Chapter 7: MKT 305

Shopping Product
is a consumer product that the customer, in the process of selecting and purchasing, usually compares on such attributes as suitability, quality, price, and style
Brand Sponsorship
includes private brand, licensing, and co-branding
Brand Positioning
attributes and benefits are part of ______, which is one of the major brand strategy decisions
Co-Branding
is the practice of using the established brand names of two different companies on the same product
Service Variability
means that the quality of services may vary greatly depending on who provides them and when, where, an dhow they are provided
Product Mix
is the set of all products and items that a particular seller offers for sale
Unsought Product
is a consumer product that the consumer either does not know about or knows about but does not normally consider buying
Specialty Products
is a consumer product identification for unique characteristics of brand identification for which a significant group of buyers is willing to make a special purchase effort
Service Perish-ability
means that the services cannot be stored for later sale or use
Brand Equity
the differential effect that knowing the brand name has on customer response to the product or its marketing
Service Inseparability
services are produced and consumed at the same time and cannot be separated from their providers
Product Quality
the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Product Line
refers to a group of products that are closely related because they function in a similar manner, are sold to the same customer groups , are marked through the same types of outlets, or fall within given ranges
Convenience Product
is a consumer product that customers usually buy frequently, immediately, and with minimal comparison and buying effort
Brand Name Selection
finding the best name is part of _____, and it begins with a careful review of the product and its benefits, the target market, and proposed marketing strategies
A Service Profit Chain
links service firm profits with employee and customer satisfaction
Product
anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Brand Extension
is expanding an existing brand name of a new product categories
Industrial Product
is a product bought by individuals and organizations for further processing or for use in conducting a business
Store Brand
is a brand created and owned by a re-seller of a product or service
Consumer Product
a product bought by final consumers for personal consumption
Social Marketing
using traditional business marketing concepts and tools to create behaviors that will create individuals and societal well-being
Packaging
the activities of designing and producing the container or wrapper for a product
Service Intangibility
services cannot be seen, tasted, felt, heard, or smelled before they are bought
Interactive Marketing
training service employees in the fine art of interacting with customers to satisfy their needs
Brand Value
the total financial value of a brand
Line Extension
extending an existing brand name to new forms, colors, sizes, ingredients, or flavors of an existing product category
Mulit-brand
companies often market many different brands in a given product category. It offers a way to establish different customer segments, and capture a larger market share
New Brands
a company might believe that the power of its existing brand name is waning, so a new brand name is needed
Licensing
entering foreign markets through developing an agreement with a licensee in the foreign market
Consumer
a product bought by final consumers for personal consumption
Your favorite candy bar, that you purchase often is most likely considered which type of product?
convenience product
Suppose you are moving to anew college dorm and need to buy a new piece of furniture. Which type of product is the furniture you purchase?
shopping product
You’ve decided to tkae your family on vacation to the Bahamas. Which type of product is your vacation?
service product
After a recent health scare, you decide that you should purchase life insurance. Life insurance is which type of product?
unsought products
After your big promotion at work, you decide to purchase a Rolex watch for yourself. Which type of product is your new watch
specialty product
The video suggests that albums on itunes are a product. Do you agree and why?
I think they are more of a service because it is a digital product that is providing a service
What are some examples of convenience, shopping, and specialty products you purchase?
convenience: gas and food
shopping: furniture and clothes
specialty: cars and food
Do you think it is reasonable to refer to life insurance and pre-paid funeral plans as “unsought products”? Are they really unsought?
you never buy an unsought product because we DONT know what it is.
you must be in the need for life insurance or pre-paid funeral plans, so there is no point in buying them
The founders of Life is Good started their business by hawking t-shirts on the streets and selling them door to door in college towns. As the organization grew, the number of different lines of products it offered grew too. Collectively, these assorted product lines might be described as Life is Good?
product mix
Life is Good utilizes a percentage of its profits to support its own charitable foundation, whose purpose is to provide support services for frontline childcare providers. Its notion of “do well by doing good” is encapsulated by which of the following?
social market
The cartoon character “Jake” embodies the organizational values of Life is Good and is intended as a symbol of optimism and all that is right with the world. The “Jake” logo is an important symbol of the companies?
brand
Jim Laughin, the director of communications for Life is Good, emphasized the importance of spreading awareness of the organizations goal of helping children through the sale of products to both consumers and employees. If consumers rate Life is Good more favorably because of these efforts, the company has increased?
brand equity
For many of Life is Goods customers, understanding the companies positive message and social role makes a significant difference in terms of their response to the company’s products and marketing. If this improves the company’s financial position, it has increased its?
brand value