product and service strategy

Question 1

What are the levels of product

Answer 1

1. Core product: core benefit or service
2. Actual product: quality level, brand name, packaging, features, design
3. Augmented product: installation, after-sale service, deliver, warranty

Question 2

What are the types of products

Answer 2

1. Consumer: convenience (soap), shopping (clothes), specialty (Rolex), unsought (life insurance)
2. Industrial: material and parts, capital items, supplies and services
3. Other entities: Non-profits, persons, places, ideas

Question 3

What is the service profit chain

Answer 3

1. internal service quality
2. satisfied and productive service employees
3. greater service quality
4. satisfied and loyal customers
5. healthy service profits and growth

Question 4

What is the product service continuum

Answer 4

1. Pure tangible good (soap)
2. Tangible good with accompanying service (car)
3. Hybrid offer (restaurant)
4. Service with accompanying minor goods (airline with snacks)
5. Pure service (dentist)

Question 5

What are the individual product decisions?

Answer 5

1. Product attributes
2. Branding
3. Packaging
4. Labelling
5. Product-Support Services

Question 6

What are the components under individual product decisions -> branding?

Answer 6

1. name selection
2. brand sponsor
3. brand strategy
   
   • line extension
   • brand extension
   • multibrands
   • new brands

Question 7

What are the product line decisions?

Answer 7

1. Number of Items in the Product Line
2. Stretching: Lengthen beyond current range
3. Filling: Lengthen within current range

Question 8

What are the product mix decisions?

Answer 8

1. Product Mix -all the product lines & items offered
2. Width - number of different product lines
3. Length - total number of items in product lines
4. Depth - number of versions of each product

Question 9

What is the mktg strategy for service firms?

Answer 9

1. Manage service quality
   - empower front line
   - monitor service performance closely
   - customer obsession
   - high service quality standards
2. Manage service productivity
   - quality + quantity
   - train employees better
   - use tech
3. Manage service differentiation
   - offer, delivery, image

Question 10

How to increase brand equity?

Answer 10

high brand loyalty
name awareness
perceived quality
strong brand associations