Product/Service

Question 1

What is a product?

Answer 1

Anything that can be offered for acquisition or consumption to satisfy a need or want.

Question 2

What is a service?

Answer 2

Consists of activities or benefits that are intangible and doesn’t result in ownership

Question 3

What are consumer products?

Answer 3

Bought by the final consumers for the purpose of personal consumption.

Question 4

What are industrial products?

Answer 4

Bought for use in conducting a business.

Question 5

What are convenience products?

Answer 5

Products/Service that a customer buys frequently with minimum buying effort such as fast food or newspapers.

Question 6

What are shopping products?

Answer 6

Less frequently purchased goods that a customer will compare on quality, price, sustainability and style before purchasing such as Cars or Furniture.

Question 7

What are specialty products?

Answer 7

Products or services that have unique characteristics that appeal to a certain group of buyers that will make special effort to purchase such as Designer clothes or high end electronics.

Question 8

What are unsought products?

Answer 8

Products that a consumer doesn’t normally think of purchasing such as Life insurance or Funeral Services.

Question 9

What are the 3 Industrial Products?

Answer 9

Materials and Parts, Capital Items and Supplies and Services

Question 10

What is organisation marketing?

Answer 10

Tending to the attitude and behaviour of target consumers toward an organisation.

Question 11

What is person marketing?

Answer 11

Tending to the attitude and behaviour of target consumers toward particular people.

Question 12

What is place marketing?

Answer 12

Tending to the attitude and behaviour of target consumers towards particular places.

Question 13

What is social marketing?

Answer 13

Influencing individuals’ behaviour to improve their well being and that of society.

Question 14

What is a product line?

Answer 14

Products that are closely related because of function in a similar manner and have similar marketing outlets

Question 15

What is a product mix?

Answer 15

All the product lines a seller offers for sale.

Question 16

What are the types of service industries?

Answer 16

Government, private not for profit organisations, business organisations

Question 17

What are the characteristics of a service?

Answer 17

Intangibility, inseparability from their providers, variability in quality and perishability

Question 18

Define Service-profit chain

Answer 18

Links service firm profits with employee and customer satisfaction.

Question 19

Define internal marketing

Answer 19

A service firm motivates its employees to work as a team to provide customer satisfaction.

Question 20

Define interactive marketing

Answer 20

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

Question 21

What is brand equity?

Answer 21

The weight a brand name carries on customer’s behaviour in relation to the product and its marketing

Question 22

What is brand value?

Answer 22

Financial value of the brand.

Question 23

What is the product life cycle?

Answer 23

Product development -> Introduction: slow sales and no profit -> Growth: Rapid Market acceptance and increasing profits -> Maturity: Slow Sales growth with levelling off or declining profits.