Podcast
Questions and Answers
What is a product?
What is a product?
- Only physical goods that can be sold
- Only ideas that can be patented
- Only services that can be offered for sale
- Anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or a need (correct)
What is a key characteristic that distinguishes services from physical products?
What is a key characteristic that distinguishes services from physical products?
- Services are always offered by online companies
- Services are always intangible and do not result in the ownership of anything (correct)
- Services are always more expensive than physical products
- Services are always offered by non-profit organizations
What is an example of a product that combines physical and intangible elements?
What is an example of a product that combines physical and intangible elements?
- A piece of furniture
- A hotel stay (correct)
- A laptop computer
- A concert ticket
What is the term for the range of products offered by a company?
What is the term for the range of products offered by a company?
Why are services often more challenging to market than physical products?
Why are services often more challenging to market than physical products?
What is the term for the process of building and managing a brand?
What is the term for the process of building and managing a brand?
What is the term for extending an existing brand name to new forms, sizes, and flavors of an existing product category?
What is the term for extending an existing brand name to new forms, sizes, and flavors of an existing product category?
What is the term for introducing new brand names in the same product category?
What is the term for introducing new brand names in the same product category?
What is the term for introducing new brand names in new product categories?
What is the term for introducing new brand names in new product categories?
What is the benefit of consistency in branding?
What is the benefit of consistency in branding?
What is the term for a brand that is owned by a manufacturer?
What is the term for a brand that is owned by a manufacturer?
What is the term for a brand that is sponsored by another brand?
What is the term for a brand that is sponsored by another brand?
What is the term for extending an existing brand name to new product categories?
What is the term for extending an existing brand name to new product categories?
What is the term for a brand that is owned by a retailer?
What is the term for a brand that is owned by a retailer?
What is a product line?
What is a product line?
What is the term for the number of items in a product line?
What is the term for the number of items in a product line?
Which of the following is an example of a product line?
Which of the following is an example of a product line?
What is the term for lengthening a product line beyond its current range?
What is the term for lengthening a product line beyond its current range?
What is the term for a particular seller's entire set of product lines and items?
What is the term for a particular seller's entire set of product lines and items?
What is the opposite of stretching a product line?
What is the opposite of stretching a product line?
What is the ultimate outcome of the Service Profit Chain?
What is the ultimate outcome of the Service Profit Chain?
What is the benefit of focusing on internal service quality?
What is the benefit of focusing on internal service quality?
What is the primary driver of customer satisfaction and loyalty?
What is the primary driver of customer satisfaction and loyalty?
What is the outcome of satisfied and loyal customers?
What is the outcome of satisfied and loyal customers?
What is the foundation of the Service Profit Chain?
What is the foundation of the Service Profit Chain?
What is the result of increased employee satisfaction and internal service quality?
What is the result of increased employee satisfaction and internal service quality?
What is depth in the context of product mix?
What is depth in the context of product mix?
What is the main difference between inseparability and variability in services?
What is the main difference between inseparability and variability in services?
Which of the following is a characteristic of services?
Which of the following is a characteristic of services?
What is the term for the total number of products offered by a company?
What is the term for the total number of products offered by a company?
Which of the following best describes consistency in product mix?
Which of the following best describes consistency in product mix?
What is the main difference between intangibility and variability in services?
What is the main difference between intangibility and variability in services?
What is the term for the range of different product lines offered by a company?
What is the term for the range of different product lines offered by a company?
Which of the following is NOT a characteristic of services?
Which of the following is NOT a characteristic of services?
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Study Notes
Products, Services, and Brands
- A product is anything that can be offered to a market to satisfy a want or need, including physical products, services, events, persons, places, organizations, ideas, and combinations of these.
- Services are intangible and do not result in the ownership of anything, but rather offer an activity, benefit, or satisfaction.
Classifications of Products and Services
- Physical products
- Services
- Events
- Persons
- Places
- Organizations
- Ideas
- Combinations of the above
Brand Strategy
- Brand equity: the value of a brand to a consumer
- Brand awareness: the extent to which a brand is known by potential customers
- Brand association: the mental links that customers make with a brand
- Brand loyalty: the degree to which customers are committed to a brand
- Brand credibility: how believable and trustworthy a brand is
- Brand identification: the extent to which a brand is recognized and differentiated from others
Brand Development
- Manufacturer's brand: a brand owned and operated by a manufacturer
- Private brand: a brand owned and operated by a retailer
- Licensed brand: a brand licensed by one company to another
- Co-branding: partnering with another company to create a new brand
- Brand sponsorship: partnering with an event or organization to increase brand visibility
Product Line Decisions
- A product line is 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.
- Product line length: the number of items in a product line
- Product line width: the number of different product lines offered
- Line extension: extending an existing brand name to new forms, sizes, and flavors of an existing product category
- Brand extension: extending an existing brand name to new product categories
Product Mix Decisions
- A product mix is the combination of all the product lines and items that a particular seller offers for sale
- Product mix depth: the number of versions of each product
- Product mix length: the total number of items across all product lines
- Product mix width: the number of different product lines offered
Characteristics of Services
- Intangibility: services cannot be seen, tasted, felt, heard, or smelled before purchase
- Inseparability: services cannot be separated from service providers
- Variability: the quality of services depends on who provides them, when, where, and how
- Perishability: services cannot be stored for later sale or use
The Service Profit Chain
- Internal service quality: the quality of service provided to employees
- Employee satisfaction and loyalty: the degree to which employees are satisfied and committed to an organization
- External service quality: the quality of service provided to customers
- Customer satisfaction and loyalty: the degree to which customers are satisfied and committed to an organization
- Revenue growth and profitability: the financial results of a company's service efforts
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