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MKT Quiz Three
| Question | Answer |
|---|---|
| What is a product? | everything both favorable and unfavorable that a person receives in a purchase (experience & how you feel) |
| Convenience products | relatively inexpensive and something that merits very little shopping time; requires a very large distribution network so you can sell enough to be profitable - you can buy it anywhere (e.g., toothbrush, deodorant) |
| Shopping products | something more expensive, you spend time researching or digging into; can be utilitarian or hedonic (e.g., car, house, washing machine) |
| Specialty products | something you search for extensively and you're not willing to sacrifice or find a substitute on; brands you have relationships with (e.g., something your passionate about - if you play tennis only going to use a certain racket) |
| Unsought products | a product you either don't know about, or that you know about that you don't know that you need - unplanned purchase (not impulse) (e.g., cemetery plot, new tires, insurance) |
| Product line/production mix | All of the products that a company sells make up their product line or their product mix (e.g., Coca-Cola company has coke, diet coke, coke 0, sprite, dasani, etc.) |
| Creating brand recognition/loyalty | so that way you get power and everyone knowing who it is and knowing that it's a valuable product (e.g., when apple makes iPad, iPod, iPhone, iMac) |
| Packaging products the same | the reason you do this is because it costs you less if everything is shaped the same way - it makes it easier to ship and to merchandised (e.g., coke bottles are all the same with different names) |
| Modify a product: Quality | maybe competition has made things better or maybe consumers are saying quality isn't good enough (e.g., camera is clearer, they have more storage) |
| Modify a product: Function | innovation, there's a better way to create a benefit within the product (e.g., one port for charging/headphones, no more home button, screen goes to the edges) |
| Modify a product: Style | the look and feel of something (e.g., size, weight, driven by design/trends) |
| Interbrands best global brands in the world: | Apple, Google, Amazon; you hire them to help you with your company |
| Brand | how we feel about the company (e.g., Apple we think innovation - that is their brand) everything encompasses brand (all the different names of products in Apple is included in brand) |
| Brand Equity | what is a brand worth? - the value of the brand |
| Global brand | a brand that has at least one third of its earnings outside of its home country (e.g., global brands: Apple, Google, Amazon, Pepsi) |
| Manufacturers brand | is the brand name of the manufacturer (e.g., Apple is a brand and Apple manufactures their own products) |
| Private label brand | means you're manufacturing something for someone else (e.g., Georgia pacific - quilted northern toilet paper and brawny paper towels - they create the exact same product for target under the private label Up and Up) |
| Co. Branding | takes place when 2 companies put their same names on a single product (e.g., American express card but Delta sky miles American express (Delta and American express partnered together)- which gives incremental benefits if you use it ) |
| Co. Branding continued | In other words, one brand is manufacturing the product and taking all the risk of selling the product, but when they sell it they're paying a licensing royalty back to the other brand. |
| 4 Unique differences between services and products | They are intangible (you cannot touch it) Inseparable (present during the production and consumption) Heterogeinity (so many variables that it cannot be standardized - difference in the way things are used Service is perishable (cant store it) |
| Service quality r______e | 1. Is it reliable? - Does it do what it is supposed to do the first time? |
| Service quality r____________ness | 2. Responsiveness - if I have a problem can I get help 24/7, does the response fix the problem the first time? |
| Service quality a_______ce | 3. Assurance - trustworthy-ness |
| Service quality e____thy | 4. Empathy - when something doesn't work and someone on the other end says "I'm sorry this isn't working for you, is there anything else you need?" |
| Service quality t_____ble | 5. Tangible - do you know where the equipment/tools are to fix the issue |
| Service gaps: customer vs company | Gap between what the customer wants vs. what the company thinks the customer wants (occurs when company has not analyzed their research data) |
| Service gaps: company vs employees vs customers | 2. Gap when a company creates standards for their employees that causes issues among their customers (e.g., KFC chicken example) |
| Service gaps: service quality specifications vs service provided | 3. - caused by a lack of tools, training or resources (e.g., improvements chic-fil- a added 'food served within 4 minutes' food cannot be served in 4 mins because of demand which would cause quality to fall - so they brought up the wait time) |
| Service gaps: company provides vs what is said they provide | 4. When there is a difference between what the company provides vs. what they say they provide (mirrored in ethical issues) (e.g., Wells Fargo signing people up randomly) |
| Service gaps: what consumers want vs what they get | 5. Services the customers receive vs. the services the customers want |
| It is difficult to market services because they are... | Tangible |
| Core service | something a service is supposed to provide (e.g., hotel's core service is to provide a place for people to sleep) |
| Supplementary service | something a service offers on the side (e.g., hotels provide breakfast, pools, housekeeping) |
| Relationship service | 1. Financial (e.g., Delta giving miles) 2. Social (e.g., insurance agent sending birthday card to customer) 3. Customization (e.g., financial planner tailoring services to the customer) Structural (both financial and social aspects) |
| Marketing non-profit | They look to promote what they give back to society so you know what they do and look for people to connect with that have a particular passion for they do |
Created by:
zoeyvanolinda
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