BA 370 SDSU Exam 3 Petitte

Maslows Heiarchy of Needs

1. Self Actualization

2. Esteem

3. Social

4. Safety

5. Phycological

Product Life Cycle

typical pattern that a successful new product takes, from development to end of life.

product class

a group of products that are generally considered as subs for one another.

product form

smaller segment of the product class. refers to the different types of products or variations within the product class.

product life cycle stages

1. product development

2. introduction

3. growth

4. maturity

5. decline

managing products

-product is first offered for sale commercially

-marketing should focus on increasing brand awareness by informing and educating customers about the product.

Growth

-Sales and profits increase

- marketing strategy here is to communicate to consumers why they should buy your product.

characteristics of service

1. Intangibility

2. Inseparability

3. Variability

4. Perishability

intangibility

-services not difficult to copy

-displaying services and communicating about them is difficult

-consumers perceive greater risk in services

-many services difficult to evaluate

marketing intangibility

-convey benefits of service

-custom

perishability

-businesses cannot hold services in inventory

-balancing supply and demand is difficult

-consumers cant return services

marketing for perishability

-companies should invest in resources and personnel to deliver services at appointed time.

variability

-mass producing services that humans mist deliver isn't possible

-managing customer satisfaction is harder

-achieving consistent service performance is difficult

marketing for variability

-train staff well

-have precise performance to determine consumer satisfaction

Inseparability

-customers impact on other customers

-employees impact the outcome

-customer involvement is a must

marketing for inseparability

-it isn't possible to divorce the production and delivery of a service from its production

Service Buyer Behavior Process

1. need recognition

2. information search

3. purchase

4. evaluation of alternatives

5. reaction

Consumer life time value (CLV)

-The total profit associated with a customer for the duration of their relationship with the brand.

What is a trigger in the environment that signals a need?

external cue

What is the buyer behavior process?

The stages that consumers go through when deciding to purchase and consume a product

True or False: Consumption can be either actual physical consumption or consuming a service.

True

What is top of mind awareness?

The brands a consumer first recalls from memory

What are the product attributes that are important to consumers called?

Evaluative criteria

Which of these is NOT a reaction hoped for by a marketer?

The customer forgets about the product

Which of these is correct about a low involvement purchase?

The decision isn't risky

True or False: Routine purchases are an example of high-involvement purchases.

false

True or False: The buying process can be much shorter for B2B purchases.

false

Which of the following is NOT included in the product attribute levels?

necessary attributes

the basic attributes that are necessary to deliver the benefits are called

expected attributes

The chapter discussed a few specific subtypes of convenience products. Which of the following is considered a subtype of convenience product?

1. consumer packaged goods

2. impulse product

3. staple product

True or False: A product life cycle describes the typical pattern that an unsuccessful new product takes, from development to the end of its life.

false

_____ are easily explained and quickly adopted by consumers.

low learning products

True or False: A key component of a product - especially in consumer goods - is the product packaging.

true

What kind of packaging holds a number of individual units to form a wholesale unit?

secondary packaging

In the ____ stage, product sales have leveled off and profits are beginning to decrease.

maturity

Which type of good is consumed quickly and often?

Consumer packaged good

_____ products have a short life cycle that is cyclical.

fashion

True or False: Because services have different characteristics than products, marketing services require a different approach than does product marketing.

true

Services are _____.

Services are intangible aspects in the economy. They include education, banking, transport ,etc.

characteristics of a service

1. Intangible - They cannot be touched or seen and are usually felt.

2. Inseparable - They are inseparable and can be availed when they are produced.

3. Perishable - Since they are inseparable, they get finished once are consumed.

4. Variable - They tend to be varied for every user since service is provided each time for a new consumer.

Orchestrating a great _____ is a powerful way to differentiate a service for which there are alternatives.

Variable - They tend to be varied for every user since service is provided each time for a new consumer.

Elements of a service blueprint

It has the identified consumers/target consumers, suppliers, support process, physical evidence and customer actions.

The evaluation of services occurs almost exclusively _____ purchasing and experiencing the service.

WHILE PURCHASING

When services are created or produced at the time consumers need them, they fall under the characteristic of _____.

Inseparability