Finals Flashcards
A general term use for both goods and services
Product
An item that satisfies a need or a desire.
Product
Is another important feature for a product.
Branding
Is a marketing practice in which a company creates a name, symbol, or design that is easily identifiable as belonging to the company
branding
It helps the clients or customer what to expect in the company
Branding
A factor that us shown ro be the basis of why one product is better than its comperitors
Unique Selling Peopisition (USP)
This characteristics helps solidify a company’s market position and allow them to stand apart from competition
USP (unique selling proposition)
3 Product Classification
Tangible products
Intangible products
Services
These are items with an actual physical presence
tangible products
Items that has no physical presence but can be felt indirectly.
Ex. Software
Intangible product
an intangible products but they are the result of an economic activities that dies not result in ownership.
Service
Items that are used directly by the end user such as food, clothing, cars, etc.
consumer goods
Services that are for the benefit of end user directly such as education
consumer services
Items that act as part of another company’s operations such as machinery parts
producers goods
services that support another company’s operation such as accounting, hr
producer services
He proposed one way of understanding product benefits in his popular acadenic work “principles of marketing”
Philip Kotler
The first level to be defined and explored
Core benefit
Any additional benefits are added on to differentiate the product and highlight its USP
actual product
there needs to be an assessment of what further benefits can be offered to the customer to ensure a loyal purchasing customer
Augmented products
3 different level of a peoduct
core benefit
Actual product
Augmented product
The basic customer need that is fulfilled
Core benefit
The features of the product
actual product
the intangible features of the product. It is here that the real value is added
augmented product
How goods different from services
- Intangibility
- Search, experience, credence
- Perishability
- Variability
The attributes that may be evaluated proof to purchase. As the customer learns about the competitive offerings
Search qualities
Are those that need some trial or consumption before evaluation
Experience attributes
ate those that are difficult to judge even post-consumption, hence the term credence.
credence qualities
Services differ form goods.
Services are simultanuesly produced and consumed. Goods can be manufuctred and then inventoried in distribution warehouse
perishability
It is the final majoy difference between serviced and goods.
Manufactirers of good can set quality standards because a machince is producing theru products
variability
A.k.a product assortment. The total number of product lins that the company offers
product mix
a subset of the marketing mix and is an important part of the business model of a comany
product mix
Refers to the number of product lines
Width
Referes to the total number if product in the mix
Length
Refers to the total number of products within the line
Depth
Refers to how closely products are linked to each other.
consistency
Defined as the group or set of products that are closely related because they perform a similar function, target at the same channels
Product line
the product that are offered by the company which ard similar and can be sold for the same customers to satisfy the same want
Product line
Occurs when a company lengthens its product line beyond its current range.
line stretching
A type of line stretching that may strecth down market when it sees strong growth opportunities in value priced good or if there is a risk of an attacked by a low end competitor
down market
A compnay may strech for a higher margins or more growth
Up market
When the company stretchs in both the directions.
two way stretch
is defined as adding more items within the present range to strengthen the pdoduct line.
Its is done to increase the profits by selling the missing items in line
line filling
thw company like to upgrade thair peoduct offerings with new technologies to make the customers upgrade to hight value, higher priced items
line modernization
featuring one or two product in the line to attract the customers into showrooms and then try to expose alltheir models to the customer
line featurinh
