Marketing chapter 7 key terms

Card Set Information

Marketing chapter 7 key terms
2013-11-03 13:32:57
Marketing Exam

Marketing Exam #2
Show Answers:

  1. Product
    Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
  2. Service
    An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
  3. Consumer product
    A product bought by final consumers for personal consumption.
  4. Convenience product
    A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
  5. Shopping product
    A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
  6. Specialty product
    A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
  7. Unsought product
    A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
  8. Industrial product
    A product bought by individuals and organizations for further processing and for use in conducting a business.
  9. Product quality
    The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
  10. Brand 
    A name, term, sign, symbol, or 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.edewe344rrfffvbghytryg
  11. Brand equity
    The differential effect that knowing the brand name has on customer response to the product or its marketing.
  12. Brand extension
    Extending an existing brand name to new product categories.
  13. Line extension
    Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
  14. Packaging
    The activities of designing and producing the container or wrapper for a product.
  15. 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.
  16. Product mix (or product portfolio)
    The set of all product lines and items that a particular seller offers for sale.
  17. Service inseparability
    The concept that the services are produced and consumed at the same time and cannot be separated from their providers.
  18. Service intangibility 
    The concept that services cannot be seen, tasted, felt, heard, or smelled before they are bought.
  19. Service perishability 
    The concept that services cannot be stored for later sale or use.
  20. Service variability 
    The concept that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided.
  21. Store brand (or Private brand)
    A brand created and owned by a reseller of a product or service.