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Chapter 7 - Products, Services, and Brands
Terms in this set (32)
Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in the ownership of anything.
Three Levels of Product
At the most basic level (core customer value or core benefit), the company asks, "What is the customer really buying?"
A product bought by final consumers for personal consumption.
A consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
[Examples: Toothpaste, Magazines, Laundry Detergent]
A consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style.
[Examples: Televisions, Furniture, Clothing, Appliances]
A consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
[Examples: Luxury Goods-Rolex Watches]
A consumer product that the consumer either does not know about or knows about but does not normally consider buying.
[Examples: Life Insurance, Red Cross Blood Donations]
A product bought by individuals and organizations for further processing or for use in conducting a business.
The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well-being and that of society.
Individual Product Decisions
Product Attributes —> Branding —> Packaging —> Labeling —> Product Support Services
The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.
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.
The activities of designing and producing the container or wrapper for a product.
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 (or Product Portfolio)
The set of all product lines and items that a particular seller offers for sale.
Four Service Characteristics
Services cannot be seen, tasted, felt, heard, or smelled before they are bought.
Services are produced and consumed at the same time and cannot be separated from their providers.
The quality of services may vary greatly depending on who provides them and when, where, and how they are provided.
Services cannot be stored for later sale or use.
Service Profit Chain
The chain that links service firm profits with employee and customer satisfaction.
Three Types of Service Marketing
Orienting and motivating customer contact employees and supporting service employees to work as a team to provide customer satisfaction.
Training service employees in the fine art of interacting with customers to satisfy their needs.
The differential effect that knowing the brand name has on customer response to the product or its marketing.
Major Brand Strategy Decisions
Brand Positioning —> Brand Name selection —> Brand Sponsorship —> Brand Development
Store Brand (or Private Brand)
A brand created and owned by a reseller of a product or service.
The practice of using the established brand names of two different companies on the same product.
Brand Development Strategies
Extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category.
Extending an existing brand name to new product categories.
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