Chapter 8

Anything offered in a market for attention, acquisition, use, or consumption to satisfy a want or need.

A service is an intangible benefit or activity offered for sale that does not lead to ownership.

A product bought by individuals for personal use.

A product bought frequently, immediately, with minimal effort.

A product carefully compared by price, quality, and style before buying.

A unique product with strong brand recognition that buyers are willing to go out of their way for.

A product people are unaware of or don't consider buying.

A product bought by businesses for use in their operations or to create other goods.

Industrial products that are used by businesses to manufacture other goods or services. They can be further broken down into materials and parts, capital items, and supplies and services.

Industrial products that are used to create other products. This category includes raw materials, manufactured materials, and component parts.

Industrial products that are used to produce goods or services. They include installations and accessory equipment.

Industrial products that are used for everyday operations and maintenance. They include operating supplies and repair and maintenance items.

The characteristics of a product or service that determine its ability to satisfy customer needs.

An approach where all members of a company work together to continually improve the quality of products, services, and business processes.

Marketing activities aimed at influencing how people perceive and interact with organizations.

Marketing activities aimed at influencing how people perceive and interact with places.

A name, term, sign, symbol, or design that differentiates a company's products or services from competitors.

The process of assessing the value of adding features to a product compared to their cost.

The visual appearance of a product, which can be either appealing or unattractive.

The overall design concept of a product, encompassing more than just its appearance.

The container or wrapper designed and produced for a product.

A label on a product that identifies it and provides information about its origin, contents, and use.

A logo is a graphic symbol that represents a brand or company.

The approach where quality is viewed as an investment that directly impacts the company's financial performance.

A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, are marketed through the same types of outlets, or fall within given price ranges.

The number of items in the product line. It can be expanded or reduced to increase profits.

Adding more items within the present range of the product line. Done to satisfy customer needs and compete with rivals.

Expanding the product line beyond its current range, including new products above or below the existing range.

A company can increase its product line by offering more variations of existing products.

A company can increase its product line by adding new ranges of products, above or below their existing range.

The set of all product lines and items that a particular seller offers for sale. It can be described by its width, length, depth and consistency.

The number of product lines a company offers. A wider mix means offering products in more categories.

The process of training service employees to interact with customers in a way that meets their needs and builds positive relationships.

The unique set of features, delivery methods, and image that distinguish a company's service from its competitors.

The level of excellence and consistency in delivering a service to meet or exceed customer expectations.

How efficiently a service is provided, balancing cost and customer satisfaction.

The overall value of a brand, based on how it resonates with customers and influences their decisions.

The total financial worth of a brand, including factors like brand recognition, loyalty, and market share.

The process of creating and managing a brand to build strong customer relationships and loyalty.

Focus on understanding and meeting customer needs, rather than promoting individual brands.

Creating a unique and compelling identity for your brand in the minds of customers, emphasizing what makes it special.

A brand name can't be registered if it's too similar to existing brands.

A brand owned and controlled by a manufacturer, often associated with a national or extensive distribution network.

A brand owned and controlled by a retailer, often found exclusively in their stores.

Using the established brand names of two different companies on the same product.

Allowing another party to use your brand name or logos on their products, for a fee, to increase brand awareness and market reach.

A complete failure of a new product launch, often leading to significant financial losses and reputational damage.