Help
Options
Didn't know it?
click below
click below
Knew it?
click below
click below
Don't Know
Remaining cards (0)
Know
retry
shuffle
restart
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.
Normal Size Small Size show me how
Normal Size Small Size show me how
chapter 7 marketing
Products, Services and Brands
| Question | Answer |
|---|---|
| Product | Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need.(ex. services, events, places, ideas or mixes of them.) |
| Core benefit | What the buyer is really buying. |
| Services | form of a product that consists of activities, benefits, satisfaction offered for sale that are essentially intangible and do not result in ownership of something. |
| Levels of product | *Core customer value*Actual product*Augmented product |
| Consumer Products | Products and services bought by final consumers for personal consumption. (ex. convience products, shopping products, specialty products and unsought products. |
| Convenience products | Consumer products and services that customers usually buy frequently, immediately and with minimal comparison and buying effort.(ex. candy, magazines, soap.) |
| Shopping Products | Less frequently purchased consumer products & services that customers compare carefully on suitability, quality, price and style. (ex. clothing, furniture, used cars.) |
| Specialty Products | Consumer products and services with unique characteristics or brand identification for which a significant group of buyers is wiling to make a special purchasing effort. (ex. designer clothes, enhancing medical services and legal specialists) |
| Unsought Products | Consumer either does not know or knows about, but does not normally think of buying. (ex. life insurance, funeral plans) Requires alot of advertising, personal sellin and marketing. |
| Industrial Products | Those purchased for further processing or for use in conducting business. Based on the purposefor which the product is bought. (ex. If a person buys a lawn mower to use around the home it is consdereda consumer product, but used landscape is this. |
| Organizational Marketing | Consists of activities undertaken to create, maintain or change the attitudes and behavior of target consumers toward an organization. (Ex.business and advertising firms) |
| Person Marketing | Consists of activities undertaken to create, maintain or change the attitudes and behavior of target consumers toward particular people. |
| Place Marketing | Consists of activities undertaken to create, maintain or change the attitudes and behavior of target consumers toward particular places. |
| Social Marketing | Use of commercial marketing concepts and tools in programs designed to influence individuals behaviors to improve their well-being and that of society. |
| Corporate Image Advertising | A tool companies use to market the company as a whole to various publics such as investors and potential employees. |
| Marketers make product and service decisions based on | 1.)Individual product decisions2.)Product Line decisions3.)Product Mix decisions |
| Product Quality(Level and Consistency) | One of the marketers major positioning tools. The characteristic of a product or service that relies on its ability to satisfy stated or implied customer needs. |
| Total Quality Management (TQM) | Is a approach on which all the company's people are involved in constantly improving the quality of the products, services and the business processes. |
| Performance Quality | The abilty of a product to perform its functions. |
| Conformance Quality | Freedom from defects and consistency in delivering a targeted level of performance. |
| Brand | Is the name, term, sign, symbol or design or a combination of these that identifies the maker or seller of a product or service. |
| Packaging | The activities of designing and producing the container or wrapper for a product. Attracts attention, desribes product to make sale. |
| Labels | Identify products or brands, desribe several things about the product, who made it? Where its made, and how to use it, Contents. |
| Product Line | Is a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed throuh the same types of outlets or fall with in given price ranges. |
| Product Line Length | The number of items in the product line. |
| Product Line Filling | Involves adding more items with in the present range of the line.(ex. reaches extra profits,satifies dealers, plugging holes to keep out competitors.) |
| Product Line Stretching | Occurs when a company lengthens its product line beyond its current range. |
| Downward-upper-end companies | Adding low-end products attractions. |
| Upward stretch | Add prestige to their current products. |
| Line stretching in Both directions | Serves both upper and lower ends of the market. |
| Product mix (product portfolio) | The set of all products lines and items that a particular seller offers for sale. |
| Dimensions of product mix | Width, Length, Depth and Consistency. |
| A powerful brand has high brand equity | Measures the brand's ability to capture consumer preference and loyalty. |
| Brand equity | Positive differential effect that knowing the brand name has on the customer's response to the product or service. |
| Consumer perception dimensions | Differentiation, relevance, knowledge, esteem. |
| Brand valuation | Process of estimating the total financial value of a brand. |
| Consumer equity | The value of a customer relationships that the brand creates. |
| Store brands (private brands) | A brain created and owned by a reseller of a product or service.(Generic or no-name) |
| Licensing | For a fee. Companies allowed use of names or symbols previously created by other manufacturers to be displayed. |
| Co-branding | Practice of using the established brand names of two different companies on the same product. One company licenses another company's well-known brand to use in combination with its own. |
| Line extensions | Extending an existing brand name to new forms, colors, sizes, ingredients or flavors of an existing product category.(ex. Kosher salt, sea salt, popcorn salt) |
| Brand extension | Extends the current brand name to a new or modified products in a new category. Give instant recognition saves high advertising costs but involves risk may confuse image of main brand. |
| Multi-branding | Offers a way to establish different features and appeal to different buying motives. |
| Mega-Brand strategies | Weeding out weaker brands and focusing their marketing dollars only on brands that can achieve the number one or number two market share positions in their categories. |
| Services account for | Close to 79% of US gross domestic product. Estimated 4/5 jobs in the US to be these Industries. |
| Companies must consider special service characteristics when designing marketing programs | 1.) Intangibility 2.) Inseparability3.) Variability 4.) Perishability |
| Service intangibility(Major) | Service cannot be seen, tasted, felt, heard or smelled before bought. (ex. Surgery) |
| Service inseparability | Cannot be separated from providers, and they are produced and consumed at the same time. |
| Service variability | The quality may be very greatly depending on who provides them when, where, and how. (ex. Hotels and guest customer service) |
| Service perishability | They cannot be stored for later use or sale. |
| Service profit chain | The chain that links service firm prospects with employee and customer satisfaction. |
| Links of service profit chain | Internal service quality, satisfied and productive service employees, greater service value, satisfied and loyal customers, healthy service profits and growth. |
| Internal marketing | Orienting and motivating customer contact employees in the supporting service people to work as a team to provide customer satisfaction. |
| Interactive marketing | Training service employees in the fine art of interacting with customers to satisfy their needs. |
| Brand name | It's tangible because you can add value to it. How much would you pay for a no-name product, compared to a namebrand product? value |
| Parity | The quality or state of being equal or equivalent. Based on performance they are all the same. |
| Branding | Helps the buyer identify products, must be easy to pronounce, convey a benefit, translated easy into other languages. |
| Quality | Judging products/- at what level do you want to perform, conformance is a high quality measures how consistent, how the product performs, features is the design and style. |
| Brand-new product choices | Multibrand, new brands, line extensions, brand extensions. |
| Sponsorship options | Manufactures/national, Private label, Licensed, Co-branded. |
| Over 90 percent of new products | Consumers don't want or need products, cost of failures enormous. |
| Brand equity | A high-level means more loyalty more advantages in power and helps launch extension helps to defend against price competition. |
Created by:
1036334345