Kotler 2020, Marketing Chapter 10 - Products and Services

The use of commercial marketing techniques to promote ideas, products, or services that benefit individuals and society.

A strategy where organizations promote themselves and their values to attract potential employees.

The process of individuals promoting their own image, skills, and values to build a personal brand.

The different stages a product goes through from its launch to its decline in the market.

The initial stage of the PLC where a new product is introduced to the market. Marketing focuses on creating awareness and building demand.

The stage of the PLC where sales grow rapidly and the product gains market share. Marketing focuses on expanding distribution and differentiating the product.

The stage of the PLC where sales growth slows down and the product reaches its peak popularity. Marketing focuses on maintaining market share and competition.

The final stage of the PLC where sales decline and the product loses market share. Marketing focuses on managing the product decline and potential withdrawal.

Information on a product's packaging, including brand, manufacturer, contents, usage instructions, and safety warnings.

Misleading or inaccurate information on a product label that can deceive customers.

Services offered by a company to support its products, such as repairs, customer support, and technical assistance.

The collection of related products offered by a company. Products in a line may share common functions, target the same customer groups, or be sold through similar channels.

The practice of using product labeling to promote a brand, enhance its image, and connect with customers.

Government regulations designed to ensure that product labels provide accurate information and do not mislead consumers.

Assessing the value of current customer support services and identifying opportunities for improvements or new services.

The impact of good or bad customer service on brand loyalty and repeat purchase decisions.

Finding and developing new product ideas, often involving a systematic search and collaboration with various stakeholders.

The process of evaluating and selecting new product ideas based on criteria such as feasibility, profitability and alignment with company goals.

Creating a detailed plan and outlining the key features, specifications, and marketing strategies of a new product.

Developing a physical representation of a product, often a prototype, for testing and refinement.

Testing and refining a new product with real-world users or potential customers to gather insights on user experience, functionality, and desirability.

Strategically introducing a new product to the market, often with a planned marketing campaign and distribution channels.

Assessing the performance of the new product in the market, tracking sales, customer feedback, and competitor activities.

The ability to actively change and adapt a product based on market feedback, customer needs, and competitive developments.

The unique characteristic of services where the quality can vary significantly depending on who provides the service, when, where, and how it is delivered.

Services cannot be stored or saved for later use. Once the service is delivered, its value disappears.

The interaction between the service provider and the customer during the service production process.

The strategies used by service firms to position themselves competitively and attract their target market.

The impact of the provider and the customer on the overall quality of the service.

Strategies employed by service firms to adjust their operations to match fluctuating demand, often by adjusting pricing, staffing, and other factors.

The use of traditional marketing tactics, such as advertising, pricing, and promotions, tailored to the specific characteristics of services.

The need to use additional marketing techniques beyond the traditional mix to effectively position and promote services. These often include personal selling, relationship marketing, and service quality management.

A detailed plan outlining the pricing, distribution, and marketing budget for a new product during its initial year.

A comprehensive strategy outlining long-term goals for a product, including sales, profit, and marketing mix.

A thorough evaluation of the viability of a new product, assessing potential sales, costs, and profits to determine if they align with company objectives.

A preliminary version of a product, often created for testing and evaluation, to ensure it functions correctly and meets customer expectations.

A method of testing a pre-release version of a product with potential users to gather feedback and identify issues before the official launch.

Involving actual customers in the product development process, often through surveys or focus groups, to gather their input on design, features, and usability.

A process of evaluating a product's safety, effectiveness, and value to customers through rigorous testing and analysis. This can be conducted by the company or outsourced to specialist firms.

The total range of products offered by a seller, including different product lines and items.

The number of different product lines offered by a company.

The number of items within a product line.

The number of versions offered for each product item.

The consistency of the product mix across different product lines.

A structured process used to create new products that meet customer needs.

Characteristics that distinguish services from goods - they are intangible, inseparable, variable and perishable.

A chain connecting employee satisfaction, customer satisfaction, and company profits. Happy employees lead to satisfied customers, leading to higher profits.