Marketing chap 8

• Product


  Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
• Service


  A product that consists of activities, benefits, or satisfactions and that is essentially intangible and does not result in the ownership of anything
• Products and services are becoming more commoditized. Companies are now creating and managing customer experiences with their brands or company.
• Product and Service Classifications

  • Consumer products
  • Industrial products
  • Organizations, Persons, Places, and Ideas

  
• Consumer products


  Products and services bought by final consumers for personal consumption
• Types of consumer products

  • Convenience products
  • Shopping products
  • Specialty products
  • Unsought products

  
• Convenience products


  Consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
• Shopping products


  Less frequently purchased consumer products and services that the customer compares carefully on suitability, quality, price, and style
• Specialty products


  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
• Unsought products


  Consumer products that the consumer does not know about or knows about but does not normally think of buying
• Industrial products


  Products purchased for further processing or for use in conducting a business
• Types of industrial products

  • Materials and parts
  • Capital items
  • Supplies and services
• Materials and parts


  Include raw materials and manufactured materials and parts
• Capital items


  Industrial products that aid in the buyer's production or operations
• Supplies and services


  Include operating supplies, repair and maintenance items, and business services
• Other product and service classifications

  • Organization marketing
  • Person marketing
  • Place marketing
  • Social marketing

  
• Organization marketing


  Activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization

  
• Person marketing


  Activities undertaken to create, maintain, or change the attitudes or behavior of target consumers toward particular people
• Place marketing


  Activities undertaken to create, maintain, or change attitudes and behavior toward particular places
• Social marketing


  Uses commercial marketing concepts to influence individuals' behavior to improve their well-being and that of society
• Individual product and service decisions include communicating and delivering benefits through product and service attributes such as quality, features, style and design.

  
• Product quality characteristics


  • Total quality management
  • Return-on-quality
  • Quality level
  • Performance quality
  • Conformance quality
• Product features


  Competitive tool for differentiating a product from competitors' products, assessed based on the value to the customer versus its cost to the company
• Style


  The appearance of the product
• Design


  Contributes to a product's usefulness as well as to its looks
• Brand


  The name, term, sign, or design or a combination of these, that identifies the maker or seller of a product or service
• Packaging


  Designing and producing the container or wrapper for a product
• Labels


  Identify the product or brand, describe attributes, and provide promotion
• Product support services


  Augment actual products
• 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
• Product line length


  The number of items in the product line, including line stretching and line filling
• Product mix


  All the product lines and items that a particular seller offers for sale, including width, length, depth, and consistency
• Service firms often require additional marketing strategies beyond traditional ones, including the service-profit chain, internal marketing, and interactive marketing.
• Service-profit chain


  Links service firm profits with employee and customer satisfaction through internal service quality, satisfied and productive service employees, greater service value, satisfied and loyal customers, and healthy service profits and growth
• Internal marketing


  The service firm must orient and motivate its customer-contact employees and supporting service people to work as a team to provide customer satisfaction
• Interactive marketing


  Service quality depends heavily on the quality of the buyer-seller interaction during the service encounter, including service differentiation, service quality, and service productivity

  
• Brand equity


  The differential effect that knowing the brand name has on customer response to the product or its marketing
• Brand value


  The total financial value of a brand
• Brand positioning levels


  • Attributes
  • Benefits
  • Beliefs and values

  
• Criteria for brand name selection

  • Suggests benefits and qualities
  • Easy to pronounce, recognize, and remember
  • Distinctive
  • Extendable
  • Translatable for the global economy
  • Capable of registration and legal protection