MT1 - Chapter 8 Vocab

Question 1

product

Answer 1

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

Question 2

service

Answer 2

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

Question 3

3 levels of products and services

Answer 3

core customer value (what is the customer really buying)
actual product ( brand name, quality level, packaging, design, features)
augmented product (delivery and credit, product support, warranty, after-sale service)

Question 4

consumer products

Answer 4

a product bought by final consumers for personal consumption

Question 5

types of consumer products (4)

Answer 5

convenience
shopping
specialty
unsought

Question 6

convenience product

Answer 6

consumer product customers usually buy frequently, immediately, and with minimal comparison and buying effort

Question 7

shopping product

Answer 7

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

Question 8

specialty product

Answer 8

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

Question 9

unsought product

Answer 9

consumer product that the consumer either does not know about or knows about but does normally not consider buying

Question 10

industrial product

Answer 10

product bought by individuals and organizations for further processing or for use in conducting a business
distinction from consumer product based on purpose for which product is purchased

Question 11

3 types of industrial products

Answer 11

materials and parts
capital items
supplies and services

Question 12

materials and parts

Answer 12

raw materials and manufactured materials and parts

Question 13

capital items

Answer 13

industrial products that aid in the buyer’s production or operations

Question 14

supplies and services

Answer 14

operating supplies, maintenance and repair services

Question 15

organization marketing

Answer 15

activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization

Question 16

person marketing

Answer 16

activities undertaken to create, maintain, or change the attitudes and behaviors toward particular people

Question 17

place marketing

Answer 17

activities undertaken to create, maintain or change attitudes or behavior toward particular places

Question 18

social marketing

Answer 18

use of commercial marketing concepts and tools in programs designed to influence individual’s behavior to improve their well-being and that of society

Question 19

important individual product and service decisions (5)

Answer 19

product attributes
branding
packaging
labeling
product support services

Question 20

product quality

Answer 20

characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
consistency and level

Question 21

total quality management

Answer 21

an approach in which all of the company’s people are involved in constantly improving the quality of products, services, and business processes

Question 22

return on quality approach

Answer 22

quality is an investment, hold quality efforts accountable for bottom line results

Question 23

performance quality

Answer 23

product’s ability to perform its functions

Question 24

product and service attributes (3)

Answer 24

product quality
product features
product style and design

Question 25

conformance quality

Answer 25

freedom from defects and consistency in delivering a targeted level of performance

Question 26

style

Answer 26

describes appearance of a product

Question 27

design

Answer 27

contributes to product's usefulness in addition to looks

Question 28

brand

Answer 28

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

Question 29

packaging

Answer 29

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

Question 30

label

Answer 30

identifies the product or brand, describes several things about the product, helps to promote the brand

Question 31

unit pricing

Answer 31

stating the price per unit of a standard measure

Question 32

open dating

Answer 32

stating the expected shelf life of the product

Question 33

nutritional labeling

Answer 33

stating the nutritional values in a product

Question 34

product line

Answer 34

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 35

product line length

Answer 35

number of items in the product line

Question 36

product line filling

Answer 36

adding more items within the present range of the line

Question 37

product line stretching

Answer 37

adding items beyond the line's present range

Question 38

product mix/portfolio

Answer 38

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

Question 39

product mix width, length, depth, consistency

Answer 39

width: number of different product lines length: total number of items within product lines depth: number of versions offered for each product in the line consistency: how closely related product lines are in end use, production requirements, distribution channels, or some other way

Question 40

4 special service characteristics

Answer 40

intangibility inseparability variability perishability

Question 41

service intangibility

Answer 41

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

Question 42

service inseparability

Answer 42

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

Question 43

service variability

Answer 43

quality of services may depend upon who provides them and when, where and how they are produced

Question 44

service perishability

Answer 44

services cannot be stored for later use

Question 45

service profit chain

Answer 45

chain that links service firm profits with employee and customer satisfaction

Question 46

5 links of service profit chain

Answer 46

``` internal service quality satisfied and productive service employees greater service value satisfied and loyal customers healthy service profits and growth ```

Question 47

3 types of service marketing

Answer 47

internal marketing interactive marketing external marketing

Question 48

internal marketing

Answer 48

orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction

Question 49

interactive marketing

Answer 49

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

Question 50

3 major service marketing tasks

Answer 50

``` service differentiation (offer, delivery, image) service quality (recovery) service productivity (don't take it too far) ```

Question 51

brand equity

Answer 51

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

Question 52

customer equity

Answer 52

value of customer relationships that the brand creates

Question 53

4 major brand strategy decisions

Answer 53

``` brand positioning (attributes, benefits, beliefs & values) brand name selection (selection, protection) brand sponsorship (manufacturer's, private, licensing, co-branding) brand development (line extensions, brand extensions, multibrands, new brands) ```

Question 54

store brand (private brand)

Answer 54

brand created and owned by a reseller of a product/service)

Question 55

co-branding

Answer 55

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

Question 56

line extension

Answer 56

extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category

Question 57

brand extension

Answer 57

extending an existing brand name to new product categories

Question 58

4 consumer perception dimensions of brand

Answer 58

differentiation (what makes it stand out) relevance (how consumers feel it meets their needs) knowledge (how much consumers know about it) esteem ( how highly consumers regard and respect it)

Question 59

megabrand strategies

Answer 59

weeding out weaker or slower-growing brands and focusing their marketing dollars on brands that can achieve the number one or number two market share positions with good growth prospects in their categories