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
Signup and view all the flashcards
Successful Product
Successful Product
Signup and view all the flashcards
Opportunity Cost
Opportunity Cost
Signup and view all the flashcards
Consumer Services
Consumer Services
Signup and view all the flashcards
Producer Services
Producer Services
Signup and view all the flashcards
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.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.