Lesson 7 Duplicate

Question 1

What is a product?

Answer 1

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

Question 2

What does the definition of ‘product’ include beyond tangible objects?

Answer 2

Services, events, persons, places, organizations, ideas, or a mixture of these.

Question 3

What is a service?

Answer 3

A form of product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything.

Question 4

Give examples of services.

Answer 4

Banking, hotel services, airline travel, retail, wireless communication, and home-repair services.

Question 5

What do products and services provide?

Answer 5

Offerings that bring value to target customers (including both tangible (i.e., goods) and intangible things (i.e., services)).

Question 6

What is the definition of a ‘pure tangible good’?

Answer 6

A product where no services accompany the product.

Question 7

Give an example of a ‘pure tangible good’.

Answer 7

Soap.

Question 8

What is the definition of ‘pure services’?

Answer 8

Offerings that consist primarily of a service.

Question 9

Give an example of ‘pure services’.

Answer 9

Doctor’s exam and financial services.

Question 10

What possible offering exists beyond ‘pure tangible good’ and ‘pure services’?

Answer 10

Goods-and-services combinations.

Question 11

Give an example of goods-and-services combinations.

Answer 11

Airline: in-flight purchase, restaurant selling food products.

Question 12

What are companies increasingly creating and managing with their brands?

Answer 12

Customer experiences.

Question 13

What are the three levels of product and services that product planners need to consider?

Answer 13

Core customer value, actual product, augmented product.

Question 14

What question is asked at the ‘core customer value’ level of product planning?

Answer 14

What is the customer really buying?

Question 15

What elements combine to make up the ‘actual product’ level?

Answer 15

Features, design, packaging, quality level, brand name.

Question 16

What elements constitute the ‘augmented product’ level?

Answer 16

Delivery and credit, product support, warranty, after-sale service.

Question 17

What are the two broad classifications of products and services?

Answer 17

Consumer products, industrial products.

Question 18

What are consumer products?

Answer 18

Products and services bought by final consumers for personal consumption.

Question 19

What are the four types of consumer products?

Answer 19

Convenience products, shopping products, specialty products, unsought products.

Question 20

What are convenience products?

Answer 20

Consumer products and services that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.

Question 21

Give an example of convenience products.

Answer 21

Newspapers, candy.

Question 22

What are shopping products?

Answer 22

Less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style.

Question 23

Give an example of shopping products.

Answer 23

Furniture, cars, appliances.

Question 24

What are specialty products?

Answer 24

Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

Question 25

Give an example of specialty products.

Answer 25

Medical services, designer clothes, high-end electronics.

Question 26

What are unsought products?

Answer 26

Consumer products that the consumer does not know about or knows about but does not normally think of buying.

Question 27

Give an example of unsought products.

Answer 27

Life insurance, funeral services, blood donations.

Question 28

What do unsought products require due to their nature?

Answer 28

A lot of advertising, personal selling, and other marketing efforts.

Question 29

What are industrial products?

Answer 29

Products purchased for further processing or for use in conducting a business.

Question 30

What are the three groups of industrial products?

Answer 30

Materials and parts, capital items, supplies and services.

Question 31

What do materials and parts include?

Answer 31

Raw materials and manufactured materials and parts.

Question 32

What are capital items?

Answer 32

Industrial products that aid in the buyer's production or operations.

Question 33

Give an example of capital items.

Answer 33

Machines.

Question 34

What do supplies and services (industrial products) include?

Answer 34

Operating supplies, repair and maintenance items, and business advisory services.

Question 35

Give an example of supplies and services (industrial products).

Answer 35

Consumable materials used by the business such as hotel on an ongoing basis, repair and maintenance, business advisory services.

Question 36

How can the same product be classified as both consumer and industrial product?

Answer 36

Depending on its usage.

Question 37

What are the major decisions companies make regarding individual products and services, in order?

Answer 37

Product attributes, branding, packaging, labeling, product support services.

Question 38

Developing a product or service involves defining what?

Answer 38

The benefits that it will offer by communicating about its product and service attributes.

Question 39

What are the key product attributes involved in product and service decisions?

Answer 39

Quality, features, style and design.

Question 40

What is product quality?

Answer 40

It links to service performance, thus can be defined as creating customer value and satisfaction.

Question 41

What are product features?

Answer 41

A competitive tool for differentiating the product from competitors' products.

Question 42

What is style, as a product attribute?

Answer 42

The appearance of a product.

Question 43

What is design, as a product attribute?

Answer 43

It contributes to a product's usefulness as well as to its looks.

Question 44

What is a brand?

Answer 44

A name, term, sign, symbol, or design, or a combination of these, that identifies the maker or seller of a product or service.

Question 45

Why is branding important?

Answer 45

Branding can add value to a consumer's purchase, customers attach meanings to brands and develop brand relationships, brand names help consumers remember the benefits, quality and consistency of products.

Question 46

What is packaging?

Answer 46

Designing and producing the container or wrapper for a product.

Question 47

What are labels, in the context of product decisions?

Answer 47

Simple tags attached to products to complex graphics that are part of the packaging.

Question 48

What do labels do?

Answer 48

Identify the product or brand, describe attributes, and provide promotion.

Question 49

What are product support services?

Answer 49

Services that augment actual products and increase the value of actual product.

Question 50

What are the three broad categories of service industries?

Answer 50

Government, private not-for-profit organizations, business organizations.

Question 51

Give an example of service industries of Government.

Answer 51

Courts, employment services, hospitals, military services, police and fire departments, the postal service, and schools.

Question 52

Give an example of service industries of Private not-for-profit organizations.

Answer 52

Museums, charities, churches, colleges, foundations, and hospitals.

Question 53

Give an example of service industries of Business organizations.

Answer 53

Airlines, banks, hotels, insurance companies, consulting firms, medical and legal practices, entertainment and telecommunications companies, real estate firms, retailers, and others.

Question 54

What are the four major service characteristics that affect the marketing of services?

Answer 54

Intangibility, inseparability, variability, perishability.

Question 55

What is service intangibility?

Answer 55

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

Question 56

What is service inseparability?

Answer 56

Services cannot be separated from their providers.

Question 57

What is service variability?

Answer 57

The quality of services depends on who provides them as well as when, where, and how they are provided.

Question 58

What is service perishability?

Answer 58

Services cannot be stored for later sale or use.