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MKC1Collins
chapter 6 Creating Offerings
| Question | Answer |
|---|---|
| Offerings | products and services designed to deliver value to customers—either to fulfill their needs, satisfy their “wants,” or both. |
| Product | a tangible good people can buy, sell, and own. |
| Feature | characteristic of the offering. |
| Benefit | the degree to which a feature satisfies a buyer's need or desire. |
| Price | the amount people pay to receive the offering’s benefits. |
| Total cost of ownership (TCO) | the total amount someone pays to own, use, and eventually dispose of a product. |
| Service | an action that provides a buyer with an intangible benefit. Ex: haircut. |
| Product-oriented | The belief that the best way to capture market share was to create and manufacture better products at lower prices.Remained until after WWII. |
| Service-Dominant Approach to Marketing | customer focused. Integrates the product, price, and service dimensions of an offering. |
| Technology platform | the core technology that is the basis for an offering or product. |
| Product line | group of related offerings. |
| Line depth | the number of variations in a single product line. |
| Line breadth (or width) | a function of how many different, or distinct, product lines a company has. |
| Product mix | The entire assortment of products that a firm offers. |
| Convenience offerings | products and services consumers generally don’t want to put much effort into shopping for because they see little difference between competing brands |
| Impulse offerings | items purchased without any planning |
| Shopping offerings | one for which the consumer will make an effort to compare and select a brand. |
| Specialty offerings | highly differentiated offerings, and the brands under which they are marketed are very different across companies, too. For example, an Orange County Chopper vs. Kawasaki. |
| Unsought offerings | those that buyers do not generally want to have to shop for until they need them. Ex: Towing services and funeral services. |
| Capital equipment offerings | any equipment purchased and used for more than one year and depreciated over its useful life. Ex: machinery |
| Raw materials offerings | materials firms offer other firms so they can make a product or provide a service. Raw materials offerings are processed only to the point required to economically distribute them. |
| Manufactured material | A material that has been processed into a finished good but is not a stand-alone product; it still has to be incorporated into something else. |
| Original equipment manufacturer (OEM) Offerings | a manufacturer or assembler of a final product. An OEM purchases raw materials, manufactured materials, and component parts and puts them together to make a final product. |
| Maintenance, repair, and operations (MRO) offerings | refer to products and services used to keep a company functioning.Ex: Janitorial supplies |
| Facilitating offerings | products and services that support a company’s operations but are not part of the final product it sells. Ex: Marketing research services, banking and transportation services, copiers and computers. |
| Brand | a name, picture, design, or symbol, or combination of those items, used by a seller to identify its offerings and to differentiate them from competitors’ offerings. |
| Branding | the set of activities designed to create a brand and position it in the minds of consumers. |
| Brand name (ex:Apple) | the spoken part of a brand’s identity. |
| Brand mark | the symbol, such as Coke’s wave or Apple Computer’s multicolor apple (not to be confused with Apple Records’ green apple), associated with a brand. |
| Brand extension | utilizing an existing brand name or brand mark for a new product category. |
| Cannibalization | occurs when a firm’s new offering eats into the sales of one of its older offerings. |
| Primary packaging | holds a single retail unit of a product. Ex: a bottle of Coke, a bag of M&Ms. |
| Secondary packaging | holds a single wholesale unit of a product. Ex:a case of M&M bags. |
| Tertiary packaging | packaging designed specifically for shipping and efficiently handling large quantities. Ex: cases of Coke on wooden pallets wrapped in plastic. |
| Brand manager | the person responsible for all business decisions regarding offerings within one brand. |
| Business decisions | making decisions that affect profit and loss, which include such decisions as which offerings to include in the brand, how to position the brand in the market, pricing options, and so forth. |
| Product manager | someone with business responsibility for a particular product or product line. |
| Category manager | responsibility for business decisions within a broad grouping of offerings. Ex: a category manager at SC Johnson may have all home cleaning products, which would mean that brands such as Pledge, Vanish, Drano... |
| Market manager | is responsible for business decisions within a market. In this case, a market can be defined as a geographic market or region; a market segment, such as a type of business; or a channel of distribution. |
| Vertical market | B2B customers that compose a particular industry, such as the healthcare industry. |
| Vertical market managers | Marketing managers who oversee B2B products sold to a particular industry. |
Created by:
bobcollins
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