H. 8 Flashcards
(26 cards)
Product
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Service
An activity, benefit, satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
Consumer product
A product bought by final consumers for personal consumption
Convenience product
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
Shopping product
A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price and style.
Specialty product
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
Unsought product
A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
Industrial product
A product bought by individuals and organizations for further processing or for use in conducting a business.
Social marketing
The use of traditional business marketing concepts and tools to encourage behaviors that will create individual and societal well-being.
Product quality
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
Brand
A name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.
Packaging
The activities of designing and producing the container or wrapper for a product.
Product line
A group of products that are closely related because they function in a similar manner is sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Service intangibility
Services cannot be seen, tasted, felt, heard, or smelled before they are bought.
Service inseparability
Services are produced and consumed at the same time and cannot be separated from their providers.
Service variability
The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.
Service perishability
Services cannot be stored for later sale or use.
Service profit chain
The chain that links service firm profits with employee and customer satisfaction.
Internal marketing
Orientating and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction
Interactive marketing
Training service employees in the fine art of interacting with customers to satisfy their needs.
Brand equity
The differential effect that knowing the brand name has on customer response to the product or its marketing.
Brand value
The total financial value of a brand.
Store brand (or private brand)
A brand created and owned by a reseller of a product or service.
Co-branding
The practice of using the established brand names of two different companies on the same product.
