MKT 3000 CH.8
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35 Terms
Product
anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
Services
are a form of product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything.
What are Consumer Products
They are products and services bought by final consumers for personal consumption.
Convenience products
They are inexpensive products that consumers frequently buy without much thought or comparison
Examples of Convenience products
- Newspapers
- Candy
- Fast food
Shopping products
They are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style.
Examples of Shopping Products
- Furniture
- Cars
- Appliances
Specialty Products
They are 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.
Examples of Specialty Products
•Medical services
•Designer clothes
•High-end electronics
Unsought products
are consumer products that the consumer does not know about or knows about but does not normally think of buying.
Examples of Unsought products
- Life Insurance
- Funeral Services
- Blood Donations
Industrial Products
They are products that will be used for further processing or could be used in conducting business operations.
Example of Industrial Products
•Materials and parts
•Capital items
•Supplies and services
Material Parts
Include raw materials and manufactured materials and parts.
Capital items
They are industrial products that aid in the buyer’s production or operations.
Supplies and Services
They are operating supplies, repair and maintenance items, and business services.
Organization marketing
consists of activities undertaken to create, maintain, or change the attitudes and behaviors of target consumers toward an organization.
Person marketing
consists of activities undertaken to create, maintain, or change the attitudes or behavior of target consumers toward particular people.
Social marketing
It uses commercial marketing concepts to influence individuals’ behavior to improve their well-being and that of society.
Product quality
refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Conformance Quality
How well a company consistently meets customer’s expectations and quality
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 line length
The number of items in the product line.
Product Mix
It consists of all the product lines and items that a particular seller offers for sale.
What are the 4 service characteristics?
Intangibility
Variability
inseparability
Perishability
Intangibility
Services cannot be seen, felt, tasted, or heard before purchase
Variability
It’s a concept where the quality of goods/services solely depends on who provides it and when, where, and how
inseparability
Services cannot be seperated from their providers
Perishability
Services cannot be sold for later sale or use
Service-profit chain
links service firm profits with employee and customer satisfaction.
Interactive marketing
that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.
How do service based companies differentiate themselves from other competitors?
They can stand out by using service characters or brand symbols
Brand Equity
the extra value a product gets just because of its name.
Brand value
the total financial value of a brand.
How to build a strong brand?
Brand positioning: decide what the brand stands for
Brand name selection: pick and protect the name
Brand sponsorship: decide whose name goes on the product
Brand development: decide how the brand grows