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marketing management chapter 8
Terms in this set (62)
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.
core customer value
what is the customer really buying? what the customer is seeking or benefits from the product
what the actual product is - brand name, quality level, packaging, design, features
core benefit around the product - after sales services, delivery and credit, product support, warranty
products and services bought by final consumers for personal consumption
consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.
less frequently purchased consumer products and services that customers compare carefully, on suitability, quality, price and style.
consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
consumer products that the consumer either does not know about or knows about but does not normally consider buying
those purchased for further processing or for the use in conducting busines
involves activities undertaken to create, maintain, or change attitudes or behaviors towards particular places
the use of commercial marketing concepts and tools in programs designed to bring about social change
three levels of product and service decisions
individual, product line, and product mix
important decisions in the development of marketing of individual products and services
product attributes, branding, packaging, labeling, and product support services
major positioning tool, direct impact on performance, linked to customer value and satisfaction. defined as the freedom from defects.
competitive tools for differentiating the company's products from competitor products.
the appearance of the product
contributes to a products usefulness along with its looks
a name, term, sign, symbol, or design, or a combination of these that identifies the maker or seller of a product or service.
why are brand names important?
helps the consumer identify products that might benefit them. brand quality and consistency.
sellers advantages of brand names
brand name becomes the basis on which a story can be built about a products special qualities. provides legal protection and helps seller to segment markets
involves designing and producing the container or wrapper for a product
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 the given price ranges.
product line length
the number of items in the product line
product line filling
involves adding more items within the present range of the line
product line expansion
can be done with product like filling or line stretching
product line stretching
occurs when a company lengthens its product line beyond its current range
consists of all the product lines and items that a particular seller offers for sale
product mix width
refers to the number of different product lines the company carries
product mix length
refers to the total number of items a company carries within its product lines
product mix depth
refers to the number of versions offered for each product line in the line
consistency of the product mix
how closely related the various product lines are in their use, production requirements, distribution channels, or some other ways
four characteristics of a service
intangibility, inseparability, variability, parishability
means that services cannot be seen, tasted, felt, heard, or smelled before they are bought
means that services cannot be separated from their providers, whether the providers are people or machines.
carachteristic of a service where quality of services depends on who provides them as well as when, where and how they are provided
means that services cannot be stored for later sale or use.
service profit chain
links service firm profits with employee and customer satisfaction
five links of the service profit chain
internal service quality, satisfied and productive service employees, greater services value, satisfied and loyal customers, healthy service profits and growth
means that the service firm must orient and motivate its customers-contact
type of marketing where quality depends heavily on the quality of the buyer-seller interaction during the service encounter
managing service differentiation
provides competitive advantage by delivering consistently higher quality than its competitors
managing service quality
provides a competitive advantage by delivering consistently higher quality than its competitors
managing service productivity
refers to cost side of marketing strategies for service firms.
key element in the company's relationship with customers. represent customers perceptions and feelings about a product and its performance
the differential effect that knowing the brand name has on a customer response to the product and its marketing. measure of the brands ability to capture consumer preference and loyalty
positive brand equity
when consumers react more favorably to it than to a generic or unbranded version of the same product.
negative brand equity
consumers react less favorably than to an unbranded version
four consumer perception dimensions (brand equity)
differentiation, relevance, knowledge, esteem - must have all to have high brand equity
process of estimating the total financial value of a brand
competitive advantages of brand equity
high level of consumer brand awareness and loyalty, high credibility, defense against fierce competition.
brand strategy decisions
brand positioning, brand name selection, brand sponsorship, and brand development
position brand on product attributes, associating name with benefits,
brand name selection (desirable qualities)
benefits and qualities, easy to pronounce, recognize and remember, extendable, translates easily, capable of registrations and legal protection.
names or symbols previously created by other manufacturers, celebrities, characters from movies or books.
two established brand names of different companies are used on the same product.
when a company extends existing brand names to new forms, color, sizes, ingredients, or flavors of an existing product category
extends a current brand name to a new or modified products in a new category
companies often market many different brands in a given product category
a company might believe that the poser of its existing brand name is waning, so a new brand name is created
brand sponsorship options
national brand, store brands, licensing and co-branding
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