Product, Services, and Branding Strategies (Chapter 9)

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Questions and Answers

What characteristic distinguishes specialty products from convenience products?

Widely available in many outlets

Less promotional support

Require special purchase effort (correct)

Low brand loyalty

Which of the following best describes unsought products?

Promoted primarily through competitive pricing

Small distribution network

Consumers are unaware or have negative interest (correct)

High brand preference and loyalty

Which classification correctly represents industrial products?

Consumer services, specialty goods, convenience items

Materials and parts, supplies and services, consumer goods

Materials and parts, capital items, supplies and services (correct)

Capital items, specialty products, unsought products

What is a primary factor influencing consumer decisions regarding shopping products?

Exclusive distribution and targeted promotion Signup and view all the answers

What branding strategy is commonly employed for specialty products?

Selective distribution with targeted promotions Signup and view all the answers

Which type of marketing is primarily concerned with promoting ideas?

Social marketing Signup and view all the answers

What does product line length refer to?

The number of different products offered in a particular product line Signup and view all the answers

What is line filling in product decisions?

Adding more items within the current price range Signup and view all the answers

Which aspect of product decisions refers to the number of different product lines a company carries?

Product line width Signup and view all the answers

What is the primary goal of branding strategies?

To develop and manage brands as powerful assets Signup and view all the answers

Which level of product encompasses the intangible benefits associated with a product?

Core benefit Signup and view all the answers

Which type of consumer product requires considerable comparison shopping and is often purchased less frequently?

Shopping products Signup and view all the answers

Which classification involves marketing that targets political candidates and entertainment figures?

Person marketing Signup and view all the answers

In product decisions, what does product support services encompass?

After-sales services and warranties Signup and view all the answers

What marketing strategy is primarily focused on building a product's image and reputation?

Branding strategy Signup and view all the answers

Which characteristic of services distinguishes them from products by not resulting in ownership?

Intangibility Signup and view all the answers

What is line stretching in the context of product lines?

Adding products at price points above or below existing offerings Signup and view all the answers

In product classification, which type of consumer product typically involves mass promotion by the producer?

Convenience products Signup and view all the answers

What is a critical factor in managing product lines and mixes in a business?

Product lifecycle understanding Signup and view all the answers

Which of the following is an example of an unsought product?

Funeral services Signup and view all the answers

Which aspect of a service must companies carefully consider due to its inherent variability?

Customer experience Signup and view all the answers

Study Notes

Specialty Products vs. Convenience Products

Distinguishing Factor: Specialty products are characterized by unique features, high involvement in the purchase process, and a willingness to expend significant effort to obtain them. Convenience products, on the other hand, are commonly purchased, readily available, and require minimal effort on the consumer's part.

Unsought Products

Characteristics: Unsought products are those consumers are generally unaware of or have no immediate need for, often requiring significant marketing efforts to introduce and sell.

Industrial Products

Classification: Industrial products are categorized based on their intended use in production processes, for resale, or for use in operating a business. These items are distinct from consumer products, which are meant for personal use.

Factors Influencing Shopping Product Decisions

Primary Factor: Consumer decisions regarding shopping products are heavily influenced by the product's perceived quality and value, as consumers engage in more extensive comparison shopping and research before making a purchase.

Branding Strategy for Specialty Products

Commonly Employed: Specialty products often leverage exclusive branding strategies, focusing on creating a distinctive image, high perceived value, and a strong brand identity to differentiate themselves from competitors.

Idea Marketing

Primary Focus: Idea marketing focuses on promoting and disseminating ideas, beliefs, and concepts, often through non-profit organizations, political campaigns, or social movements. Marketing efforts aim to influence attitudes, behaviors, and societal change.

Product Line Length

Definition: Product line length refers to the total number of products within a specific product line, reflecting the variety and breadth of offerings offered by a company.

Line Filling

Definition: Line filling involves expanding an existing product line by introducing new products within the current product range. This may involve adding variations in flavor, size, or features to cater to a wider customer base.

Product Mix Width

Definition: Product mix width refers to the number of different product lines that a company carries. It indicates the diversity of the company's offerings and its potential to cater to a wider market.

Goal of Branding Strategies

Primary Goal: The primary goal of branding strategies is to create a unique and recognizable identity for a product or company, fostering loyalty, trust, and positive associations among consumers.

Augmented Product Level

Definition: The augmented product level encompasses the intangible benefits associated with a product, including customer service, warranty, delivery, installation, and other value-added services.

Shopping Products

Characteristics: Shopping products require considerable comparison shopping as consumers seek the best value and quality for their money. These products are typically purchased less frequently than convenience products.

Person Marketing

Classification: Person marketing involves promoting individuals, often political candidates or entertainment figures, to enhance their visibility, popularity, and influence. This type of marketing focuses on building a personal brand and attracting a dedicated following.

Product Support Services

Scope: Product support services encompasses all aspects of assistance provided to customers after the purchase of a product, including technical support, repair services, warranty programs, and customer service. It aims to ensure customer satisfaction and retention.

Image Marketing

Focus: Image marketing is focused on building a positive and desirable image for a product or company, shaping perceptions and creating favorable associations amongst potential customers. This strategy utilizes branding, advertising, and other marketing tactics to project a compelling brand identity.

Intangibility of Services

Distinguishing Feature: Unlike products that are tangible and physical, services are intangible and cannot be physically possessed or owned. This characteristic distinguishes services from products, as they provide value through experiences and interactions.

Line Stretching

Definition: Line stretching refers to the process of extending an existing product line by adding products that are either higher or lower-priced than the current offerings. This can involve targeting new customer segments or responding to changing market demands.

Convenience Products

Marketing Approach: Convenience products typically involve mass promotion by the producer, leveraging wide distribution channels, and targeting a broad audience. These products are often purchased on impulse or out of immediate need.

Key Factor in Managing Product Lines and Mixes

Critical Factor: A critical factor in managing product lines and mixes is the understanding of customer needs and preferences, as companies need to ensure their offerings effectively meet diverse market demands.

Unsought Product Example

Example: Life insurance is often considered an unsought product as consumers generally have a limited awareness of its necessity or actively seek it out.

Service Variability

Careful Consideration: Due to the inherent variability of services, companies must carefully consider the potential for inconsistent quality and experiences. This requires rigorous training, standardization, and quality control measures to ensure consistent delivery of services.

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Description

This quiz focuses on Chapter 9 of marketing, covering essential definitions and concepts regarding products and services. You'll learn about product classifications, the levels of products and services, and branding strategies. Understand how firms manage their product lines and the implications for social responsibility and international marketing.