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Chp. 7 Marketing

QuestionAnswer
Product Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Service Any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything.
Consumer Product Product bought by final consumer for personal consumption.
Convenience Product Consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort.
Shopping Product COnsumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability =, quality, price, and style.
Specialty Product Consumer product with unique characteristics or brand indentification for which a significant group of buyers is willing to make a special purchase effort.
Unsought Product Consumer product that the consumer either does not know about or knows about but does not normally think of buying.
Industrial Product Product bought by individuals and organizations for further processing or for use in conducting a business.
Social Marketing The use of commercial marketing cconcepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
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, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.
Product Mix The set of all product lines and items that a particular seller offers for sale.
Brand Equity The positive differential effect that knowing the brand name has on customer response to the product or service.
Store 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.
Line Extension Extending an existing brand names to new forms, colors, sizes, ingredients, or flavors of an existing product category.
Brand Extension Extending an existing brand name to new product categories.
Service Intangibility A major characteristic of services-they cannot be seen, tasted, felt, heard, or smelled before they are bought.
Service Inseparability A major characteristic of services-they are produced and consumed at the same time and cannot be separated from their providers.
Service Variability A major characteristic of services-their quality may vary greatly, depending on who provides them and when, where, and how.
Service Perishability A major characteristic of services - they cannot be stored for later sale or use.
Service-Profit Chain The chain that links service firm profits with employee and customer satsfaction.
Internal Marketing Orienting and motivating customer contact employees and the supporting service people 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.
Created by: tgrant01
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