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Questions and Answers
Which of the following best defines a product?
Which of the following best defines a product?
A service leads to ownership of a physical item.
A service leads to ownership of a physical item.
False
What type of products do consumers buy for personal consumption?
What type of products do consumers buy for personal consumption?
Consumer products
A __________ product is frequently bought with minimal effort by the consumer.
A __________ product is frequently bought with minimal effort by the consumer.
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Which of the following is an example of an unsought product?
Which of the following is an example of an unsought product?
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Match the following types of consumer products with their definitions:
Match the following types of consumer products with their definitions:
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Industrial products are meant for personal consumption.
Industrial products are meant for personal consumption.
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What is generally included in the marketing mix planning?
What is generally included in the marketing mix planning?
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Which of the following is NOT included in the category of raw materials?
Which of the following is NOT included in the category of raw materials?
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Capital items include major purchases such as buildings and fixed equipment.
Capital items include major purchases such as buildings and fixed equipment.
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What does TQM stand for in the context of product quality?
What does TQM stand for in the context of product quality?
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Supplies include operating supplies like lubricants and ______.
Supplies include operating supplies like lubricants and ______.
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Match the following types of marketing to their descriptions:
Match the following types of marketing to their descriptions:
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What are component materials?
What are component materials?
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Operating supplies include items like paper and halogen lights.
Operating supplies include items like paper and halogen lights.
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What are the two categories of supplies?
What are the two categories of supplies?
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What is the primary advantage of branding for consumers?
What is the primary advantage of branding for consumers?
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Product style refers only to the functional aspects of a product.
Product style refers only to the functional aspects of a product.
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What should companies consider when adding features to a product?
What should companies consider when adding features to a product?
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The activities of designing and producing the ________ for a product are referred to as packaging.
The activities of designing and producing the ________ for a product are referred to as packaging.
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Match the product elements to their descriptions:
Match the product elements to their descriptions:
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What is meant by 'line filling' in product line decisions?
What is meant by 'line filling' in product line decisions?
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Which of the following is considered a major concern regarding packaging in recent years?
Which of the following is considered a major concern regarding packaging in recent years?
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Stretching a product line downward is only possible for companies located at the lower end of the market.
Stretching a product line downward is only possible for companies located at the lower end of the market.
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A stripped-down model of a product is typically the last option evaluated by companies when adding features.
A stripped-down model of a product is typically the last option evaluated by companies when adding features.
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What are the four important dimensions of a company's product mix?
What are the four important dimensions of a company's product mix?
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The practice of stating the price per unit is known as _______.
The practice of stating the price per unit is known as _______.
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What do labels and brand logos contribute to a brand?
What do labels and brand logos contribute to a brand?
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Match the following product line strategies with their descriptions:
Match the following product line strategies with their descriptions:
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What type of labelling indicates the expected shelf life of a product?
What type of labelling indicates the expected shelf life of a product?
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Product support services are not essential for customer satisfaction after the sale.
Product support services are not essential for customer satisfaction after the sale.
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What is a product line?
What is a product line?
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Which of the following is NOT one of the three major marketing tasks service companies face?
Which of the following is NOT one of the three major marketing tasks service companies face?
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Service quality is easier to define and judge than product quality.
Service quality is easier to define and judge than product quality.
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What is brand equity?
What is brand equity?
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A powerful brand forms the basis for building strong and profitable customer __________.
A powerful brand forms the basis for building strong and profitable customer __________.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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What can service companies do to differentiate their service delivery?
What can service companies do to differentiate their service delivery?
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Innovative features in the service offer can help differentiate it from competitors.
Innovative features in the service offer can help differentiate it from competitors.
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What is the main goal of managing service productivity?
What is the main goal of managing service productivity?
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What brand successfully positioned itself on guaranteed on-time delivery?
What brand successfully positioned itself on guaranteed on-time delivery?
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Customers are solely interested in brand attributes rather than the benefits these attributes provide.
Customers are solely interested in brand attributes rather than the benefits these attributes provide.
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What is co-branding?
What is co-branding?
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A brand created and owned by a reseller of a product or service is called a __________ brand.
A brand created and owned by a reseller of a product or service is called a __________ brand.
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Match the following brands with their primary appeal:
Match the following brands with their primary appeal:
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What advantage do retailers have in the battle of brands between manufacturer and private brands?
What advantage do retailers have in the battle of brands between manufacturer and private brands?
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Coca-Cola's introduction of 'new Coke' was an example of a successful brand development strategy.
Coca-Cola's introduction of 'new Coke' was an example of a successful brand development strategy.
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What is one reason a brand name cannot be registered?
What is one reason a brand name cannot be registered?
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Study Notes
Product Definition
- A product is anything offered to a market for attention, acquisition, use, or consumption.
- Products can include services, events, persons, places, organizations, ideas, or a mixture.
Products, Services, and Experiences
- Products are a crucial part of a market offering.
- A market offering could be a tangible good (e.g., soap) or primarily a service (e.g., a doctor's visit).
- A service is an activity, benefit, or satisfaction offered for sale that doesn't result in ownership.
Levels of Product and Services
- A product has three levels:
- Core customer value: What the customer is really buying.
- Actual product: Features, design, quality level, brand name, and packaging.
- Augmented product: Additional customer services and benefits, like warranty or delivery.
Product and Service Classifications (Consumer Products)
- Convenience product: Frequently bought, little planning or comparison, low customer involvement (e.g., toothpaste).
- Shopping product: Less frequent purchase, more planning and comparison, comparison of brands (e.g., major appliances).
- Specialty product: Strong brand preference & loyalty, special purchase effort (e.g., luxury goods).
- Unsought product: Little awareness or knowledge, or even negative interest, (e.g., life insurance).
Industrial Products
- Bought by individuals or organizations for further processing or use in conducting business.
- Classified into materials and parts, capital items, and supplies and services.
Organizations, Persons, Places, and Ideas
- Organization marketing: Activities to create, maintain, or change attitudes toward an organization.
- Person marketing: Activities to create, maintain, or change attitudes toward people.
- Place marketing: Activities toward a particular place.
Social Marketing
- Use of traditional marketing concepts to encourage behaviors for individual and societal well-being.
Product and Service Decisions
- Product quality: Characteristics that satisfy stated or implied needs.
- Total quality management (TQM): All company people involved in constantly improving quality.
- Product features: Varying features (stripped-down to fully featured); value vs. cost.
- Product style and design: Appearance (style) vs. overall concept (design).
- Branding: Distinctive name, term, sign, symbol, design (identifies seller, differentiates among competitors).
- Packaging: Designing and producing containers/wrappers (influences buyers as promotional medium).
- Labelling: Identifies product/brand, informs customers, promotional use & marketing campaigns.
Product Support Services
- Important for customer experience.
- Keeping customers happy after the sale is crucial to lasting relationships.
Product Line Decisions
- Product line: Closely related products that are similar in function, sold to same customer groups, marketed through similar outlets.
- Line length: Number of items in the product line; can be too short or too long (cannibalisation, confusion)
Managing Service Differentiation
- The best answer to price competition is a differentiated offer, delivery image.
- Unique features, reliable customer service personnel, superior physical environments, and superior delivery processes.
- Service firms can also enhance their image through suitable branding strategy.
Managing Service Quality
- Service quality is more difficult than product quality to define.
- Customers may have different expectations concerning service quality; companies should determine what their target customers expect.
Brand Equity and Brand Value
- Brand equity: The differential effect that knowing the brand name has on a customer's response to the product or its marketing.
- Brand value: The total financial value of a brand.
- Strong brands are an asset in customer relationships.
Branding Strategy (Building Strong Brands)
- Brand positioning: Understanding how the customer views competing brands and what benefits the customer seeks. Understanding customer motivations.
- Brand name selection: The name must not infringe existing trademarks.
- Brand sponsorship: There are various methods available to build a brand.
- Brand development: There are various methods available to build a brand's offering.
Product Mix Decisions
- Product mix: The full set of products that a particular seller offers.
- Contains various aspects: Width, Length, Depth and Consistency.
Service Marketing
- Governments, private not-for-profit, and businesses all offer various services.
- Services have their unique characteristics, including intangibility, inseparability, variability, and perishability.
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Description
Test your understanding of key marketing concepts with this quiz. Explore definitions of products, consumer categories, and elements of the marketing mix. Assess your knowledge on branding, supplies, and industrial products.
