Questions and Answers
What are the three types of goods?
What are consumer goods used for?
Personal, family, or household use.
What defines convenience goods?
Inexpensive, purchased frequently, no commitment to certain brands.
What are staples?
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What are impulse purchases?
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What does emergency purchasing refer to?
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What is shopping goods characterized by?
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What defines specialty goods?
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What are rented goods services?
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What are owned goods services?
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What are non-good services?
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What is product planning?
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What is a product mix?
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What is a product line?
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What is a product item?
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What does product width refer to?
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What does product depth refer to?
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What is the function of packaging?
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What is package altering?
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What does 2nd use packaging refer to?
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What is multiple packaging?
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What is labeling?
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What does branding do?
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What is a brand name?
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What are the different types of brands?
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What is a brand mark?
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What is a trade character?
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What is individual family branding?
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What is overall family branding?
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What is a warranty?
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What is an express warranty?
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What is a full warranty?
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What is a limited warranty?
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What is an implied warranty?
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Study Notes
Types of Goods
- Convenience goods: Inexpensive, frequently purchased without brand loyalty.
- Shopping goods: Consumers search and compare options like clothes and electronics.
- Specialty goods: Consumers are brand loyal and willing to pay more for premium products.
Consumer Goods
- Defined as items used for personal, family, or household purposes.
Convenience
- Key characteristic includes low price and high purchase frequency; typically no commitment to specific brands.
Staples
- Basic food items, such as bread and milk, essential for everyday consumption.
Impulse Purchases
- Unplanned buys that often include items like magazines or candy.
Emergency Goods
- Products purchased to satisfy immediate needs, such as medicine or batteries.
Rented Goods Service
- Involves renting products for temporary use, examples include limousines and rental trucks.
Owned Goods Service
- Services that improve or repair products already owned by customers, such as tailoring or car repairs.
Non-Good Services
- Personal or professional services without a physical product, like medical consultations.
Product Planning
- Encompasses all decisions related to the production and sale of products.
Product Mix, Line, and Item
- Product mix: All different products a business offers.
- Product line: A group of related products.
- Product item: A specific variant within a product line.
Product Width and Depth
- Product width: Number of different product lines a company has.
- Product depth: Variety of products within each line.
Packaging
- Functions: Promotes the product, provides information, protects the product, and meets design preferences of customers.
Packaging Innovations
- Package altering: Enhancements to existing packaging.
- 2nd use packaging: Reusable packaging designs.
- Multiple packaging: Packaging several units together instead of individually.
Labeling
- Part of packaging that conveys crucial information about the product through seals or messages.
Branding
- Identifies and distinguishes the products of a company, contributing to consumer recognition and loyalty.
Brand Elements
- Brand name: Actual name given to a product.
- Types of brands include:
- Descriptive (e.g., Pop-Tarts)
- Invented (e.g., Jell-O)
- Eponymous (named after the manufacturer)
- Suggestive (e.g., Nike, associated with victory).
Brand Mark and Trade Character
- Brand mark: A symbol or design with unique coloring or lettering.
- Trade character: A brand mark with human traits or characteristics.
Branding Strategies
- Individual family branding: Different names for each product from the same manufacturer.
- Overall family branding: Common or partial name used across multiple products.
Warranty Types
- Warranty: A promise about product quality and standards.
- Express warranty: Explicitly stated terms in a contract.
- Full warranty: Product replaced or repaired at no charge.
- Limited warranty: Some parts or conditions may incur costs.
- Implied warranty: Automatically exists under law regardless of explicit mention.
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Description
Test your knowledge on the classification of products in marketing with these flashcards. Learn about the different types of goods, including convenience, shopping, staple, and specialty goods. This quiz will help reinforce your understanding of consumer goods and their characteristics.