Chapter 8

Question 1

Product

Answer 1

This is anything that can be offered in a market for attention, acquisition, use or consumption that might satisfy a need or want.

Question 2

Service

Answer 2

This is a product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything.

Question 3

Product and Service Classifications

Answer 3

Consumer products

Industrial products

Question 4

Consumer products

Answer 4

This are products and services bought by final consumers for personal consumption.

Question 5

Convenience products

Answer 5

These are consumer products and services that the customer usually buys frequently, immediately, and no buying effort. (Candy)

Question 6

Shopping products

Answer 6

These are less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style. (cars)

Question 7

Speciality products

Answer 7

These are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort. (Medical services)

Question 8

Unsought products

Answer 8

These are consumer products that the consumer does not know about or knows about but does not normally think of buying. (life insurance)

Question 9

Industrial products

Answer 9

These are those products purchased for further processing or for use in conducting a business. (Materials and parts, Supplies and services)

Question 10

Organization marketing

Answer 10

This consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.

Question 11

Person marketing

Answer 11

This consists of activities undertaken to create, maintain, or change the attitudes or behavior of target consumers toward particular people.

Question 12

Place marketing

Answer 12

This consists of activities undertaken to create, maintain, or change attitudes and behavior toward particular places.

Question 13

Social marketing

Answer 13

This uses commercial marketing concepts to influence individuals’ behavior to improve their well-being and that of society.

Question 14

Product and service attributes.

Answer 14

Quality
Features
Style and design

Question 15

Product quality

Answer 15

This refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Question 16

Brand

Answer 16

This is the name, term, sign, or design or a combination of these, that identifies the maker or seller of a product or service.

Question 17

Style

Answer 17

This describes the appearance of the product.

Question 18

Design

Answer 18

This contributes to a product’s usefulness as well as to its looks.

Question 19

Product Features

Answer 19

Competitive tool for differentiating a product from competitors’ products, Assessed based on the value to the customer versus its cost to the company.

Question 20

Packaging

Answer 20

This involves designing and producing the container or wrapper for a product.

Question 21

Labels

Answer 21

These identify the product or brand, describe attributes, and provide promotion.

Question 22

Product support services

Answer 22

The augment actual products.

Question 23

Product line

Answer 23

This is a group of products that are closely related because they function in a similar manner.

Line stretching
Line filling

Question 24

Product mix

Answer 24

These consists of all the product lines and items that a particular seller offers for sale.Width, Length, Depth, Consistency.

Question 25

Service intangibility

Answer 25

Service cannot be seen, tasted, felt, heard, or smelled before they are brought.

Question 26

Service inseparability

Answer 26

Service are produced and consumed at the same time and cannot be separated from their providers.

Question 27

Service variability

Answer 27

The quality of service may vary greatly depending on who provides them and when, where, and how they are provided.

Question 28

Service perishability

Answer 28

Services cannot be stored for later sale or use.

Question 29

Service profit chain

Answer 29

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

Question 30

Internal marketing

Answer 30

This means that the service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction.

Question 31

Interactive marketing

Answer 31

This means that service quality depends heavily on the quality of the buyer-seller interaction during the service encounter. (Service differentiation)

Question 32

Brand equity

Answer 32

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

Question 33

Brand value

Answer 33

This is the total financial value of a brand.

Question 34

Managing service differentiation

Answer 34

This creates a competitive advantage. Offer, Delivery, Image

Question 35

Managing service quality

Answer 35

This enables a service firm to differentiate itself by delivering consistently higher quality than its competitors provide.

Question 36

Store brand (or private brand)

Answer 36

A brand created and owned by reseller of a product or service.

Question 37

Co-branding

Answer 37

The practice of using the established brand names of two different companies on the same product.

Question 38

Line extension

Answer 38

Extending an existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category.

Question 39

Brand extension

Answer 39

Extending an existing brand name to new product categories.

Question 40

Multibrands

Answer 40

Companies often market different brands in a given product category.

Question 41

New brands

Answer 41

A company might believe that the power of its existing brand name is waning, so a new brand name is needed.