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MKT Chapter 7

QuestionAnswer
product anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
service an activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything
consumer product a product bought by a final consumer for personal consumption
convenience product buy frequently, immediately, and with a minimum of comparison an buying effort
shopping product the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
specialty product unique characteristics or a brand identification for which a significant group of buyers is willing to make special effort
unsought product either does know or doesnt knows about but does not normally think of buying
industrial product bought by individuals and organizations for further processing or for use in conducting a business
social marketing the use of commercial marketing concepts and tools in programs designed to influenece individuals behavior to improve their wel-being and that of society
product quality product or service that bear on its ability to satisfy stated or implied customer needs
brand a name, term, symbol, sign, design, or combo of these that identifies the product or services and differentiates them from these competitors
packaging the activites of designing and producing the container or wrapper for a product
product line a group that are closely related bec. they function in a similiar manner, are sold to the same customer groups, are marketed thru the same types of outlets, or fall within given price range
product mix/portfolio the set of all product lines and items that a particular seller offers for sale
service intangibility they cannot be seen, tasted, felt, or heard or smelled before bought
service inseparability they are produced and consumed at the same time and cannot be separarted from their providers
service variability quality may vary greatly, depending on who provides them and when, where, how
service perishability they cannot be stored for later sale or use
service profit chain links service firm profits with employee and customer satisfaction
internal marketing orienting and motivating customer contact employees and supporting service people to work as a team to provide customer satisfaction
interactive marketing training service employees in the fin arts of interacting with customers to satisfy their needs
brand equity the differential effect that knowing the brand name has on customer response to the product or its markeitng
store brand/private created and owned by a reseller of a product or service
cobranding the practice of using the established brand names of two different companies on the same product
line extension extending an existing brand name to new forms, colors, sizes, ingridients, or flavors of an existing product category
brand extension extending an existing brand name to a new product
 

 



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