Products, Services, and Brands

Flashcards reviewing key concepts related to products, services, and brands.

What is a product?

Anything offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.

What is a service?

A product that consists of activities, benefits, or satisfactions, is intangible, and doesn't result in ownership.

What are consumer products?

Products and services bought by final consumers for personal consumption.

List four types of consumer products.

Convenience, shopping, specialty, and unsought products.

What are convenience products?

Consumer products and services that the customer buys frequently, immediately, and with minimal comparison and buying effort.

What are shopping products?

Less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style.

What are specialty products?

Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.

What are unsought products?

Consumer products that the consumer does not know about or knows about but does not normally think of buying.

What are industrial products?

Products purchased for further processing or for use in conducting a business.

List three types of industrial products.

Materials and parts, capital items, and supplies and services.

What are capital items?

Industrial products that aid in the buyer’s production or operations.

What does organization marketing consist of?

Activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.

What is person marketing?

Activities undertaken to create, maintain, or change the attitudes or behavior of target consumers toward particular people.

What is place marketing?

Activities undertaken to create, maintain, or change attitudes and behavior toward particular places.

What is social marketing?

Using commercial marketing concepts to influence individuals’ behavior to improve their well-being and that of society.

What is a brand?

The name, term, sign, or design, or a combination of these, that identifies the maker or seller of a product or service.

What does packaging involve?

Designing and producing the container or wrapper for a product.

What is a 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.

What is product line length?

The number of items in the product line.

What does the product mix consist of?

All the product lines and items that a particular seller offers for sale.

List four service characteristics.

Intangibility, inseparability, variability, and perishability.

What is internal marketing?

The service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction.

What is interactive marketing?

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

What is brand equity?

The differential effect that knowing the brand name has on customer response to the product or its marketing.

What is brand value?

The total financial value of a brand.

What are the three levels marketers can position brands?

Attributes, benefits, beliefs and values.

What is a manufacturer's brand?

A brand created and owned by the producer of a product or service.

What is a private brand?

A brand created and owned by a reseller of a product or service.

What is a licensed brand?

A well-known brand that sellers pay a fee to use.

What is co-branding?

Using the established brand names of two different companies on the same product.