Product and Service Strategies

Question 1

product

Answer 1

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

Question 2

services

Answer 2

intangible tasks that satisfy the needs of consumer and business users.

Question 3

goods

Answer 3

tangible products customers can hear, smell, or touch.

Question 4

goods-services continuum

Answer 4

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

Question 5

traits of services

Answer 5

1. Services are tangible
2. Services are inseperable from service providers. (names such as lawyer or doctor is synonymous with the service they provide.)
3. Services are perishable. They cannot hold inventories.
4. services are not easilt standardized by company’s.
5. service standards show wide variation (from one store to another).

Question 6

types of consumer products

Answer 6

1. convenience products- goods and services consumers want to purchase frequently, immediately, and with minimal effort.
   a. Impulse goods and services- products purchased spur of the moment.
   b. Staples- convenience goods and services. Need to be replenished to maintain a steady inventory.
   c. Emergency goods and services- products bought in response to unexpected and urgent needs. Ie heat waves.
2. Shopping Products- products consumers purchase after comparing competing offerings.
3. Specialty products- products with unique characteristics that cause buyers to prize those particular brands more.

Question 7

Types of Business Products

Answer 7

1. Installations- major investments in the B2B market
2. Accessory equipment- capital items such as desktop computers and laptops. Lasts for fhorer periods than installations.
   a. Industrial distributor- channel intermediary that takes the titles to goods it handles and then distributes these goods to retailers, other distributors, or business. AKA WHOLESALER.
3. Component parts and materials- finished business products of one producer that become part of the final products of another producer.
4. Raw materials- natural resources
5. Supplies- regular expenses incurred form daily operations.
   a. MRO items- business supplies that includes maintenance items, repair and operating supplies.
6. Business services- intangible products firms buy to facilitate their production and operating processes.