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Principles of Marketing > Chap 12* > Flashcards

Chap 12* Flashcards

1
Q

What is product?

A

bundle of physical, service and symbolic attributes designed to satisfy a customer’s wants and needs

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2
Q

People want _________, not objects.

A

satisfaction

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3
Q

What are services?

A

intangible tasks that satisfy the needs of consumers and business users

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4
Q

What are goods?

A

tangible products that customers can see, hear, smell taste, or touch

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5
Q

What are goods - services continuum?

A

spectrum along which goods and services fall according to their attributes, from pure good to pure service

Cell phone > Cellphone and service

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6
Q

Characteristics of Services

A 
.Intangible
.Inseparable from the service providers
.Perishable
.Cannot be standardized
.Buyers play important roles in the creation and distribution of services
.Wide variations in service standards
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7
Q

What is homeshoring?

A

hiring workers to do jobs from their homes

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8
Q

How much of the market does the service sector make up in the US?

A

3/4

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9
Q

Two types of products

A

B2C products - destined for ultimate customers

B2B products- sold to other businesses for use in other products or for them to then sell to customers

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10
Q

4 Classification of Consumer Products

A

.Specialty products - unique characteristics
.Unsought Products - things we may not have thought of or needed yet
.Shopping products - compare goods before buying
.Convenience Products - buy frequently

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11
Q

3 types of Convenience Products

A

Impulse goods and services
Staple goods
Emergency good and services

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12
Q

What are Business Products?

A

Emphasis is based on product uses vs customer buying behavior.

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13
Q

*Installation business product

A

Major capital investment in B2B market (like a speciality product in consumer products)
- requires lots of time and money

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14
Q

Accessory Equipment?

A

Capital items that typically cost less and last for shorter periods
- electronics

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15
Q

Component Parts and Materials?

A

Finished business products of one producer that become the part of the final products of another producer.
- Bose in vehicles

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16
Q

Raw Materials?

A

Natural resources that become part of a final product

17
Q

*Supplies?

A

regular expenses a firm incurs in its daily operations (convenience products in consumer products)

  • toilet paper
  • copy paper
  • cleaning supplies
18
Q

What is total quality management (TQM)?

A

Continuous effort to improve products and work processes with the goal of achieving customer satisfaction and world-class performance

19
Q

ISO 9000

A

standards implemented by the European Union define international, generic criteria for quality management and assurance

20
Q

Benchmarking requires two types of analysis:

A

internal and external

21
Q

Internal analysis:

A

analyze its own activities to determine strengths and weaknesses

22
Q

External analysis:

A

gathering information about the benchmark partner, to find out why the partner is perceived as the industry’s best

23
Q

What is a service encounter?

A

point at which the customer and service provider interact

24
Q

What is service quality?

A

expected and perceived quality of a service offering

25
Q

5 Variables that determine quality of service -

A 
Tangibles: physical evidence
Reliability: consistency of performance
Responsiveness
Assurances
Empathy
26
Q

What is product line?

A

series of related products

27
Q

What is Product Mix?

A

assortment of product lines and individual product offerings

28
Q

Product mix width?

A

number of product lines a firm offers

- Women, Men, Kids Clothes

29
Q

Product mix length?

A

number of different products a firm sells

- women’s: socks, underwear, shirts, pants

30
Q

Product mix depth?

A

variations in each product that the firm markets

- women’s: shirts - different colors, different styles

31
Q

Line extension:

A

development of individual offerings that appeal to different market segments while remaining closely related to the existing product line
- Pottery Barn, PB Teen

32
Q

How do you extend product lifecycle?

A
  • Increasing frequency of use
  • Increasing number of users
  • Finding new uses
  • Changing package sizes, labels, or product quality
33
Q

*Consumer goods such as soap milk and deodorants are generally classified as _____ products.

A

Convenience

34
Q

*Which of the following terms refers to the specialty products of the business market?

A

Installations

35
Q

*Which of the following terms refers to the convenience products of the business market?

A

Supplies

36
Q

*A series of related products offered by one company is called a product _____.

A

line

Principles of Marketing (13 decks)

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