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Marketing Ch_11

Product and Service Strategies

QuestionAnswer
Product bundle of physical, service, and symbolic attirbutes designed to satisfy a customer's wants and needs
Services intangible goods, tasks that satisfy the needs of consumer and business users
goods tangible products customers can see, hear, smell, taste, or touch
Features of Services Intangible, inseparable from the service providers, perishable, cannot easily be standardized, and buyers play important roles in the creation and distribution
marketing mix blending of the four strategy elements- product, promotion, price, and physical distribution, -to fit the needs and preferences of a specific target market
backshoring customers react negatively toward offshoring and as a result the company reacts and brings jobs back
Homeshoring Allowing people to work from home as it is cheaper not to have to pay for office space
Consumer product product destined for use by ultimate consumers
Business- to Business (B2B) Product product that contributes directly of indirectly to the output of other products for resale; also called industrial or organizational product
Unsought Products products marketed to consumers who may not yet recognize any need for them
Convenience Products Goods-and-services consumers want to purchase frequently, immediately, and with minimal effort
Impulse goods and services purchased on the spur of the moment
Staples convenience goods and services consumers constantly replenish to maintain a ready inventory (gasoline, shampoo, etc)
Emergency goods and services bought in response to unexpected and urgent needs. A snow blower during a snow storm.
Shopping Products Products consumers purchase after comparing competing offerings
Specialty Products offer unique characteristics that cause buyers to prize those particular brands
Installations Specialty products of the business market are called installations
Accessory Equipment Capital items that typically cost less and last for shorter periods than installations. Price significantly affect these decisions
Industrial Distributor a wholesaler
companent parts and materials represent finished business products of one producer that become part of the final products of another producer
Raw materials farm products such as beef, cotton, eggs, poultry, and soybeans, and natural resources each as coal, copper, iron ore, and lumber
Supplies constitute the regular expenses a firm incurs in its daily operations. These expenses do not become become part of the buyer'es final products
MRO Items Supplies, which fall into (1)Maintenance items (2)repair items (3)operating supplies
Business services intangible products firms buy to facilitate their production and operating processes
Total quality management continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance
benchmarking important tools used to set performance standards, to achieve superior performance that results in a competitive advantage in the marketplace
Service encounter the point at which the customer and service provider interact. Employees such as bank tellers, cashiers, and customer service representatives have a powerful impact on their customers' decision to return or not
Service quality refers to the expected and perceived quality of a service offering, and it has a huge effect on the competitiveness of a company
Variables that determine service quality tangible, reliability, responsiveness, assurances, empathy
product line series of related products offered by one company
product mix is a company's assortment of product lines and individual product offerings
Width of Product mix refers to the number of product lines the firm offers
Length of Product mix refers to the number of different products a firm sells
depth of Product depth refers to variations in each product the firm markets in its mix
Line extension adds individual offerings that appeal to different market segments while remaining closely related to the existing product line
Product lifecycle progression of a product through introduction growth , maturity, and decline stages
introductory stage a firm works to stimulate demand for the nw market entry. Products in this stage might bring new technology to a product category
Growth Stage sales volume rises rapidly as new customers make initial purchases and early buyers repurchase the product, such as camera phones and gps devices
Maturity Stage sales of a product category continue to grow during the early part, but eventually reach a plateau as the backlog of potential customers dwindles
Decline Stage innovations or shifts in consumer preferences bring about an absolute decline in industry sales
Extension of the product lifecycle (1)increasing frequency of use (2)increasing number of users (3)finding new uses (4)changing package sizes, labels, or product quality
Created by: 735568154
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