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Marketing An Introduction > Product and Service > Flashcards

Product and Service Flashcards

1
Q

Product

A

offered to a market for attention/acquisition/use/consumption to satisfy a want or a need

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2
Q

Product can include

A

goods, services, events, persons, place, ideas,..

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3
Q

services def. (3)

A

An activity/benefit/satisfaction
- offered for sales
- intangible
- does not result in ownership of anything

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4
Q

Pure tangible product

A

soap, toothpaste

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5
Q

pure service

A

doctor’s exam, financial services

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6
Q

experience

A

to differentiate their offers -> create and manage customer experience with their brands or companies

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7
Q

3 levels of product and service

A
  • Most basic: core customer value (problem-solving benefits)
  • 2nd level: design Actual product
  • 3rd: augment product to create customer value + full and satisfying brand experience
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8
Q

Product and Service Classifications (3)

A
  • Consumer Products
  • Industrial products
  • Organizations, persons, places, events, ideas
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9
Q

Consumer Product def.

A
  • product and services
  • Bought by final consumers
  • for personal consumption
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10
Q

consumer product types (4)

A
  • Convencience product
  • shopping
  • specialty
  • unsought
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11
Q
  • Convenience product
    5-1-2-1-eg
A
  1. Buying behavior:
    - frequent purchase
    - little planning
    - little comparison
    - little shopping effort
    - Low customer involvement
  2. Price: low price
  3. Distribution:
    - widespread
    - convenient locations
  4. Promotion: mass by producers
  5. Examples: toothpaste, magazines, detergent
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12
Q
  • Shopping product
    4 - 1 - 1-2
A
  1. Buying behavior:
    - less frequent
    - much planning
    - comparison of brands on price, quality and price
    - much shopping effort
  2. Price: higher price
  3. Distribution:
    - selective distribution in fewer outlets
  4. Promotion: Advertising + Personal Selling by both producers and resellers
  5. Examples: major appliances, furniture, clothes
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13
Q
  • Specialty product
    4-1-1-1
A
  1. Buying behavior:
    - strong brand preference and loyalty
    - special purchase effort
    - little comparison
    - low price sensitivity
  2. Price: highest price
  3. Distribution:
    - exclusive distribution in only one or a few outlets per market area
  4. Promotion: more carefully targeted by both producer and reseller
  5. Examples: luxury goods
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14
Q
  • Unsought product
    1-?-?-1
A
  1. Buying behavior:
    - little product awareness/knowledge
  2. Price: varies
  3. Distribution: varies
  4. Promotion: aggresive advertising and personal selling by producer and reseller
  5. Examples: life insurance, blood donations
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15
Q

Industrial Products 3

A
  • bought by individuals and organizations
  • for further processing
  • or for use in conducting a business
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16
Q

3 groups of industrial products

A
  • materials and parts
  • capital items
  • supplies and services
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17
Q

Materials and parts includes (3)

A
  1. raw materials: farm and natural products
  2. component materials (iron, yarn, wires)
  3. component parts (small motors, tires,..)
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18
Q

Material and parts approach 2

A
  • sold directly to industrial useres
  • price and service are major mkt factors
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19
Q

Capital items

A

industrial products that aid in buyer’s production/operation

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20
Q

capital items include (2)

A
  1. installations
    - major purchase (buildings, offices, factory)
    - fixed equipments (large computer systems, elevators)
  2. accessory equipment
    - portable factory equip. and tools
    - office equip.
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21
Q

Supplies (2)

A

Convenience product of industrial field
- operating supplies (lubricant, coal, paper,)
- repair and maintenance (paint, nail, broom)

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22
Q

Services (in supplies and services)

A
  • repair and maintenance service (window cleaning..)
  • business advisory services (legal, management consulting, advertising)
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23
Q

Organization as product (2)

A
  • carry out activities to sell itself
  • Org. MKT: create/maintain/change attitudes + behaviors of targer consumers toward and org
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24
Q

Image and ideas as products

A
  • sponsor pr or corporate image mkt campaign
  • social mkt: the use of traditional business mkt concept and tools to encourage behaviors that will create individual and societal well-being
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25
Q

Person marketing

A

Create, maintain or change attitudes or behaviors towards particular people

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26
Q

Place marketing

A

create, maintain or change attitudes or behaviors towards particular places

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27
Q

3 levels of product and service decisions

A
  1. individual product decisions
  2. product line decisions
  3. product mix decisions
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28
Q

5 individual product decisions

A
  1. product attributes
  2. branding
  3. packaging
  4. labelling and logos
  5. product support services
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29
Q

4 product attributes

A
  1. quality
  2. features
  3. style
  4. design
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30
Q

Quality of product def (2)

A
  • characteristics of a product/service that bear on its ability to satisfy stated/impled customer needs
  • closely linked to customer value and satisfaction
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31
Q

total quality management

A

approach - all company’s people are involved in constantly improving the quality of products, service and business process

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32
Q

2 dimensions of product quality

A
  • Quality level
  • Quality consistency
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33
Q

Quality level 3

A
  • support product’s positioning
  • performance quality: ability to perform
  • choose a level that matches target market need + competing products
34
Q

quality consistency

A
  • conformance quality: freedom from defects and consistency in delivering a targeted level of performance
35
Q

product features def (3)

A

striped-down model (no extras) - add more features - features are a competitive tool to differentiate

36
Q

product style

A

appearance

37
Q

product design

A
  • larger concept than style
  • contribute to product’s usefulness + looks
38
Q

Brand def (3)

A
  • a name, term, sign, symbol or design or combination
  • identifies the products/services of one seller or group of sellers
  • differentiate them
39
Q

Branding roles (5)

A
  • help consumer identify products that might benefit them
  • say sth abt product quality and consistency
  • brand name and trade mark - legal protection from being copied
  • helps sellers segment market (sub brands for different segments)
  • become the basis on which a story can built about a product’s special qualities
40
Q

Packaging def

A

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

41
Q

packaging roles (4)

A
  • attract
  • communicate brand positioning
  • close sale
  • create immediate consumer recognition
42
Q

Label and Logo

A

from simple tags attached to products to complex graphics

43
Q

functions of labels (4)

A
  • labels identifies the product or brand
  • describe the product (who made it, where and when, its content, how to use)
  • promote the brand and engage customer
  • support the brand’s position and add personality to the brand
44
Q

Product support services

A

keep customers happy after the sale is the key to build lasting relationships

45
Q

steps to design support services (2)

A
  • survey customer periodically to assess the value of current services and obtain new ideas
  • fix problems and add new services that will delight customers + yield profits to the company
46
Q

Product Line (4)

A

A group of products that are closely related because they
- function in a similar manner
- are sold to the same customer groups
- marketed thrugh the same types of outlets
- fall within given prices

47
Q

Product line length

A

number of items in the product line
too short if the manager can increase profit by adding items

48
Q

2 ways to expand product line length

A
  • Product line filling
  • Product line stretching
49
Q

Product line filling def

A
  • add more items within the range of line
50
Q

5 reasons to product line filling

A
  1. reach for extra profits
  2. satisfy dealers
  3. use excess capacity
  4. be the leading full-line company
  5. plug holes to keep out competitors
51
Q

2 product line filling overdone

A
  • cannibalization: eat up sales of the company’s
  • customer confusion
52
Q

product line stretching def

A

lengthens its products line beyond its current range

53
Q

stretch downward 3

A
  • companies located at the upper end of the market
  • to plug hole/respond to competitpr’s attack on the upper end
  • add low-end products if there’s faster growth there
54
Q

stretch upward (2 reasons)

A

add prestige to their current products
reap higher margins

55
Q

4 dimensions of product mix

A
  • width: number of different product lines
  • length: number of items within its product lines
  • depth: number of versions offered for each product in the line
  • consistency: how closely related the various product lines (consistent if go through the same distribution channel)
56
Q

4 ways to increase 1 business

A
  1. add new product lines
  2. become more full-line company
  3. add more versions of each product
  4. pursue more/ less product line consistency
57
Q

4 characters of service

A
  1. Intangibility
  2. Inseperability
  3. Variability
  4. Perishability
58
Q

Service industries

A
  • government
  • private and Not for profit
  • Business
59
Q

Intangibility

A

cannot be seen/touched/tasted/felt/heard/smelle before purchase

60
Q

Reduce uncertainty for service

A
  • send right signals about quality
  • make service tangible in one or more way
61
Q

Inseperability

A

Cannot be seperated from their providers

62
Q

Variability in service

A

quality of services depend on who provides them, when and where, how are they provides

63
Q

Perishability

A

cannot be stored for later sale/use

64
Q

the service profit chain def

A

the chain that links service profits with employee and customer satisfaction

65
Q

5 links in service profit chain

A
  1. internal service quality
    - superior selection and training
    - quality work environment
    - strong support
  2. satisfied and productive service employees
  3. greater service value
    - effective and efficient customer value creation, engagement and service deliver
  4. satisfied and loyal customers
  5. healthy service profits and growth
66
Q

3 types of service marketing

A

Internal marketing
external marketing (4p)
interactive marketing

67
Q

Internal mkt

A

orient and motivate its customer-contact employees and supporting services people to work as a team to provide customer satisfaction

68
Q

Interactive mKT

A

Service quality depends on the quality of buyer-seller interaction during the service encounter

69
Q

3 major service mkt task

A
  1. service differentiation
  2. service quality
  3. service productivity
70
Q

3 solutions to price competition

A

Differentiated
- offer: innovative features
- delivery: more able and reliable customer-contact ppl + superior physical environment/delivery process
- image: symbol and branding

71
Q

Manage service quality (2)

A
  • customer retention - best mesure of quality
  • service recovery: angry to loyal
72
Q

LATTE service recovery

A
  • listen
  • acknowledge complain
  • take action by solving problem
  • thank
  • explain
73
Q

3 ways to increase service productivity

A
  • train or hire new better
  • increase quantity by giving up some quality
  • technology
74
Q

8Ps in Service

A
  1. People
  2. Physical evidence
  3. Promotion and education
  4. Production Process
  5. Productivity and quality
  6. Place and time
  7. Price
  8. Product elements
75
Q

people element

A

technical skills + comm. skills

76
Q

3 things to educate in service

A
  • teach about Benefits
  • when/where to obtain
  • how to participate in service process
77
Q

3 roles of promotion and education in service mkt

A
  • provide needed info and advice
  • persuade target customers of the benefits
  • encourage customers to take action at specific time
78
Q

badly designed Production process

A

slow
bureaucratic
ineffective service delivery

79
Q

relationship between productivity and quality

A
  • Productivity is essential to keep cost under control >< cut to many can lead to low quality
  • Quality is essential for differentiation and build customer equity
80
Q

Place and time

A
  • spend limited waiting time
  • choose time that fit, 24/7 service
81
Q

Price and costs in service

A
  • establish selling price
    -set trade margins
    -establish credits terms
  • minize time, physical and mental effort
82
Q

Product elements decision in service (2)

A
  • core product and bundle of supplementary services

Marketing An Introduction (10 decks)

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