Marketing Chapter 8

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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


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