Products, Services, and Brands: Building Customer Value Flashcards
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Service
An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
Consumer product
A product bought by final consumers for personal consumption
Convenience product
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort
Shopping product
A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style
Specialty product
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Unsought product
A consumer product that the consumer either does not know about or knows about but does not normally consider buying
Industrial product
A product bought by individuals and organizations for further processing or for use in conducting a business
Social marketing
The use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well-being and that of society
Product quality
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Brand
A name, term, sign, symbol, 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
Packaging
The activities of designing and producing the container or wrapper for a product
Product line
A 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
Product mix (Product portfolio)
The set of all product lines and items that a particular seller offers for sale
Service intangibility
Services cannot be seen, tasted, felt, heard, or smelled before they are bought
Service inseparability
Services are produced and consumed at the same time and cannot be separated from their providers
Service variability
The quality of services may vary greatly depending on who provides them and when, where, and how
Service perishability
Services cannot be stored for later sale or use
Service profit chain
The chain that links service firm profits with employee and customer satisfaction
Internal marketing
Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction
Interactive marketing
Training service employees in the fine art of interacting with customers to satisfy their needs
Brand equity
The differential effect that knowing the brand name has on customer response to the product or its marketing
Store brand (private brand)
A brand created and owned by a reseller of a product or service
Co-branding
The practice of using the established brand names of two different companies on the same product
Line extension
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
Brand extension
Extending an existing brand name to new product categories
