Product/Service Flashcards
What is a product?
Anything that can be offered for acquisition or consumption to satisfy a need or want.
What is a service?
Consists of activities or benefits that are intangible and doesn’t result in ownership
What are consumer products?
Bought by the final consumers for the purpose of personal consumption.
What are industrial products?
Bought for use in conducting a business.
What are convenience products?
Products/Service that a customer buys frequently with minimum buying effort such as fast food or newspapers.
What are shopping products?
Less frequently purchased goods that a customer will compare on quality, price, sustainability and style before purchasing such as Cars or Furniture.
What are specialty products?
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.
What are unsought products?
Products that a consumer doesn’t normally think of purchasing such as Life insurance or Funeral Services.
What are the 3 Industrial Products?
Materials and Parts, Capital Items and Supplies and Services
What is organisation marketing?
Tending to the attitude and behaviour of target consumers toward an organisation.
What is person marketing?
Tending to the attitude and behaviour of target consumers toward particular people.
What is place marketing?
Tending to the attitude and behaviour of target consumers towards particular places.
What is social marketing?
Influencing individuals’ behaviour to improve their well being and that of society.
What is a product line?
Products that are closely related because of function in a similar manner and have similar marketing outlets
What is a product mix?
All the product lines a seller offers for sale.
What are the types of service industries?
Government, private not for profit organisations, business organisations
What are the characteristics of a service?
Intangibility, inseparability from their providers, variability in quality and perishability
Define Service-profit chain
Links service firm profits with employee and customer satisfaction.
Define internal marketing
A service firm motivates its employees to work as a team to provide customer satisfaction.
Define interactive marketing
Service quality depends on the quality of the buyer-seller interaction during the service encounter.
What is brand equity?
The weight a brand name carries on customer’s behaviour in relation to the product and its marketing
What is brand value?
Financial value of the brand.
What is the product life cycle?
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.
