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MKT Chapter 7
| Question | Answer |
|---|---|
| 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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stophammertime1290
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