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Chapter 7- Products, Services, and Brands - Flashcards

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Class:BUAD 301 - Introduction to Marketing
Subject:Business Administration
University:University of Delaware
Term:Fall 2011
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Product Anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
Service An activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything
Convenience Product A consumer product that customers usually buy frequently, immediately, and with a minimum comparison and buying effort
Shopping Product A consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
  • intangibility
  • variability
  • inseparability
  • perishability
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Specialty Product A consumer product with unique characteristics or brand identification for which a significant group of buyers i willing to make a special purchase effort
Unsought Product A consumer product that the consumer either odes not know about or knows about but does not normally think of buying
Industrial Product A product bought by individuals and organizations for further processing or for use in conducting a business
Social Marketing The use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well0being and that of society
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Product Quality The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
Brand A name, team, sign, symbol, 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 activities of designing and producing the container or wrapper for a product
Product Line 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
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Product Mix The set of al product lines and items that a particular seller offers for sale
Service Intangibility A major characteristic of services- they cannot be seen, tasted, felt, heard, or smelled before they are bought
Service Inseparability A major characteristic of services- they are produced and consumed at the same time and cannot be separated from their providers
Service Variability A major characteristic of services- their quality may vary greatly, depending on who provides them, when, where, and how
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Service Perishability A major characteristic of services- they 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 people to work as a team to provide customer satisfaction
Interactive Marketing Training service employees in the fine art of interacting with customers to satisfy their needs
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Brand Equity The differential effort that knowing the brand name has on customer response to the product or its marketing
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 brand name to new forms, colors, sizes, ingredients, or favors of an existing product category
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Brand Extension Extending an existing brand name to new product categories
Multibrands Company marketing new brand name in a product category already catering
New Brand Create new brand name when entering new product category
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 ProductAnything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need
 ServiceAn activity, benefit, or satisfaction offered for sale that is essentially intangible and does not result in ownership of anything
 Convenience ProductA consumer product that customers usually buy frequently, immediately, and with a minimum comparison and buying effort
 Shopping ProductA consumer product that the customer, in the process of selection and purchase, usually compares on such bases as suitability, quality, price, and style
  • intangibility
  • variability
  • inseparability
  • perishability
 Specialty ProductA consumer product with unique characteristics or brand identification for which a significant group of buyers i willing to make a special purchase effort
 Unsought ProductA consumer product that the consumer either odes not know about or knows about but does not normally think of buying
 Industrial ProductA product bought by individuals and organizations for further processing or for use in conducting a business
 Social MarketingThe use of commercial marketing concepts and tools in programs designed to influence individuals' behavior to improve their well0being and that of society
 Product QualityThe characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs
 BrandA name, team, sign, symbol, 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
 PackagingThe activities of designing and producing the container or wrapper for a product
 Product LineA 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 MixThe set of al product lines and items that a particular seller offers for sale
 Service IntangibilityA major characteristic of services- they cannot be seen, tasted, felt, heard, or smelled before they are bought
 Service InseparabilityA major characteristic of services- they are produced and consumed at the same time and cannot be separated from their providers
 Service VariabilityA major characteristic of services- their quality may vary greatly, depending on who provides them, when, where, and how
 Service PerishabilityA major characteristic of services- they cannot be stored for later sale or use
 Service-Profit ChainThe chain that links service firm profits with employee and customer satisfaction
 Internal MarketingOrienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction
 Interactive MarketingTraining service employees in the fine art of interacting with customers to satisfy their needs
 Brand EquityThe differential effort that knowing the brand name has on customer response to the product or its marketing
 Store Brand (private brand)A brand created and owned by a reseller of a product or service
 Co-BrandingThe practice of using the established brand names of two different companies on the same product
 Line ExtensionExtending an existing brand name to new forms, colors, sizes, ingredients, or favors of an existing product category
 Brand ExtensionExtending an existing brand name to new product categories
 MultibrandsCompany marketing new brand name in a product category already catering
 New BrandCreate new brand name when entering new product category
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