Chapter 9: Products, Services, and Brands: Building Customer Value

Question 0

Service

Answer 0

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

Question 1

Product

Answer 1

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

Question 2

Consumer Product

Answer 2

A product or service bought by final consumers for personal consumption.

Question 3

Convenience Product

Answer 3

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

Question 4

Shopping Product

Answer 4

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

Question 5

Specialty Product

Answer 5

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

Question 6

Unsought Product

Answer 6

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

Question 7

Business Product

Answer 7

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

Question 8

Social Marketing

Answer 8

The use of commercial marketing concepts and tools in programs designed to influence individuals behaviour to improve their well-being and that of society.

Question 9

Product Quality

Answer 9

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

Question 10

Brand

Answer 10

A name, term, sign, symbol, or design, or combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

Question 11

Packaging

Answer 11

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

Question 12

Product Line

Answer 12

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.

Question 13

Product Mix (or Product Portfolio)

Answer 13

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

Question 14

Service Intangibility

Answer 14

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

Question 15

Service Inseparability

Answer 15

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

Question 16

Service Variability

Answer 16

The quality of services may vary greatly depending on who provides them and when, where and how.

Question 17

Service Perishability

Answer 17

Services cannot be stared for later sale or use.

Question 18

Service Profit Chain

Answer 18

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

Question 19

Internal Marketing

Answer 19

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

Question 20

Interactive Marketing

Answer 20

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

Question 21

Brand Equity

Answer 21

The differential effect that knowing the brand name has on customer response to the product and its marketing.

Question 22

Store Brand (or Private Brand)

Answer 22

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

Question 23

Co-Branding

Answer 23

The practice of using the established brand names of two different companies on the same product. ex. Colgate toothpaste with the whitening action of Arm & Hammer baking soda.

Question 24

Life Extension

Answer 24

Extending an existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category.

Question 25

Brand Extension

Answer 25

Extending an existing brand name to new product categories.