Marketing 101 Chapter 7

Product
anything offered to a market for attention, acquisition, use, or consumption to satisfy customer needs
Service
An activity, benefit, or satisfaction offered for sale that is intangible and does not result in ownership
Consumer Product
A product bought by final consumers for personal consumption
Convenience Product
A product that customers usually buy frequently, immediately, and with minimal comparison
Shopping Product
A product that the uses a process of selecting and purchasing, usually compares on attributes such as suitability, quality, price, and style
Specialty Product
A product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort
Unsought Product
A product that the customer does not know about or knows about but down not normally consider buying
Industrial Product
A product bought by individuals and organizations for further processing or use in conducting business
Social Marketing
Thus use of commercial marketing concepts and tools in programs designed to influence individuals’ behavior to improve their well being and that of society’s well being
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, 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 activités of designing and productiong the container or wrapper for a product
Labels
Identify product, describe the product, promote the brand
Product line
A group of products that are closely related because they function in a similar manner, and are sold to the same customer groups
Product mix
The set of all products lines and items that a particular sellers offers for sale- product portfolio
Service intangibility
Services cannot be seen, tasted, felt, heard or smelled before they are bought
Inseparabillity
Service that cannot be separated from their providers
Variability
Quality of service depends on who provides them and when, where, and how
Perishability
Services that cannot be stored for later sale or use
Service profit chain
The chain that links service firm profits with employee and customer satisfaction
Internal marketing
Orienting and motivating customer contact employees and supporting service employees to work as teams to provide customer satisfaction
Interactive marketing
Training service employees in the fine art of interacting with customers to satisfy their needs
Brand equity
The differential effect that knowing the brand name has on customer response to the product or its marketing
Brand positioning
The three levels include product attributes, beliefs and values (emotion), benefit (what the brand is known for)
Store brand
(private 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 name to new forms, colors, sizes, ingredients, or flavors
Brand extensions
extending esixting brand names to new products categories