A

adding more items within the present price range

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14
Q

product line stretching

A

adding products that are higher or lower priced than the existing line; downward, upward, or two way stretch

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15
Q

characteristics of a service (4)

A
  1. service intangibility (uncertainty)
  2. inseparability
  3. variability
  4. perishability
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16
Q

brand equity

A

the differential effect that knowing the brand name has on customer response to the product or its marketing

17
Q

brand strength measured by (4)

A
  1. differentiation
  2. relevance
  3. knowledge
  4. esteem
18
Q

brand strategy decisions (4)

A
  1. brand positioning
  2. brand name selection
  3. brand sponsorship
  4. brand development
19
Q

brand positioning

A

position brand on product attributes, benefits, and believes and values ex. nike performance

20
Q

brand name selection

A
  1. suggest benefits and qualities
  2. easy to pronounce, recognise and remember
  3. distinctive
  4. extendable
  5. translate easily into foreign languages
  6. capable of registration and legal protection
21
Q

brand sponsorship (4)

A
  1. national brand
  2. private brand
  3. licensing
  4. co-branding
22
Q

national/manufacturers brand

A

brand marketed throughout a national market

23
Q

private/store brand

A

a product manufactured specially for a retailer and bearing the retailers name

24
Q

licensing

A

the leasing of brand name to a company other than the owner of the that particular brand

25
Q

co-branding

A

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

26
Q

brand development (4)

A
  1. line extensions
  2. brand extensions
  3. multibrands
  4. new brands
27
Q

line extensions

A

(old/old) extending an existing brand name to new forms, colours, ext of an existing product category

28
Q

brand extensions

A

extending an existing brand name to new product categories

29
Q

multibrands

A

marketing of two or more similar and competing products by the same firm under different brands

30
Q

new brands

A

create a new brand name wham a product enters a new product category

31
Q

building strong brands (9)

A
  1. generate interest
  2. be different
  3. foster trust
  4. emotional connection
  5. listen
  6. empathise
  7. encourage more contact
  8. deliver on your promises
  9. build loyalty