Chapter 8

Question 1

Product

Answer 1

Anything that can be offered to a marketer for attention, acquisition, use, or consumption that might satisfy a want or need

Question 2

Services

Answer 2

Activities, benefits, or satisfaction offered for sale that is essentially intangible and does not results in the ownership of anything

Question 3

What are the 3 levels that product planners need to think about products and services

Answer 3

The core customer value, what is the buyer really buying?

Actual product

Augmented product

Question 4

What are the 2 broad classes based on the types of consumer who use them?

Answer 4

Consumer product

Industrial product

Question 5

Consumer product

Answer 5

A product bought by final consumer for personal consumption

Question 6

What do consumer products include?

Answer 6

Convenience product

Shopping product

Speciality product

Unsought product

Question 7

Convenience product

Answer 7

A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort

Question 8

Shopping product

Answer 8

A customer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style

Question 9

Specialty product

Answer 9

A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort

Question 10

Unsought product

Answer 10

A consumer product that the consumer either does not know about or knows about but does not normally consider buying

Question 11

Industrial product

Answer 11

A product bought by individuals and organisations for further processing or for use in conducting a business

Question 12

What are the types of industrial products?

Answer 12

Material part

Capital items

Supplies and services

Question 13

Material part

Answer 13

Include raw materials as well as manufactured materials and parts

Question 14

Capital items

Answer 14

Industrial products that aid in the buyer’s production or operations, including installations and accessory equipment

Question 15

Supplies and services

Answer 15

Where supplies include operating supplies and repair and maintenance items, and services include maintenance and repair services and business advisory services

Question 16

Organisational marketing

Answer 16

Consists of activities undertaken to create, maintain, or change the attitudes and behaviour of target consumer toward an organisation

Question 17

Corporate image marketing

Answer 17

Campaigns to market themselves and polish companies’ images

Question 18

Person marketing

Answer 18

Consists of activities undertaken to create, maintain, or change attitudes or behaviour toward particular people

Question 19

Place marketing

Answer 19

Involves activities undertaken to create, maintain, or change attitudes or behaviour toward particular places

Question 20

Idea marketing

Answer 20

Involves the marketing of an idea

Question 21

Social idea marketing

Answer 21

Consists of using traditional business marketing concepts and tools to encourage behaviours that will create individual and societal well being

Question 22

What are the 3 levels that marketers make product and service decisions?

Answer 22

Individual product decisions

Products ten decisions

Product mix decisions

Question 23

What are the important decisions in the development and marketing of and individual product decision?

Answer 23

Attributes of the product (quality, features, design)

Branding

Packaging

Labeling and logos

Product support services

Question 24

Product line length

Answer 24

The number of items in the product line

Question 25

How can a company expand its product line?

Answer 25

By line filling Product line stretching

Question 26

Line filling

Answer 26

Involves adding more items within the present range of the line

Question 27

Product line stretching

Answer 27

Occurs when a company lengthens its product line beyond its current range

Question 28

Product line

Answer 28

A group of products that are closely related because they function in a similar manner Sold to the same customer groups Marketed through the same types of outlets Fall within given price ranges

Question 29

What do companies with several product lines have?

Answer 29

A production mix

Question 30

What are the 4 dimensions of the product mix?

Answer 30

Width Length Depth Consistency

Question 31

A company must consider 4 special service characteristics when designing marketing programs. What are they?

Answer 31

Service intangibility Service inseparability Service variability Service perishability

Question 32

Service intangibility

Answer 32

Entails that services cannot be seen, tasted, felt, heard, or smelled, before they are bought

Question 33

Service inseparability

Answer 33

Means that services are produced and consumer at the same time and cannot be separated from their providers

Question 34

Service variability

Answer 34

Entails that the quality of services may vary greatly depending on who provides them and when, where, and how they are provided

Question 35

Service perishability

Answer 35

Means services cannot be stored for later sale or use

Question 36

Service profit chain

Answer 36

The chain that links service firm profits with employee and customer satisfaction

Question 37

What are the five links that consist in service profit chain

Answer 37

Internal service quality Satisfied and productive service employees Greater service value Satisfied and loyal customers Healthy service profits and growth

Question 38

What does service marketing also include?

Answer 38

Internal marketing Interactive marketing

Question 39

Internal marketing

Answer 39

Involves orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction

Question 40

Interactive marketing

Answer 40

Involves training service employees in the fine art of interacting with customers to satisfy their needs

Question 41

What are the 3 marketing tasks that service companies face?

Answer 41

Managing service differentiation Managing service quality Managing service productivity

Question 42

Brand equity

Answer 42

The differential effect that knowing the brand name has on customer response to the product or its marketing

Question 43

Brand strength is measured along 4 consumer perception dimensions. What are they?

Answer 43

Differentiation Relevance Knowledge Esteem

Question 44

Brand value

Answer 44

The total financial value of a brand

Question 45

What are the major brand strategy decisions involve:

Answer 45

Brand positioning Brand name selection Brand sponsorship Brand development