Marketing Chapter 7

unsought products

- a consumer product that the consumer either does not know about or knows about but does not normally consider buying. -most major new innovations are unsought until the consumer becomes aware of them through adverstising. -examples include life insurance, preplanned funeral service, and blood donations to Red Cross.

Consumer product

- a product bought by final consumers for personal consumption. -consumer products include convenience products, shopping products, specialty products, and unsought products.

Actual product

-Product planners must develop product and service features, a design, a quality level, a brand name, and packaging. - For example, the iPad is an actual product. It's name, parts, styling, operating system, features, packaging, and other attributes have all been carefully combined to deliver the core customer value of staying connected.

convenience product

-a consumer product that consumers usually buy frequently, immediately, and with minimal comparison and buying effort. -examples include laundry detergent, candy, magazines, and fast food. -connivence products are usually low priced, and marketers place them in many locations to make readily available when customers need or want them.

shopping product

-a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style. -when buying shopping products and services, consumers spend much time and effort in gathering information and making comparisons. -examples include furniture, clothing, major appliances, and hotel and airline services

specialty product

-a consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. -examples include specific brands or cars, high-priced photography equipment, designer clothes, gourmet foods, and the services of medical or legal specialists. -buyers usually do not compare specialty products

Brand

-a name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors -consumers view a brand as an important part of a product, and branding can add value to a consume's purchase. -

industrial product

-a product bought by individuals and organizations for further processing or for use in conducting a business. -if a consumer buys the loan mower for use in a landscaping business, the lawn mower is an industrial product. -the three groups of industrial products and services are materials and parts, capital and items, and supplies and services.

core customer value

-address he question: what is the buyer really buying? when designing products, marketers must first define the core, problem-solving benefits or serves that consumers seek.

brand extension

-extending an existing brand name to new product categories -for example special k has branded into a full line of crackers, fruit bars, protein shakes

service recovery

-good service recovery can win more customer purchasing and loyalty than if things had gone well in the first place. -for example Southwest Airlines has a proactive customer communications team whose job is to find the situations in which something went wrong

Augmented product

-product planners must build this product around the core benefit and actual product by offering additional consumer services and benefits. -ex: when customers buy an iPad, apple and its resellers also might give buyers a warranty on parts and workmanship, quick repair services. -also apple provides access to a huge assortment of apps and accessories.

service inseparability

-services are produced and consumed at the same time and cannot be separated from their providers

service intangibility

-services cannot be seen, tasted, felt, heard, or smelled before they are bought. -for example, people undergoing cosmetic surgery cannot see the result before they re bought

service perishability

-services cannot be stored for later sale or use.

packaging

-the activities of designing and producing the container or wrapper for a product -packaging must attract buyers, to communication brand positioning, to closing the sale

product quality

-the characterisics of a product or service that bear on its ability to satisfy stated or implied customer needs -quality affects product or service performance; thus, it is closely linked to customer value and satisfaction

brand equity

-the differential effect that knowing the brand name has on customer response to the product or its marketing -it's a measure of the brand's ability to capture consumer preference and loyalty -a brand has positive brand equity when consumers react more favorably to it than to a generic or unbranded version of the same product

service variability

-the quality of services may vary greatly depending on who provides them and when, where and how they are provided -example: within a marriott hotel, one registration-counter employee may be cheerful and efficient, whereas another standing just a few feet away may be grumpy and slow

product mix (product portfolio)

-the set of all product lines and items that a particular seller offers for sale. example: campbell's product mix consists of three product lines: healthy beverages, baked snacks, and simple meals. -a company product mix has four important dimension: width, length, depth, and consistency

social marketing

-the use of commercial marketing concepts and tools in programs designed to influence and individuals' behavior to improve their well-being and that of society

store brand (private brand)

a brand created and owned by a reseller of a product or service -store brands are growing faster than national brands

line extension

extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category. -ex: cheerios line of cereals including honey nut, frosted, yogurt burst, multigrain, bananas nut, and several other variations