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Marketing An Introduction Chapter 7

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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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Services
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A form of product consisting of 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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Consumer Products
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Products bought by final consumers for personal consumption .
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Convenience Product
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Consumer Product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
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Shopping Product
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A consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style.
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Specialty Product
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Consumer product with unique characteristics or brand identity 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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Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
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Industrial Products
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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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Use of commercial marketing concepts and tools in programs designed to influence individuals behavior to improve their well-being and that of society (social marketing institute).
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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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Name, term, sign, symbol, or design that identifies the products or services of seller(s) and differentiates them from those of competitors.
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Packaging
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Activities of designing and producing the container.
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Product Line
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Group of products closely related because they function in a similar manner, are sold to the same customer groups, marketed through same types of outlets, or fall within given price ranges.
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Product Mix (Product Portfolio)
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Set of all product lines and items that a particular seller offers for sale.
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Service Intangibility
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Major characteristics of services-they cannot be seen, tasted, felt, heard, or smelled before they are bought.
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Service Inseparability
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Major characteristics of services- they 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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Major characteristic of services- their quality may vary greatly, depending on who provides them and when, where, and how.
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Service Parishibility
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A major characteristic of services- they cannot be stores for later sales or use
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Service
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Profit chain- chain that links service from profits with employee and customer satisfaction
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Internal Marketing
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Orienting and motivating customer-contract 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 differentiated effect that knowing the brand has on customer response to the product or its marketing
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Store Brand
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A brand created and owned by a re-seller of a product or service
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Co-branding
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Practice of using the established brand names of two different companies on the same product
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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.