ICORE M370 Notes

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M370 Final Exam Review

Chapter 7: Products, Services, and Brands: Building Customer Value Introduce the concept of consumer value creation thru Marketing Mix manipulation Develop your understanding of brands and look at how brands affect The Mix and Products Classify different types of market offerings

Product: anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need; a “product” is a market offering utilizing all the elements of The Mix to create customer value Service: any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything Consumer product: product bought by final consumer for personal consumption Convenience product: consumer product that customers usually buy frequently, immediately, and with a minimum of comparison and buying effort (low price) Shopping product: consumer good that the customers, in the process of selection and purchase, characteristically compare on such bases as suitability, quality, price and style (higher price) Specialty Product: consumer product with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort (high price) Unsought product: consumer product that the consumer either does not know about or knows about but does not normally think of buying (varying prices) Industrial product: product bought by individuals and organizations for further processing or for use in conducting a business (3 groups) materials and parts: include raw materials and manufactured materials and parts; price and service are the major marketing factors; branding and advertising less important capital items: industrial products that aid in the buyer’s production or operations, including installations and accessory equipment supplies and services: supplies are the convenience products of the industrial field Organization marketing: consists of activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization (practiced by for profit and non-for profit) Business firms sponsor public relations or corporate image advertising campaigns to market themselves and polish their images Person marketing: consists of activities undertaken to create, maintain, or change attitudes or behavior toward particular people Place marketing: involves activities undertaken to create, maintain, or change attitudes or behavior toward particular places Social marketing: the use of commercial marketing concepts and tools in programs designed to influence individual’s behavior to improve their well-being and that of society; social ideas marketed Product quality: the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs two dimensions: level and consistency

Brand: a name, term, sign, symbol, or design or a combination of these that identifies the products or services of one seller or group of sellers 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 thru the same types of outlets, or fall within given price ranges product line length: number of items in the product line

product line filling: involves adding more items within the present range of the line product line stretching: occurs when a company lengthens its product line beyond its current range Product mix (or product portfolio): the set of all product lines and items that a particular seller offers for sale Brand Equity: the positive differential effect that knowing the brand name has on customer response to the product or service measure brand strength along 4 consumer perception dimensions: differentiation (what...
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