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finals Flashcards

(85 cards)

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1
Q

A product consists of both goods and services.

A

PRODUCT

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2
Q

is a package of benefits both physical and psychological that a marketer wants to present, or pack of expectations that consumers desire to realize.

A

PRODUCT

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3
Q

Two types of Product

A

goods and services

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4
Q

THREE LEVELS OF A PRODUCT

A

Core Customer Value
Actual Product
Augmented Product

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5
Q

the fundamental benefit or value that a customer seeks when purchasing a product. It answers the question: What is the customer really buying?

A

Core Customer Value

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6
Q

the tangible or physical product that delivers the core benefit. This includes the product’s features, design, brand, quality, and packaging.

A

Actual Product

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7
Q

Additional services and benefits that enhance the value of the actual product and differentiate it from competitors. These are not essential but improve customer satisfaction and loyalty.

A

Augmented Product

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8
Q

items which are used by ultimate consumers or households, and they can be used without further commercial and engineering processes.

A

CONSUMER PRODUCTS

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9
Q

Items that do not need much effort of planning from customers. They are used in a day-to-day life and are frequently required and can be easily purchased.

A

CONVENIENCE PRODUCTS

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10
Q

These products require special time and shopping efforts. They are purchased purposefully from special shops or markets. Quality, price, brand, style, and others are essential standards to be considered.

A

SHOPPING PRODUCTS

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11
Q

Can be used for an extended time and can be repetitively made used of by one or more persons.

A

DURABLE PRODUCTS

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12
Q

This products have short span of life. They should be used within small time once they are manufactured.

A

NON-DURABLE PRODUCTS

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13
Q

Unique or high-end products for which consumers are willing to make a special effort to purchase.

A

SPECIALTY PRODUCTS

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14
Q

These are items customers are not aware of or do not often think about.

A

UNSOUGHT PRODUCTS

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15
Q

New products that have no brand recognition fall under this classification

A

UNSOUGHT PRODUCTS

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16
Q

Refers to intangible offerings provided by businesses to fulfill customer needs and wants. Unlike physical products, services cannot be touched, stored, or owned, but they still deliver value.

A

SERVICES

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17
Q

often part of a company’s core offering or complement its tangible goods

A

SERVICES

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18
Q

used as the inputs by manufacturing companies for further processes on the products or manufacturing other products.

A

INDUSTRIAL PRODUCTS

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19
Q

Natural resources or unprocessed materials that are used in manufacturing or production processes.

A

RAW MATERIALS

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20
Q

(wheat, cotton, livestock, fruits, vegetables)

A

farm products

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21
Q

(fish, lumber, crude petroleum, iron ore).

A

natural products

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22
Q

Raw materials falls into two major groups

A

farm products
natural products

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23
Q

Products that become part of the finished product during the manufacturing process.

A

COMPONENTS & PARTS

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24
Q

Durable goods used in the production process but not part of the final product.

A

CAPITAL GOODS

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25
Products used in the daily operations of a business but not part of the final product.
SUPPLIES & CONSUMABLES
26
Intangible offerings that aid in the operation or maintenance of a business.
INDUSTRIAL SERVICES
27
refers to the complete range of goods and services that a company offers to its customers.
PRODUCT MIX
28
four dimensions of product mix:
Width Length Depth Consistency
29
the number of product lines the company has to offer and sell to customers.
Width
30
the total number of products in all the product lines.
Length
31
the variety of versions or options for each product in a product line.
Depth
32
describe how closely related the product lines are in terms of use, production, and distribution channels
Consistency
33
is the distinctive product a company offers.
PRODUCT LINE
34
is a group of products that are closely related to each other by function, customer group, market or price range.
PRODUCT LINE
35
is a marketing strategy of making product inimitable, distinctive and uniquely valuable to be noticeable compared with competitors.
PRODUCT DIFFERENTIATION
36
product can be differentiated on the basis of product form such as physical structure, size and shape.
PRODUCT FORM
37
specific characteristics or functionalities that a product offers beyond its basic purpose.
PRODUCT FEATURES
38
Enhances usability and value for customers.
PRODUCT FEATURES
39
The product's ability to perform its core function effectively and meet customer expectations. Differentiates products based on superior functionality or efficiency.
PERFORMANCE QUALITY
40
the ability of a product to withstand wear and tear or last over time
PRODUCT DURABILITY
41
Attracts customers seeking long-lasting products.
PRODUCT DURABILITY
42
the consistency of a product in delivering promised performance without failure.
PRODUCT RELIABILITY
43
the visual appearance, design, or aesthetic appeal of the product. Differentiates products based on looks and sensory appeal.
PRODUCT STYLE
44
the support, convenience, and additional value offered with the product. Differentiates products based on pre-sale, during-sale, or after-sale services.
SERVICE
45
is prepared by a company and can be bought by a consumer in return for money
Product
46
is the identity and perception of a product or company, expressed through elements such as names, symbols, designs, or values.
brand
47
It creates emotional and psychological connections with customers.
brand
48
is the unique and long lasting personification of a brand. It includes personality features/characteristics.
BRAND PERSONALITY
49
defines the associated personality of a brand as a set of: 1.Human Demographic Characteristics 2.Human Lifestyle Characteristics 3.Human Personality Traits
Jennifer Aaker
50
is the total value of the brand as a distinct asset. A brand may have a brand equity that could either be positive and negative.
BRAND EQUITY
51
The extent to which consumers recognize or recall a brand under different conditions.
BRAND AWARENESS
52
once the product category is cited, the customers recognize the brand from the lists of brands made known.
Aided Awareness
53
on citing the product category, that first brand that comes first on the mind of customers is the brand.
Top of Mind Awareness or Immediate Brand Recall
54
The mental links that consumers form between a brand and its attributes, benefits, or emotions.
BRAND ASSOCIATION
55
Types of Brand Association
Attributes Benefits Attitude
56
physical features, quality, and functionality of the product, Price, packaging, or distribution.
Attributes
57
practical benefits of using the product
Benefits
58
overall perceptions or beliefs about the brand.
Attitude
59
One of the chief basics of building strong brand equity is the realization of the brand promise.
PERCEIVED QUALITY
60
Customers evaluate the brand by contrasting its offering against the offerings of the competitors based on assured qualitative and quantitative factors.
PERCEIVED QUALITY
61
The holistic impression formed by a customer based on all interactions with the brand.
BRAND EXPERIENCE
62
Customers with excellent brand experience will surely consider the brand superior over other and will preferred over other brands.
BRAND EXPERIENCE
63
The degree to which consumers favor one brand over its competitors when making purchasing decisions.
BRAND PREFERENCE
64
Customers who have brand preference would look for a definite product even if it meant paying more to get the product with the preferred brand.
BRAND PREFERENCE
65
The degree of commitment customers show toward a brand, often reflected in repeat purchases.
BRAND LOYALTY
66
A brand loyal person constantly selects one brand over the others offering identical product. Even if the other brand are obtainable at lesser price or premium quality.
BRAND LOYALTY
67
Most tangible products have to be boxed up and labeled.
PACKAGING, LABELING, GUARANTEES & WARRANTIES
68
can also be essential elements of the product strategy, which are often shown on the package.
Warranties and guarantees
69
Packaging consists of all the activities of designing and producing the container for a product.
Packaging
70
It plays a critical role in attracting customers, providing necessary information, and ensuring the safety of the product.
Packaging
71
Benefits of packaging:
Protect Products Attract Consumers Provide Information Reinforce Branding and Logo
72
the printed or written information on the product or its packaging. It provides essential details about the product and helps consumers make informed decisions.
LABELING
73
can be peeled away or removed from the product container or package.
DRY PEEL LABELS
74
provide additional content
FOLD-OUT LABELS
75
able to reseal the packaging or container
RESEAL LABELS
76
can be foldout and reseal
EXPANDABLE RESEAL BOOKLET
77
have a unique shape of outline
SPECIALTY DIE-CUT LABELS
78
use thicker board stock as the printing material
TAG & BOARD PACKAGING
79
primary label on a container or packaging
PRIME LABELS
80
promise made by a manufacturer or seller regarding the quality or performance of a product
GUARANTEES
81
It assures customers that the product will meet certain standards, and if not, the company will offer compensation or a replacement.
GUARANTEES
82
is a written guarantee from the manufacturer or seller to repair or replace a product if necessary within a certain period.
WARRANTIES
83
typically cover defects in materials, workmanship, or functionality.
WARRANTIES
84
is a process of producing a goods or services from idea to bringing it to the market.
NEW PRODUCT MANAGEMENT
85
NEW PRODUCT MANAGEMENT
New-to-the-world products New product lines Additions to existing product lines Improvement and revisions to existing products Repositioned products Lower-priced products

Marketing Management (1 decks)

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