Marketing Ch 7

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  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. core customer value
    What is the buyer really buying
  4. actual product
    need to develop product, service features, a design, a quality level, a brand name, and packaging
  5. augmented product
    offering additional consumer services and benefits warranty, instructions, quick repair services, website for problems and questions
  6. convenience product
    • product that customers usually buy frequently,
    • immediately, and with minimal comparison and buying effort
  7. shopping product
    • product that the customer in the process of
    • selecting and purchasing usually compares on such attributes as suitability, quality, price and style
  8. specialty product
    • consumer product with unique characteristics or brand justification for which a significant group of buyers is willing to make a special purchase
    • effort
  9. unsought product
    a product that the consumer either does not know about or does not normally consider buying.
  10. Industrial product
    those product purchased for further processing or for use in conducting business difference is purpose
  11. material and parts
    • include raw materials, manufactured materials
    • and parts 
    • o raw materials – farm products wheat, cotton,
    • livestock, fruits, vegetables and natural products fish, lumber, crude
    • petroleum, iron ore

    • o manufactured materials and parts – iron, yarn,
    • cement, and parts sold directly to industrial users
  12. capital item
    products that aid in the buyers production or operation including installations and accessory equipment
  13. Supplies and services
    include operating supplies – lubricants, coal, paper, pencils and repair and maintenance items – paint, nails, brooms.  – are the convenience products of industrial group
  14. organization marketing
    activities undertaken to create, maintain, or change the attitude and behavior of target consumers toward an organization
  15. Person marketing
    activities undertaken to create, maintain, or change attitudes or behaviors toward particular people.
  16. Place Marketing
    activities under taken to create, maintain, or change attitudes and behaviors toward particular places
  17. Ideas
    the use of commercial marketing concepts and tolls in programs designed to influence individuals behavior to improve their well being and that of society
  18. Product attributes
    developing a product or service involves defining the benefits it will offer including quality features and style and design
  19. Product quality
    that characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
  20. Product features
    competitive tool from differentiating products from competitors
  21. Style
    describes the appearance of a product
  22. Design
    contributes to the products usefulness as well as its looks looking at customer’s needs and shaping their product user experience
  23. Branding
    a name, term, sign, symbol, or design, or combination of these that identifies the products or services of one seller or group of seller and differentiates them from those of competitors
  24. Packaging
    the activities of designing and producing the container or wrapper for a product
  25. Labeling
    identifies the product or brand such as the name Sunkist
  26. unit pricing
    stating the price per unit of standard measure
  27. open dating
    stating the expecting shelf life
  28. nutritional labeling
    stating the nutritional values in the product
  29. 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 marketing through the same types of outlets or fall within given price ranges
  30. product line length
    the number of items in the product line
  31. Product mix or portfolio
    the set of all product lines and items that a particular seller offers for sale
  32. Service intangibility
    the concept that services cannot be seen tasted felt heard or smelled before they are bought
  33. Service inseparability
    • the concept that services are produced and consumed at the same time and cannot
    • be separated from their providers
  34. Service Variability
    the quality of service may vary greatly depending on who provides them and when, where, and how they are provided
  35. Service Perishability
    the concept that services cannot be stored for later sale or use
  36. Service profit chain
    the chain that links service firms profits with employee and customer satisfaction
  37. Internal marketing
    orienting and motivating customer contact employees and service support people to work as a team to provide customer satisfaction
  38. Interactive marketing
    training service employees in the fine art of interacting with customers to satisfy their needs
  39. Brand equity
    the differential effect that knowing the brand name has on customer response to the product and its marketing
  40. brand valuation
    process of estimating the total financial value of a brand customer equity
  41. Brand positioning
    specific set of features, benefits, services, and experiences a company promises to deliver
  42. co-brand
    using 2 established brand names on the same product
  43. Brand development
    line extensions, brand extensions, multibrands, or new brands
  44. Line extensions
    extending an existing brand name to new forms colors, sizes, ingredients, or flavors of an existing product category
  45. Brand extension
    extending an existing brand name to new product categories
  46. Multibrands
    • many different brands in a given product category offers a way to establish
    • features that appeal to different customers segments capture a larger market share
Card Set:
Marketing Ch 7
2014-02-26 20:28:13
Test 2
Marketing Ch 7
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