Chapter 14

specialty goods and services

Consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them.

A product the consumer wants to purchase frequently and with minimum effort is a good or service called?

Convenience good

total product offer

Everything consumers evaluate when deciding whether to buy something

value

Good quality at a fair price. When consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs.

______ is a set of processes for creating, communicating, and delivering value to customers according to the American Marketing Association

Marketing

It is unusual for a company to sell:

One product

An ongoing need for all marketers in order for their business to survive is: A. A one product focus B. Increased product offerings C. One target market D. Production adaption

Product adaption

convenience goods and services

Products that the consumer wants to purchase frequently and with a minimum of effort.

industrial goods

Products used in the production of other products. Sometimes called business goods or B2B goods.

——— goods or services are products the consumer buys only after comparing value, quality, price, and style from a variety of sellers

Shopping goods

——— good are consumer products with unique characteristics and brand identity

Specialty goods

Everything that consumers evaluate when deciding whether to buy something is referred to as the:

Total product offer

True or False: value means that costumers perceive a product as a good quality at a fair price.

True

A ———— good is one that consumers of or have not thought of buying.

Unsought good

product line

a group of products that are physically similar or are intended for a similar market

The combination of product lines offered by a manufacturer are called:

product mix

product mix

the combination of product lines offered by a manufacturer

Production differentiation

the creation of real or perceived product differences

shopping goods and services

those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers

unsought goods and services

products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem