principles of marketing
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define the term product
a product is a bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs
why is the understanding of want satisfation is important to marketers?
because it helps them understand why people purchase certain goods and services
describe the goods-services continuum
the goods-services continuum is a spectrum that helps marketers visualize the differnce and similarties between goods and services
list the six characteristics that distinguish services from goods
the six characteristics distinguishing services from goods are the following: 1. services are intangible, 2.services are inseparaable from the service providers 3. services are perishable 4. companies cannot easily standardize services 5. buyers often play important roles in the creations and distribution of services 6. service standards show wide variations
identify 2 reasons why services are important to the u.s. economy and business environment
the service sector makes and important to the economy in terms of products and jobs. services also play a vital role in the international competitiveness of u.s. firms
why do service firms emphasize marketing?
the groeth of potential service transactions repersents a vast marketing opportunity, and the environmental for service is changing-so marketers need to find new ways to reach customers
what are the three major classificaton of consumer products?
the 3 major classifications are convenience products, shopping products, and specially products
identify 5 factors marketers should consider in classifying consumer services?
5 factors are the following: 1.the nature of the service 2.the relationship between the service organization and its customers 3. flexibility for customization 4. fluctuation of supply and demand and 5. the way the service is deliverd
What are the six main classifications of business products?
the six main classifacation of business products are the following 1. installation, 2. accessory equipment, 3. component parts and materials 4. raw materials 5. supplies, and 6. business services
what are the three categories of supplies?
the 3 categories of supplies are maintenace items, repair items, and operationg supplies
What is TQM
TQM stands for total quality management, a process that expects all of a firms employees to continually improve its products and work processes
what are the five variables of service quality?
the 5 variables of service quality are tangibles, reliability, responsivesness, assurances, and empathy
list the 4 reasons for developing a product line
the 4 reasons why firms want to develop product lines are the following 1. a desire to grow 2. enhancing the company's possition in the market, 3. optimal use of company resources, and 4. exploiting the stages of the product life cycle
define product mix?
the product mix is a company's assortment of product lines and individual product offering
how to marketers typically measure product mixes?
the product mix is measured by wdth, length, and depth
identify the 4 stages of the product life cycles
the 4 stages introduction, growth, maturity, and decline
during which stage or stages are product liekly to attract the most new cusomers?
products usually aattract the most new customers during the introductory and frowth stages
describe the 4 strategies for extending a product's life cycle
the 4 strategies are increasing frequency of use, inceasing frequency of use, increasing the number of users, finding new users, and changing packaginf or quality
under what circumstances do firms decide to delete a product from thier line?
firms may decide to delete a product if none of the strategies work, if raw materials become unavailable, or if the product no longer fits the existing or future product line
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