Marketing: Products, Services, and Brands
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Questions and Answers

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?

  • 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?

  • 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?

    <p>Product mix</p> Signup and view all the answers

    Why are services often more challenging to market than physical products?

    <p>Because services are intangible and do not result in the ownership of anything</p> Signup and view all the answers

    What is the term for the process of building and managing a brand?

    <p>Brand strategy</p> Signup and view all the answers

    What is the term for extending an existing brand name to new forms, sizes, and flavors of an existing product category?

    <p>Line Extension</p> Signup and view all the answers

    What is the term for introducing new brand names in the same product category?

    <p>Multibrand</p> Signup and view all the answers

    What is the term for introducing new brand names in new product categories?

    <p>New Brands</p> Signup and view all the answers

    What is the benefit of consistency in branding?

    <p>All of the above</p> Signup and view all the answers

    What is the term for a brand that is owned by a manufacturer?

    <p>Manufacturer's Brand</p> Signup and view all the answers

    What is the term for a brand that is sponsored by another brand?

    <p>Brand Sponsorship</p> Signup and view all the answers

    What is the term for extending an existing brand name to new product categories?

    <p>Brand Extension</p> Signup and view all the answers

    What is the term for a brand that is owned by a retailer?

    <p>Private Brand</p> Signup and view all the answers

    What is a product line?

    <p>A group of products that are closely related because they function in a similar manner, are sold to the same customer groups, or fall within given price ranges</p> Signup and view all the answers

    What is the term for the number of items in a product line?

    <p>Line length</p> Signup and view all the answers

    Which of the following is an example of a product line?

    <p>Gap, Old Navy, and Banana Republic</p> Signup and view all the answers

    What is the term for lengthening a product line beyond its current range?

    <p>Stretching</p> Signup and view all the answers

    What is the term for a particular seller's entire set of product lines and items?

    <p>Product mix</p> Signup and view all the answers

    What is the opposite of stretching a product line?

    <p>Filling</p> Signup and view all the answers

    What is the ultimate outcome of the Service Profit Chain?

    <p>Profits and Growth</p> Signup and view all the answers

    What is the benefit of focusing on internal service quality?

    <p>Improved employee productivity</p> Signup and view all the answers

    What is the primary driver of customer satisfaction and loyalty?

    <p>Value</p> Signup and view all the answers

    What is the outcome of satisfied and loyal customers?

    <p>Greater profits and growth</p> Signup and view all the answers

    What is the foundation of the Service Profit Chain?

    <p>Employee Satisfaction</p> Signup and view all the answers

    What is the result of increased employee satisfaction and internal service quality?

    <p>Satisfied and loyal customers</p> Signup and view all the answers

    What is depth in the context of product mix?

    <p>The number of versions of each product</p> Signup and view all the answers

    What is the main difference between inseparability and variability in services?

    <p>Inseparability refers to the provider, while variability refers to the quality of service</p> Signup and view all the answers

    Which of the following is a characteristic of services?

    <p>Perishability</p> Signup and view all the answers

    What is the term for the total number of products offered by a company?

    <p>Length</p> Signup and view all the answers

    Which of the following best describes consistency in product mix?

    <p>The similarity of products within a product line</p> Signup and view all the answers

    What is the main difference between intangibility and variability in services?

    <p>Intangibility refers to the fact that services cannot be seen, while variability refers to the fact that the quality of service depends on who provides it</p> Signup and view all the answers

    What is the term for the range of different product lines offered by a company?

    <p>Width</p> Signup and view all the answers

    Which of the following is NOT a characteristic of services?

    <p>Durability</p> Signup and view all the answers

    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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    Description

    Learn about the different types of products and services, including physical products, services, events, and more. Understand the classifications and differences between them.

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