Marketing Classification of Products

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Questions and Answers

What are the three types of goods?

Basic, Luxury, Emergency

Organic, Non-organic, Specialty

Luxury, Essential, Impulse

Convenience, Shopping, Specialty (correct)

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?

Basic food items such as bread and milk. Signup and view all the answers

What are impulse purchases?

Unplanned purchases. Signup and view all the answers

What does emergency purchasing refer to?

Buying for immediate need such as medicine or batteries. Signup and view all the answers

What is shopping goods characterized by?

Search and compare quality, price, options. Signup and view all the answers

What defines specialty goods?

Loyal to a specific brand, willing to pay more. Signup and view all the answers

What are rented goods services?

Provide a product that a customer rents and uses. Signup and view all the answers

What are owned goods services?

Alter, improve, or repair a product that you already own. Signup and view all the answers

What are non-good services?

Personal or professional services without involving a product. Signup and view all the answers

What is product planning?

All of the decisions a business makes in the production and sale of its products. Signup and view all the answers

What is a product mix?

All different products offered by a business. Signup and view all the answers

What is a product line?

All different types of products within a category. Signup and view all the answers

What is a product item?

A specific product within a product line. Signup and view all the answers

What does product width refer to?

The number of different product lines. Signup and view all the answers

What does product depth refer to?

The number of different products within each line. Signup and view all the answers

What is the function of packaging?

Promotes and sells the product, provides information, protects the product. Signup and view all the answers

What is package altering?

Improvement of packaging. Signup and view all the answers

What does 2nd use packaging refer to?

Packaging that is reusable. Signup and view all the answers

What is multiple packaging?

Packaging that consists of more than one unit of the product. Signup and view all the answers

What is labeling?

Information seal or imprinted message attached to a product or its package. Signup and view all the answers

What does branding do?

Identifies the products of a company. Signup and view all the answers

What is a brand name?

The actual name of the product. Signup and view all the answers

What are the different types of brands?

Descriptive, Invented, Eponymous, Suggestive Signup and view all the answers

What is a brand mark?

Symbol or design with distinctive coloring or lettering. Signup and view all the answers

What is a trade character?

Brand mark given human form or characteristics. Signup and view all the answers

What is individual family branding?

One manufacturer names each of its products differently. Signup and view all the answers

What is overall family branding?

When a manufacturer names all their products with the same name or part of the name. Signup and view all the answers

What is a warranty?

A promise or guarantee that a product will meet certain standards. Signup and view all the answers

What is an express warranty?

Explicitly stated in a contract. Signup and view all the answers

What is a full warranty?

Replacing or repairing at no cost. Signup and view all the answers

What is a limited warranty?

Parts excluded; some expense incurred. Signup and view all the answers

What is an implied warranty?

Exists automatically by law. Signup and view all the answers

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.