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Chapter 8
Essentials of Marketing
| Question | Answer |
|---|---|
| What is the need-satisfying offering of a firm? | Product |
| What is a product’s ability to satisfy a customer’s needs or requirements? | Quality |
| This is what the seller promises about its product. | Warranty |
| What is a particular product within a product line. | Individual product |
| What is a set of individual products that are closely related? | Product line |
| What is the set of all product lines and individual products that a firm sells? | Product assortment |
| What is the number of individual products in a product line? | Product line length |
| What is an overlay of a computer-generated image, sound, text, or video onto a user’s view of the physical world? | Augmented reality (AR) |
| What is a virtual product that includes a record of ownership of primarily digital media? | Non-fungible tokens |
| What is the use of a name, term, symbol, or design—or a combination of these—to identify a product? | Branding |
| What is a word, letter, or a group of words or letters? | Brand name |
| What are those words, symbols, or marks that are legally registered for use by a single company? | Trademark |
| What are those words, symbols, or marks that are legally registered for use by a single company to refer to a service offering? | Service mark |
| What is how well customers recognize and accept a company’s brand? | Brand familiarity |
| What are the 6 levels of brand familiarity? | (1) Rejection (2) Nonrecognition (3) Recognition (4) Preference (5) Insistence (6) Evangelism |
| ___________ is when potential customers won’t buy a brand unless its image is changed. | Brand rejection |
| ___________ is when final customers don’t recognize a brand at all—even though intermediaries may use the brand name for identification and inventory control. | Brand nonrecognition |
| ___________ is when customers remember the brand. | Brand recognition |
| ___________ is when target customers usually choose the brand over other brands, perhaps because of habit or favorable past experience. | Brand preference |
| ___________ is when customers insist on a firm’s branded product and are willing to search for it. | Brand insistence |
| ___________ is when customers are so enthusiastic about a brand that they actively spread positive word-of-mouth. | Brand evangelism |
| What is the value of a brand’s overall strength in the market? | Brand equity |
| What is a 1946 law that spells out what kinds of marks (including brand names) can be protected and the exact method of protecting them? | Lanham Act |
| What is a brand name that is used for several products? | Family brand |
| What is a well-known brand that sellers pay a fee to use? | Licensed brand |
| What are separate brand names used for each product? | Individual brands |
| What are products that have no brand at all other than identification of their contents and the manufacturer or intermediary? | Generic products |
| What are brands created by producers? | Manufacturer brands |
| What are brands created by intermediaries? | Dealer brands/Private brands |
| What describes the competition between dealer brands and manufacturer brands? | Battle of the brands |
| What is a 1966 law requiring that consumer goods be clearly labeled in easy-to-understand terms? | Federal Fair Packaging and Labeling Act |
| What are products meant for the final consumer? | Consumer products |
| What are products meant for use in producing other products? | Business products |
| What are products a consumer needs but isn’t willing to spend much time or effort shopping for? | Convenience products |
| What are products that are bought often, routinely, and without much thought? | Staples |
| What are products that are bought quickly as unplanned purchases because of a strongly felt need? | Impulse products |
| What are products that are purchased immediately when the need is great? | Emergency products |
| What are products that a customer feels are worth the time and effort to compare with competing products? | Shopping products |
| What are shopping products the customer sees as basically the same and wants at the lowest price? | Homogeneous shopping products |
| What are shopping products the customer sees as different and wants to inspect for quality and suitability? | Heterogeneous shopping products |
| What are consumer products that the customer really wants and makes a special effort to find? | Specialty products |
| What are products that potential customers don’t yet want or know they can buy? | Unsought products |
| What are products offering really new ideas that potential customers don’t know about yet? | New unsought products |
| What are products that stay unsought but not unbought forever? | Regularly unsought products |
| What type of demand is a demand for business products derives from the demand for final consumer products? | Derived demand |
| What is a product whose total cost is treated as a business expense in the period it’s purchased? | Expense item |
| What is a long-lasting product that can be used and depreciated for many years? | Capital item |
| What are the 6 classes of business products? | (1) Installations (2) Accessories (3) Raw materials (4) Components (5) Supplies (6) Professional Services |
| What are important capital items such as buildings, land rights, and major equipment? | Installations |
| What are short-lived capital items—tools and equipment used in production or office activities? | Accessories |
| What are unprocessed expense items—such as logs, iron ore, and wheat—that are moved to the next production process with little handling? | Raw materials |
| What are the 2 types of raw materials? | (1) Farm products (2) Natural products |
| What are products grown by farmers, such as oranges, sugarcane, and cattle? | Farm products |
| What are products that occur in nature—such as timber, iron ore, oil, and coal? | Natural products |
| What are processed expense items that become part of a finished product? | Components |
| What are the 3 types of supplies? | (1) Maintenance (2) Repair (3) Operating Supplies |
| What are expense items that do not become part of a finished product? | Supplies |
| What are specialized services that support a firm’s operations? | Professional services |
| Dental Providers of America, Inc. provides dental services across the country and has dental offices in most major cities. The company has to have multiple locations because Blank______. | services are conducted in person |
Created by:
jefferycwilliams765