Podcast
Questions and Answers
What type of product primarily satisfies a need or a want and can be bought for personal consumption?
What type of product primarily satisfies a need or a want and can be bought for personal consumption?
Which category of consumer products involves items that customers buy frequently with minimum effort?
Which category of consumer products involves items that customers buy frequently with minimum effort?
What characterizes specialty products?
What characterizes specialty products?
Which of the following is NOT a type of industrial product?
Which of the following is NOT a type of industrial product?
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What do positioning maps illustrate about a marketplace?
What do positioning maps illustrate about a marketplace?
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What is an unsought product?
What is an unsought product?
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Which of the following is a component of the 7Ps of service marketing?
Which of the following is a component of the 7Ps of service marketing?
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Which of the following statements best defines services?
Which of the following statements best defines services?
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What does the service-profit chain connect within a service firm?
What does the service-profit chain connect within a service firm?
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Which of the following best describes Brand Equity?
Which of the following best describes Brand Equity?
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What is the primary purpose of packaging in product marketing?
What is the primary purpose of packaging in product marketing?
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What is product line filling?
What is product line filling?
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How is the 'width' of a product mix defined?
How is the 'width' of a product mix defined?
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Which of the following is NOT a component of the service-profit chain?
Which of the following is NOT a component of the service-profit chain?
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What does product line stretching involve?
What does product line stretching involve?
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What is the depth of a product mix?
What is the depth of a product mix?
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Study Notes
Product Concept: Attributes, Levels, and Hierarchy
- Products are anything offered in a market for attention, acquisition, use, or consumption to satisfy a need or want.
- Services are activities, benefits, or satisfactions that are intangible and don't result in ownership.
- Products and services are becoming more standardized with companies focusing on creating customer experiences.
- Positioning maps show customer perceptions of a brand compared to competing products.
Consumer Products
- Consumer products are goods and services bought by end-users for personal use.
- Convenience products are frequently bought, with minimal comparison and effort (e.g., candy, bottled water).
- Shopping products are less frequently bought, with careful comparisons on factors like suitability, quality, price, and style (e.g., furniture, clothing).
- Specialty products have unique characteristics or brand identity and require special effort by customers (e.g., high-end products).
- Unsought products are products the consumer doesn't know about or isn't actively seeking (e.g., insurance, blood donation).
Industrial Products
- Industrial products are bought for further processing or use in a business.
- Materials and parts include raw materials and manufactured items (e.g., wood, screws).
- Capital items help in production or operations (e.g., cranes).
- Supplies and services include operating supplies, repair items, and business services (e.g., office supplies, cleaning services).
Product Life Cycle
- The product life cycle describes the stages a product goes through from introduction to decline.
- Stages include: Development, Introduction, Growth, Maturity, Saturation, and Decline.
Service Marketing
- Services have distinct characteristics: intangibility (cannot be seen before purchase), inseparability (cannot be separated from providers), variability (quality can fluctuate), and perishability (cannot be stored).
- Marketing strategies for service firms should include internal service quality, satisfied and productive employees, customer value, greater service value, loyal customers, and healthy service profits.
- Internal marketing focuses on employees and how they interact with customers.
- Interactive marketing focuses on the interaction between employees and customers.
Brand and Brand Equity
- Brand equity is how the brand name affects customer response to a product or its marketing.
- Brand value is the total financial value of a brand.
- Intangible aspects of a brand include the brand name and logo, while tangible aspects include packaging.
Product Portfolio Management
- A product line is a group of related products that function similarly, target similar customers, use similar distribution channels, or fall within certain price ranges.
- Decisions for managing product lines include length (adding or dropping items), filling (adding more to the existing line), stretching (extending the range).
- The product mix or portfolio refers to all the products a company offers.
- Measures of a product line include length (total number of products), width (number of product lines), and depth (number of versions).
- Consistency in the product portfolio is how closely related products are.
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Description
Test your knowledge on product attributes, levels, and hierarchy in marketing. This quiz covers consumer products, including convenience, shopping, specialty, and unsought products. Understand how positioning maps reflect customer perceptions of brands.
