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MARK 201 > Chapter 7 > Flashcards

Chapter 7 Flashcards

1
Q

What are the 3 levels of a product?

A

Core customer value
Actual product
Augmented product

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2
Q

What is the core customer value?

A

Core problem-solving benefits that consumers seek when they buy the product

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3
Q

What is the actual product?

A

Includes the quality level, features, design, brand name and packaging of the product

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4
Q

What is the augmented product?

A

The various services and benefits that come with the actual product
ex: warranty, free delivery, installation & maintenance

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5
Q

What is a product (broad definition)?

A

anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
includes physical objects but also
services
events
persons
places
organizations
ideas
or mix of the above

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6
Q

What is a service?

A

Product that is an activity, benefit or satisfaction offered for sale that is essentially intangible
ex: hotel, tax prep, home-repair services

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7
Q

What are the 2 classes of products?

A

Consumer
Industrial

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8
Q

What is a consumer product?

A

Bought by a final consumer, it is usually classified according to consumer shopping habits

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9
Q

What is an industrial product?

A

Purchased for further processing or for use in conducting a business
ex: material and parts, capital items, supplies and services

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10
Q

What do product attribute decisions consist of?

A

Product quality
features
style & design

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11
Q

What do branding decisions consist of?

A

Selecting a brand name
Developing a brand strategy

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12
Q

What do packaging decisions consist of?

A

logo and labels, which identify, describe, and possibly promote the product

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13
Q

What do product support services do?

A

Enhance customer service and satisfaction
Safeguard against competition

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14
Q

What is a product line?

A

group of products related in function, customer-purchase needs, or distribution channels

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15
Q

What is a product mix?

A

All the product lines and items offered to consumers by a particular seller

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16
Q

What are the 4 dimensions of a product mix?

A

Width
Length
Depth
Consistency

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17
Q

Example of product width

A
18
Q

Example of product length

A
19
Q

Example of product depth

A
20
Q

Example of product consistency

A
21
Q

What are the 4 key characteristics of services?

A

Intangible
Inseparable
Variable
Perishable

22
Q

What’s a marketer’s role when marketing services?

A

To try to make the service more tangible
Increase the productivity of providers who are inseparable from their products
standardize quality in the face of variability
improve demand movements + supply capacities in the face of perishability
BASICALLY, counter each of the key characteristics

23
Q

What is the service profit chain?

A

Chain that links service firm profits with employee and customer satisfaction

24
Q

What is internal marketing’s role in services marketing?

A

Motivating employees

25
Q

What is interactive marketing’s role in services marketing?

A

Create service delivery skills among service providers

26
Q

What are the elements need to be successful as a service marketer?

A

Creating competitive differentiation (external marketing)
Offer high-service quality (internal marketing)
Find ways to increase service productivity (interactive marketing)

27
Q

What is brand equity?

A

The positive differential effect that knowing the brand name has on costumer response to the product or service

28
Q

What is brand positioning?

A
29
Q

What is good brand name selection?

A

Finding the best brand name based on careful review of product benefits, the target market, and proposed marketing strategies

30
Q

What are the categories of brand sponsorship?

A

National brand
Private brand
Licensed brand
Co-brand

31
Q

What’s a national brand?

A
32
Q

What’s a private brand?

A
33
Q

What’s a licensed brand?

A
34
Q

What’s a co-brand?

A
35
Q

What are the different ways to develop a brand?

A

Line extensions
Brand extensions
Multibrands
New brands

36
Q

What is a line extension?

A
37
Q

What is a brand extension?

A
38
Q

What is a multibrand?

A
39
Q

What is a new brand?

A
40
Q

When should a brand’s positioning be communicated to consumers?

A

Constantly

MARK 201 (16 decks)

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