Chapter 8. Products, Services, and Brands

Question 1

What are the 3 Levels of Product?

Answer 1

1. Core Customer Value
2. Actual Product
3. Augmented Product

Question 2

What are Consumer Products?

Answer 2

Products and services bought by final customers for personal use.

Question 3

What are the 4 types of Consumer Products?

Answer 3

1. Convenience products
2. Shopping products
3. Specialty products
4. Unsought products

Question 4

Convenience product

Answer 4

bought frequently, immediately, and with minimal comparison and buying effort. (Ex. laundry detergent)

Question 5

Shopping product

Answer 5

a product that the customer compares attributes such as suitability, quality, price, and style. (Ex. furniture and appliances)

Question 6

Specialty product

Answer 6

unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (Ex. specific brands of cars)

Question 7

Unsought product

Answer 7

a product the consumer does not know about or doesn’t consider buying. (Ex. pre-planned funeral service)

Question 8

What is an Industrial Product?

Answer 8

products purchased for further processing or for use in conducting business.

Question 9

What are the steps involved in Individual Product Desicions?

Answer 9

1. Product attributes
2. Branding
3. Packaging
4. Labeling and Logos
5. Product support services

Question 10

What is a Product Line?

Answer 10

a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, marketed through the same outlets, or fall within given price ranges.

Question 11

What does Product Line Length mean?

Answer 11

the number of items in the product line.

Question 12

Product line filling vs. Product Line Stretching

Answer 12

Product line filling refers to adding more items within the range of a product line whereas Product line stretching refers to stretching the product line upward, downward, or both ways beyond its current range.

Question 13

What is a Product Mix?

Answer 13

the set of all product lines and items a company offers.

Question 14

What are the 4 Dimension of a Product Mix?

Answer 14

1. Width
2. Length
3. Depth
4. Consistency

Question 15

What does Width mean in a Product Mix?

Answer 15

width refers to the number of different product lines a company carries.

Question 16

What does Length mean in a Product Mix?

Answer 16

length refers to the total number of items within a company’s product line.

Question 17

What does Depth mean in a Product Mix?

Answer 17

depth refers to number of versions offered of each product in a line.

Question 18

What does Consistency mean in a Product Mix?

Answer 18

consistency refers to how closely related the various product lines are in end use, production requirements, distribution channels, or some other way.

Question 19

What are the Four Service characteristics?

Answer 19

1. Intangibility
2. Inseparability
3. Variability
4. Perishability

Question 20

What is the Service Profit Chain?

Answer 20

the chain that links service firm profits with employee and customer satisfaction.

Question 21

What are the Major Brand Strategy Decisions?

Answer 21

1. Brand positioning
2. Brand name selection
3. Brand sponsorship
4. Brand development

Question 22

What are desirable qualities for a brand name?

Answer 22

1. Suggests qualities and benefits of the product
2. Easy to pronounce, recognize, and remember
3. Distinctive name
4. Allows expansion
5. Translatable
6. Capable of registration and legal protection

Question 23

What may be limitations with Co-Branding?

Answer 23

Co-Branding involves complex legal contracts and licenses. In addition, each partner must trust the other will maintain its brand image.