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Questions and Answers
Which of the following is an example of a convenience product?
What type of product is characterized by a significant purchase effort due to unique features?
Which of the following is classified as a shopping product?
Unsought products are defined as products that consumers:
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Which type of product includes raw materials and manufactured parts?
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What category do life insurance and funeral services belong to?
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In industrial products, which classification supports the buyer’s production or operations?
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Which of the following is NOT a type of organization marketing?
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What is defined as anything that can be offered in a market to satisfy a need or want?
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Which type of product is intended for personal consumption?
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What classification of products includes convenience, shopping, specialty, and unsought products?
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What is a service primarily characterized by?
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Which of the following is NOT a characteristic affecting the marketing of services?
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Which decisions pertain to branding strategy?
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What do companies increasingly emphasize in addition to products and services?
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Industrial products are primarily sold to which type of customer?
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Which type of marketing focuses on creating positive attitudes toward specific people?
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What is the main focus of place marketing?
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Which of the following best defines product quality?
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What aspect of a product does 'style' refer to?
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In product decisions, what are features considered to be?
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What is return-on-quality primarily concerned with?
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What does conformance quality refer to?
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Which factor is assessed based on its value to the customer relative to its cost?
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What is brand equity primarily defined as?
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Which of the following is NOT a level at which brands can be positioned?
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Which characteristic should a brand name ideally possess?
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What is meant by a licensed brand?
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Which option is part of the criteria for selecting a brand name?
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What does the service-profit chain link together?
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What is the primary focus of internal marketing in a service firm?
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Which aspect significantly impacts service quality in interactive marketing?
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What does managing service differentiation create for a service firm?
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How does managing service quality benefit a service firm?
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Which of the following refers to the cost side of marketing strategies for service firms?
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What is a key outcome of having satisfied and productive service employees?
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Which component is NOT part of the service-profit chain?
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Study Notes
What is a Product?
- Anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want.
- A service consists of activities, benefits, or satisfactions and is essentially intangible.
- Products and services are becoming increasingly commoditized with many companies now creating and managing customer experiences with their brands or company.
Product and Service Classifications
Consumer Products
- Bought by final consumers for personal consumption.
- Convenience Products: Frequently bought, with little comparison effort.
- Shopping Products: Less frequently purchased, carefully compared by consumers.
- Specialty Products: Unique characteristics/brand identification, consumers willing to make a special purchasing effort.
- Unsought Products: Consumer doesn't know about or doesn't normally consider buying.
Industrial Products
- Products purchased for further processing, use in conducting business, or for resale.
- Materials and Parts: Include raw materials and manufactured materials.
- Capital Items: Aid in production or operations.
- Supplies and Services: Operating supplies, repair & maintenance items, and business services.
Other Product Classifications
- Organization Marketing: Activities undertaken to create, maintain, or change the attitudes and behavior of target consumers toward an organization.
- Person Marketing: Activities undertaken to create, maintain, or change attitudes or behavior of target consumers toward particular people.
- Place Marketing: Activities undertaken to create, maintain, or change attitudes and behavior toward particular places.
- Social Marketing: Uses commercial marketing concepts to influence individuals’ behavior to improve their well-being and the well-being of society.
Product and Service Decisions
- Communicate and deliver benefits by product and service attributes: quality, features, style, and design.
- Product Quality: The characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs. This includes total quality management, return-on-quality, quality level, performance quality, and conformance quality.
- Product Features: Competitive tool for differentiating a product from competitors’ products. Assessed based on the value to the customer versus its cost to the company.
- Product Style: Describes the appearance of the product.
- Service-Profit Chain: Links service firm profits with employee and customer satisfaction. This includes internal marketing (orienting and motivating customer-contact employees) and interactive marketing (buyer-seller interaction during the service encounter).
Services Marketing
- Service-Profit Chain: Links service firm profits with employee and customer satisfaction.
- Internal Service Quality: Satisfied and productive service employees lead to greater service value, satisfied and loyal customers, and ultimately, healthy service profits and growth.
- Internal Marketing: Orienting and motivating customer-contact employees and supporting service people to work as a team to provide customer satisfaction.
- Interactive Marketing: Service quality depends heavily on the quality of the buyer-seller interaction during the service encounter.
- Service Differentiation: Creates competitive advantage. This can be accomplished through offer, delivery, or image.
- Service Quality: Enables a service firm to differentiate itself by consistently delivering higher quality than its competitors.
- Service Productivity: Refers to cost side of marketing strategies for service firms. This involves employee hiring and training, service quantity, and service quality.
Brand Strategy: Building Strong Brands
- Brand Equity: The differential effect that knowing the brand name has on customer response to the product or its marketing.
- Brand Value: Total financial value of a brand.
- Brand Positioning: Brands can be positioned at three levels: attributes, benefits, or beliefs and values.
- Brand Name Selection: Should be suggestive of benefits and qualities, easy to pronounce, recognize, and remember, distinctive, extendable, translatable for the global economy, and capable of registration and legal protection.
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Brand Sponsorship:
- Manufacturer's Brand: The brand name is owned by the manufacturer.
- Private Brand: A product that is distributed exclusively by a retailer or wholesaler.
- Licensed Brand: A firm uses a licensed brand name for a fee.
- Co-Brand: Two established brand names are used as co-brands.
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Description
Explore the different classifications of products and services in this quiz. Understand consumer and industrial products, including categories such as convenience, shopping, and specialty products. Test your knowledge on how products and services fulfill needs and wants.
