Marketing 321 - Exam 2 - Chapters 11,13,15

what key issues must a marketer consider in relation to shopping products

allocation of resources, whether personal selling is needed, and cooperation within the supply chain.

what is an idea and what do they provide

an idea is a concept, philosophy, image, or issue. Ideas provide the psychological stimulation that aids in solving problems or adjusting the environment.

how are business products purchased

business products are usually purchased on the basis of an organization's goals and objectives

what kind of behaviors to buyers exhibit in relation to specialty products

buyers conduct research, plan the purchase, know exactly what they want, and will not accept the substitute

What are business products?

products bought to use in a firm's operations, to resell, or to make other products

what kind of behaviors to consumers exhibit in relation to shopping products

Buyers spend considerable time comparing stores and brands with respect to prices, product features, qualities, services, and perhaps warranties

where are convenience products normally marketed

a convenience product is normally marketed through many retail outlets, such as gas stations, drugstores, and supermarkets

what is a good

a good is a tangible physical entity, such as an Apple iPhone or a Subway sandwich

what is a service

a service is intangible and the result of the application of human and mechanical efforts to people or objects. Examples: a concert performance, online car insurance, a medical examination, an airline flight, and child day care

what is accessory equipment

accessory equipment does not become part of the final physical product but is used in production or office activities

what are some examples of shopping products

appliances, bicycles, furniture, stereos, cameras, and shoes

what do consumers and business buyers seek to satisfy

consumers buy products to satisfy their personal wants, whereas business buyers seek to satisfy the goals of their organizations

what are convenience products

convenience products are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort. Examples: bread, soft drinks, chewing gum, gasoline, newspapers

what are the 4 categories of consumer products

convenience, shopping, specialty, and unsought products

examples of unsought products

emergency medical services and automobile repairs

what will buyers of convenience products do if their product is not conveniently available

even buyers who prefer a specific brand will generally choose a substitute if the preferred brand is not conveniently available

examples of specialty products

fine jewelry or limited-edition collector's items

what are the important aspects of business services

generally, the functional aspects of the product are more important than the psychological rewards sometimes associated with consumer products

what are installations

installations are facilities and non-portable major equipment

what do installations include

installations include facilities, such as office buildings, factories, and warehouses, and major non-portable equipment such as production lines and very large machines

what are the seven categories of business products

installations, accessory equipment, raw materials, component parts, process materials, MRO supplies (maintenance, repair, and operating, and business services

what kind of services must marketers provide in relation to installations

marketers of installations much frequently provide a variety of services, including training, repairs, maintenance assistance, and even aid in financing

how to marketers approach specialty products

marketers will approach their efforts for specialty products differently from convenience or shopping products in several ways. specialty products are often distributed through a very limited number of retail outlets.

what are important aspects of convenience products

packaging and displays are important because many convenience items are available only on a self-service basis at the retail level, and thus the package plays a major role in selling the product

What are consumer products?

products purchased to satisfy personal and family needs and are classified according to the characteristics of consumer buying behavior.

what do sellers of convenience products experience

sellers experience high inventory turnover and per-unit gross margins can be relatively low

what are shopping products

shopping products are items for which buyers are willing to expend considerable effort in planning and making the purchase

what do shopping products experience in relation to inventory and gross margin

shopping products experience lower inventory turnover and marketing channel members expect to receive higher gross margins to compensate for the lower turnovers

what is the inventory turnover and gross margin in relation to specialty products

similar to shopping products, they are purchased infrequently, causing lower inventory turnover and thus requiring high gross margins to be profitable

on average, what is the most expensive category of products

specialty products

what are specialty products

specialty products possess one or more unique characteristics, and generally buyers are willing to expend considerable effort to obtain them

what is necessary in the case of unsought products

speed of problem resolution is more important than price or other features a buyer might normally consider if there were more time for decision making

what do supplemental features provide

supplemental features provide added value or attributes that are in addition to the product's core utility or benefit. These features often include perks such as free installation, guarantees, product information, promises of repair or maintenance, delivery, training, or financing.

what are used to make intangible products more tangible, or real, to the consumer

symbols and cues

what does the core product consist of and address

the core product consists of a product's fundamental utility or main benefit and usually addresses a fundamental need of the consumer

what are the 3 interdependent elements of a total product offering

the core product, its supplemental features, and its symbolic or experiential benefits

What are unsought products?

unsought products are those purchased when a sudden problem must be solved, products of which customers are unaware until they see them in a store or online, and products that people do not plan on purchasing

what behaviors do consumers exhibit in relation to specialty products

when searching for specialty products, buyers do not compare alternatives and are unlikely to base their decision on price. they are concerned primarily with finding an outlet that sells the preselected product.