Marketing - Chapter 7

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 consumption or sale that is essentially intangible and does not result in a consumer’s ownership of anything

Customer solutions

Carefully though-out bundles of products and services that are designed to comprehensively solve customer's’ problems

Customer experiences

Market offerings with a string sensory or emotional component that play out for the customer over time

Consumer products

Products bought by final consumers for personal consumption

Convenience products

Consumer products that customers usually buy frequently, immediately, with low customer involvement, and with minimal comparison and buying effort

Shopping products

Consumer product that the customer, in the process of selecting, usually compares on such attributes as suitability, quality, price, and style

Specialty products

Consumer products with unique characteristics or brand identifications for which buyers are willing to make a special purchase effort

Unsought products

Consumer products that the consumer either does not know about or knows but does not normally consider buying

Industrial products

Products bough by individuals and organizations for further processing, use in conducting a business, or resale

Social marketing

The use of traditional marketing concepts and tools to encourage behaviors that will create individual and societal well-being

Product quality

The characteristics of a product or service that bear on its ability to consistently and reliably satisfy stated or implied customer needs

Brand

A name, term, sign, symbol, or design, or combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors

Packaging

Designing and producing the container or wrapper for a product

Product line

A group of products from a company that are closely related because they function in a similar manner, are sold to similar customer groups, serve similar customer needs, are marketed through the same types of outlets, or fall within given price ranges

Product mix

The set of all product lines and items that a seller offers for sale

Service intangibility

Services usually 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 sparated from their providers

Service variability

The quality of services may vary greatly depending on who provides them and when, where, and how they are provided

Service profit chain

The chain that links customer satisfaction and profits for service firms with employee satisfaction

Brand equity

The differential effect that knowing the brand name has on a customer’s emotions, attitudes, and behaviors related to the product or its marketing

Brand value

The total financial value of a brand

Store brands

Brands 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 extensions

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