Chapter 12 Setting Product Strategy
Terms in this set (54)
Anything that can be offered to a market to satisfy a want or need.
The most fundamental level; the service or benefit the customer is really buying.
Second level; marketer must turn the core benefit into a .....
At the third level, a marketer prepares an .... a set of attributes and conditions buyers normally expect when they purchase this product.
At the fourth level, the marketer prepares an ..... that exceeds customer expectations.
At the fifth level stands the .... which encompasses all the possible augmentations and transformations the product or offering might undergo in the future.
The way the user performs the tasks of getting and suing products and related services.
Tangible goods normally consumed in one or a few uses, such as beer and shampoo. Purchased frequently.
Tangible goods that normally survive many uses: refrigerators, machine tools, and clothing. Normally require more personal selling and service.
Intangible, inseparable, variable, and perishable products that normally require more quality control, supplier credibility and adaptability. Ex. Legal advice.
Goods purchased frequently, immediately, and with minimal effort.
Consumer characteristically compares on such bases as suitability, quality, price, and style.
Unique characteristics or brand identification for which enough buyers are willing to make a special purchasing effort.
Goods that the consumer does not know about or normally think of buying, such as smoke detectors.
Materials and parts
Goods that enter the manufacturers product completely.
Wheat, cotton, livestock, fruits, and vegetables.
Fish, lumber, crude petroleum, iron ore.
Farm products plus natural products.
Materials that are usually fabricated further.
Long-lasting goods that facilitate developing or managing the finished product. Installations and equipment.
Consist of buildings and heavy equipment.
Portable factory equipment and tools, and office equipment.
Supplies and business services
Short-term goods and services that facilitate developing or managing the finished product.
Ability of a company to meet each customer's requirements, to prepare on a mass basis individually designed products, services, programs and communications.
Level at which the product's primary characteristics operate.
Degree to which all produced units are identical and meet promised specifications.
Measure of the products expected operating life under natural or stressful conditions.
Measure of the probability that a product will not malfunction or fail within a specified time period.
Hoe easy it is for the customer to place an order with the company.
Problems or errors by the seller or customer and can mostly be eliminated with improved handling or storage, better packaging.
Result from the need for customers to actually se, try or experience products in person to determine suitability and can't be eliminated by the company in the short run.
Totality of features that affect how a product looks, fells and functions to a consumer.
Data driven approach with three phases: observation, ideation, and implementation.
Core need that underlies the existence of a product family. Security
All the product classes that can satisfy a core need wit reasonable effectiveness. Savings and income.
A group of products within the product family recognized as having a certain functional coherence, also known as a product category.
A group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups.
A group of items within a product line that share one of several possible forms of the product.
A distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.
Group of diverse but related items that function in a compatible manner. iPod+headphones.
Set of all products and items a particular seller offers for sale.
Competitors items are competing against company X's items.
Occurs when a company lengthens its product line beyond its current range.
Lengthening its product line by adding more items within the present range.
Product mix pricing
Firm searches for a set of prices that maximizes profits on the total mix.
products that are necessary to the use of other products, such as razor blades or film.
a price tactic that charges two separate amounts to consume a single good or service
setting a price for by-products in order to make the main product's price more competitive
Product line pricing
setting prices for an entire line of products
selling products only as a package
the practice of packaging different products and services together.
placing two or more brand names on a product or its package
a form of co-branding that uses branded materials as ingredients or component parts in other branded products
Formal statements of expected product performance by the manufacturer.