Kotler|Armstrong Principles of Marketing Chapter 8 Vocabulary – Flashcards
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Service
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An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
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Product
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Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
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Three Levels of Product
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Augmented product, Actual product, Core customer value
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Consumer product
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A product bought by final consumers for personal consumption.
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Convenience product
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A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
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Shopping product
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A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
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Specialty product
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A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
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Unsought product
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A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
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Type of Consumer Products
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Convenience, Shopping, Specialty, Unsought
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Industrial product
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A product bought by individuals and organizations for further processing or for use in conducting a business.
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Social marketing
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The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
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Individual Product Decisions
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product attributes, branding, packaging, labeling, and product support services.
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Product quality
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The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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Brand
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A name, term, sign, symbol, 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.
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Packaging
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The activities of designing and producing the container or wrapper for a product.
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Product line
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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.
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Product mix (or product portfolio)
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The set of all product lines and items that a particular seller offers for sale.
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Four Service Characteristics
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Intangibility, Inseparability, Variability, Perishability
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Service intangibility
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Services cannot be seen, tasted, felt, heard, or smelled before they are bought
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Service inseparability
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Services are produced and consumed at the same time and cannot be separated from their providers.
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Service variability
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The quality of services may vary greatly depending on who provides them and when, where, and how.
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Service perishability
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Services cannot be stored for later sale or use.
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Service profit chain
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The chain that links service firm profits with employee and customer satisfaction.
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Three Types of Service Marketing
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Internal marketing, External marketing, Interactive marketing
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Internal marketing
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Orienting and motivating customercontact employees and supporting service people to work as a team to provide customer satisfaction.
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Interactive marketing
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Training service employees in the fine art of interacting with customers to satisfy their needs.
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Brand equity
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The differential effect that knowing the brand name has on customer response to the product or its marketing.
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Major Brand Strategy Decisions
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brand positioning, brand name selection, brand sponsorship, and brand development
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Store brand (or private brand)
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A brand created and owned by a reseller of a product or service.
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Co-branding
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The practice of using the established brand names of two different companies on the same product.
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Brand Development Strategies
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Line extension, Brand extension, Multibrands, New brands
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Line extension
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Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
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Brand extension
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Extending an existing brand name to new product categories.
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Core customer value
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Consists of the core problem solving benefits that consumers seek when they buy a product.
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Actual product
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Exists around the core customer value of the product and includes the quality level, features, design, brand name, and packaging.
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Augmented product
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The actual product plus the various services and benefits offered with it, such as a warranty, free delivery, installation, and maintenance.
