Marketing Chapter 8
Shopping products
are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style -furniture -cars -appliances
Industrial products
are those products purchased for further processing or for use in conducting a business -materials and parts -capital items -supplies and serves
product features
competitive tool for differentiating a product from competitors' products. assed based on the value to the customer versus its cost to the company
product mix
consists of all the product lines and items that a particular seller offers for sale -width -length -depth -consistency
Convenience products
consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort -News papers -candy -fast food
Specialty products
consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. -medical services -designer clothes -high end electronics
Unsought products
consumer products that the consumer does not know about or knows about but does not normally think of buying -life insurance -funeral servies -blood donations
design
contributes to a products usefulness as well as to its looks
style
describes the appearance of the products
Managing service quality
enables a service firm to differentiate itself by delivering consistently higher quality than its competitors
service-profit chain
links service firm profits with employee and customer satisfaction.
Brand sponsorship
manufacturers brand, private brand, license brand, co-brand
Brand positioning
marketers can position brands at any of three levels: attributes, benefits, beliefs and values
Product line length
number of items in the product line -line stretching -line filling
Consumer products
products and services bought by final consumers for personal consumption
variability
quality of serves depends on who provides them and when, where, and how
products quality
referes to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. -total quality management -return-on-quality -quality level -quality consistency
Managing service productivity
refers to the cost side of marketing strategies for service firms.
inseparability
service cannot be separated from their providers
Intangibility
services cannot be seen, tasted, felt, heard, or smelled before purchase
perishability
services cannot be stored for later sale or use
Discuss branding strategy
the decisions companies make in building and managing their brands
Brand equity
the differential effect that knowing the brand name has on cutover response to the product or its marketing
Brand value
the total financial value of a brand
experiences
Companies are now creating and managing customer _____ with their brands or company
Products/services
_____ and _______ are becoming more commoditized
Product line
a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges
Service
a product that consists of activities, benefits, or satisfaction and that is essentially intangible and does not result in the ownership of anything
Product
anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want
Types of service industries
government, private not-for-profit organizations, business organizations
labels
identify the product or brand, describes attributes, and provide promotion
packaging
involves designing and producing the container or wrapper for a product
brand
is the name, term, sign, or design or combination of these, that identifies the maker or seller of a product or service