Podcast
Questions and Answers
What type of goods are purchased by consumers for personal use?
What type of goods are purchased by consumers for personal use?
- Producer Services
- Producer Goods
- Consumer Services
- Consumer Goods (correct)
Brand loyalty can only be created through advertising efforts.
Brand loyalty can only be created through advertising efforts.
False (B)
What is the primary purpose of a brand?
What is the primary purpose of a brand?
To make products/services easily recognizable and to represent the qualities of the business.
Products that are sold to other businesses to assist their functions are known as ______.
Products that are sold to other businesses to assist their functions are known as ______.
Match the following marketing terms with their definitions:
Match the following marketing terms with their definitions:
What can increase the price of well-known brands?
What can increase the price of well-known brands?
A successful product always satisfies the needs and wants of the consumer immediately.
A successful product always satisfies the needs and wants of the consumer immediately.
What is opportunity cost in the context of consumer decision-making?
What is opportunity cost in the context of consumer decision-making?
Flashcards
Consumer Goods
Consumer Goods
Goods purchased by individual consumers for personal use.
Producer Goods
Producer Goods
Goods sold to other businesses to aid their operations.
Brand
Brand
A combination of a product's unique features and the company's image/reputation.
Brand Loyalty
Brand Loyalty
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Successful Product
Successful Product
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Opportunity Cost
Opportunity Cost
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Consumer Services
Consumer Services
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Producer Services
Producer Services
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Study Notes
Types of Products and Services
- Products and services are essential for any business.
- Consumer Goods: Purchased by individuals (e.g., food, clothing).
- Consumer Services: Bought for personal use (e.g., education, haircuts).
- Producer Goods: Sold to businesses to aid their operations (e.g., machinery, raw materials).
- Producer Services: Support businesses' tasks (e.g., accounting, insurance).
Branding
- Importance of Recognition: Crucial when products are sold through retailers to easily identify the product.
- Brand Definition: A combination of unique features and the business's image/reputation. It's often a central theme in marketing.
- Brand Elements: A name, logo, and/or slogan added to the product for recognition. Differentiate individual products.
- Brand Influence: Represents business qualities, influencing customer decisions. Creates loyalty by associating status and lifestyle with a brand.
- Brand Guarantee: A branded product offers a guarantee by representing a particular quality. Well-known brands often command premium pricing due to that perceived higher quality.
Successful Product Attributes
- Meeting Consumer Needs: Satisfies current consumer needs and wants, which evolve.
- Effective Design: Involves quality, performance, appeal, and branding. Includes reputation.
- Competitive Advantage: Must differ from competitors or substitutes for easier identification. Unique offerings are more easily recognizable.
- Cost Considerations: Price must cover business costs and generate profit. Consumers expect different prices for different products.
- Opportunity Cost: Consumers consider what they sacrifice buying a product.
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