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Marketing - Chapter 7
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Marketing - Chapter 7

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Questions and Answers

What is a product?

  • A market offering that consists only of tangible goods
  • An activity, benefit, or satisfaction offered for sale
  • Anything that can be offered to a market for attention, acquisition, use, or consumption (correct)
  • Something that is intangible and does not result in ownership of anything

    • What do market offerings include?

  • Both tangible goods and services (correct)
  • Only intangible services
  • Activities, benefits, or satisfactions that do not result in ownership of anything
  • Only tangible goods

    • What are services considered as?

  • Not part of market offerings
  • A form of product that consists of activities, benefits, or satisfactions offered for sale (correct)
  • Activities that result in ownership of something
  • Purely tangible goods

    • What are the three levels of products?

    <p>Core customer value, Actual product, Augmented product</p> Signup and view all the answers

    What are consumer products?

    <p>bought by final consumers for personal consumption</p> Signup and view all the answers

    What do companies create and manage with their brands or companies?

    <p>Customer experiences</p> Signup and view all the answers

    What are the four dimensions of product mix?

    <p>Width, length, depth, and consistency</p> Signup and view all the answers

    What are the four service characteristics?

    <p>Intangibility, inseparability, variability, and perishability</p> Signup and view all the answers

    What are the five links in the service profit chain?

    <p>Internal service quality, satisfied and productive service employees, greater service value, satisfied and loyal customers, healthy service profits and growth</p> Signup and view all the answers

    What is the product line length?

    <p>The number of items in the product line</p> Signup and view all the answers

    which of the following is a role of branding in the marketing mix?

    <p>Adds value to a consumer’s purchase and communicates quality and consistency</p> Signup and view all the answers

    What is the significance of packaging in the marketing mix?

    <p>Plays a crucial role in attracting buyers and communicating brand positioning</p> Signup and view all the answers

    What are industrial products?

    <p>those products purchased for further processing or for use in conducting a business</p> Signup and view all the answers

    In marketing, what is the purpose of building an augmented product?

    <p>To offer additional consumer services and benefits</p> Signup and view all the answers

    What distinguishes convenience products from shopping products?

    <p>Frequency of purchase and level of planning involved</p> Signup and view all the answers

    How are industrial products categorized?

    <p>Materials and parts, capital items, and supplies and services</p> Signup and view all the answers

    What is the purpose of total quality management (TQM) in marketing?

    <p>Constantly improving the quality of products, services, and business processes</p> Signup and view all the answers

    What does product quality involve as a major positioning tool for marketers?

    <p>Defining the benefits that a product or service will offer</p> Signup and view all the answers

    Consumer products include:

    <p>convenience products, shopping products, specialty products, and unsought products</p> Signup and view all the answers

    Marketers make product and service decisions at three levels:

    <p>individual product decisions, product line decisions, product mix decisions</p> Signup and view all the answers

    What are the options for brand sponsorship?

    <p>National brands, store brands, licensing, and co-branding</p> Signup and view all the answers

    What does brand management involve ?

    <p>Communicating the brand's positioning, managing touch points, training employees, and auditing strengths and weaknesses</p> Signup and view all the answers

    What are brand touch points?

    <p>Advertising, personal experience, word of mouth, social media, and company web pages</p> Signup and view all the answers

    What is the focus of marketing?

    <p>Building Customer equity</p> Signup and view all the answers

    What are the five links in the service profit chain?

    <p>Internal service quality, satisfied and productive service employees, greater service value, satisfied and loyal customers, healthy service profits and growth</p> Signup and view all the answers

    What does interactive marketing in services marketing highlight?

    <p>Service quality heavily depends on the buyer-seller interaction during the service encounter</p> Signup and view all the answers

    What are the dimensions along which brand equity is measured?

    <p>Differentiation, relevance, knowledge, esteem</p> Signup and view all the answers

    What is the key role of internal marketing in services marketing?

    <p>Orienting and motivating customer-contact and supporting service employees to work as a team for customer satisfaction</p> Signup and view all the answers

    How can service productivity be increased without compromising quality?

    <p>Through better training, hiring new employees, or harnessing technology</p> Signup and view all the answers

    What does high brand equity provide for service companies?

    <p>Competitive advantages, including high consumer awareness and loyalty</p> Signup and view all the answers

    What are the major brand strategy decisions ?

    <p>Product attributes, desirable benefit, and strong beliefs and values</p> Signup and view all the answers

    What are the desirable qualities for a brand name?

    <p>Based on the product’s benefits and qualities, easy to pronounce, recognize, and remember, distinctive and extendable</p> Signup and view all the answers

    brand strategy decisions involve:

    <p>Brand positioning, Brand name selection, Brand sponsorship, Brand development</p> Signup and view all the answers

    What are the product mix decisions?

    <p>width, length, depth, consistency</p> Signup and view all the answers

    What is the purpose of brand audit as per the text?

    <p>To identify brands that need more support, need to be dropped, or must be rebranded or repositioned</p> Signup and view all the answers

    Brand value is?

    <p>the total financial value of a brand</p> Signup and view all the answers

    What are consumer perception dimensions?

    <p>Differentiation, relevance, knowledge, esteem</p> Signup and view all the answers

    A product line is:

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

    Labels Are:

    <p>help to identify and describe the product or brand as well as promote the brand, support its positioning and engage customers</p> Signup and view all the answers

    Marketing Considerations for consumer buying behavior in Convenience products?

    <p>Frequent purchase; little planning, little comparison or shopping effort; low customer involvement</p> Signup and view all the answers

    Marketing Considerations for Distribution in Convenience products?

    <p>Widespread distribution; convenient locations</p> Signup and view all the answers

    Marketing Considerations for Customer buying behavior in speciality products?

    <p>Strong brand preference and loyalty; special purchase effort; little comparison of brands; low price sensitivity</p> Signup and view all the answers

    Marketing Considerations for Distribution in speciality products?

    <p>Exclusive distribution in only one or a few outlets per market area</p> Signup and view all the answers

    Marketing Considerations for promotion in speciality products?

    <p>More carefully targeted promotion by both the producer and resellers</p> Signup and view all the answers

    Study Notes

    Services Marketing and Brand Equity

    • The service profit chain links service firm profits with employee and customer satisfaction through five links: internal service quality, satisfied and productive service employees, greater service value, satisfied and loyal customers, and healthy service profits and growth.
    • Wegmans, a supermarket chain, believes that happy, well-trained employees create a superior customer experience.
    • Services marketing requires more than traditional external marketing using the four Ps; it also requires internal marketing and interactive marketing.
    • Internal marketing means orienting and motivating customer-contact and supporting service employees to work as a team for customer satisfaction. For example, Zappos hires the right people and inspires them to provide unparalleled customer service.
    • Interactive marketing highlights that service quality depends heavily on the buyer-seller interaction during the service encounter. Zappos provides a four-week customer-loyalty training regimen for all new hires.
    • Service companies face three major marketing tasks: increasing service differentiation, quality, and productivity.
    • Differentiation is achieved through a unique offer, delivery, and image, such as Dick’s Sporting Goods’ interactive in-store experiences.
    • Service quality is delivered consistently higher than competitors' and good service recovery can turn angry customers into loyal ones.
    • Service productivity can be increased through better training, hiring new employees, or harnessing technology, but without compromising quality.
    • Brand equity is the differential effect that knowing the brand name has on customer response to the product or its marketing. Positive brand equity leads to more favorable customer reactions.
    • Brand equity is measured along four consumer perception dimensions: differentiation, relevance, knowledge, and esteem, and brands with strong brand equity rate high on all four dimensions.
    • High brand equity provides competitive advantages, including high consumer awareness and loyalty, and forms the basis for building strong and profitable customer relationships.

    Brand Management and Strategy Decisions Summary

    • Marketing should focus on building customer equity, with brand management being a major marketing tool.
    • Google's brand value is estimated at $159 billion, while Apple's is estimated at $148 billion.
    • Brand strategy decisions include brand positioning, brand name selection, attributes, benefits, beliefs and values, selection, protection, brand sponsorship, brand development, manufacturer’s brand, private brand, licensing, co-branding, line extensions, brand extensions, multibrands, and new brands.
    • Brands are powerful assets that require careful development and management.
    • Major brand strategy decisions involve brand positioning, brand name selection, brand sponsorship, and brand development.
    • Marketers should establish a mission and vision for the brand when positioning it.
    • Desirable qualities for a brand name include being based on the product’s benefits and qualities, easy to pronounce, recognize, and remember, distinctive and extendable, easily translated into foreign languages, and capable of registration and legal protection.
    • Marketers need to position their brands clearly in target customers’ minds at three levels: product attributes, desirable benefit, and strong beliefs and values.
    • Brand sponsorship options include national brands, store brands, licensing, and co-branding.
    • Companies must manage their brands carefully through communicating the brand’s positioning, managing all brand touch points, training employees to be customer-centered, and auditing the brand’s strengths and weaknesses.
    • Major brand marketers often spend huge amounts on advertising to create brand awareness and build preference and loyalty.
    • Brand audit may turn up brands that need more support, brands that need to be dropped, or brands that must be rebranded or repositioned due to changing customer preferences or new competitors.

    Brand Management and Strategy Decisions Summary

    • Marketing should focus on building customer equity, with brand management being a major marketing tool.
    • Google's brand value is estimated at $159 billion, while Apple's is estimated at $148 billion.
    • Brand strategy decisions include brand positioning, brand name selection, attributes, benefits, beliefs and values, selection, protection, brand sponsorship, brand development, manufacturer’s brand, private brand, licensing, co-branding, line extensions, brand extensions, multibrands, and new brands.
    • Brands are powerful assets that require careful development and management.
    • Major brand strategy decisions involve brand positioning, brand name selection, brand sponsorship, and brand development.
    • Marketers should establish a mission and vision for the brand when positioning it.
    • Desirable qualities for a brand name include being based on the product’s benefits and qualities, easy to pronounce, recognize, and remember, distinctive and extendable, easily translated into foreign languages, and capable of registration and legal protection.
    • Marketers need to position their brands clearly in target customers’ minds at three levels: product attributes, desirable benefit, and strong beliefs and values.
    • Brand sponsorship options include national brands, store brands, licensing, and co-branding.
    • Companies must manage their brands carefully through communicating the brand’s positioning, managing all brand touch points, training employees to be customer-centered, and auditing the brand’s strengths and weaknesses.
    • Major brand marketers often spend huge amounts on advertising to create brand awareness and build preference and loyalty.
    • Brand audit may turn up brands that need more support, brands that need to be dropped, or brands that must be rebranded or repositioned due to changing customer preferences or new competitors.

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    Description

    Test your knowledge of services marketing and brand equity with this quiz. Explore concepts such as the service profit chain, internal marketing, interactive marketing, service quality, differentiation, and brand equity. See how well you understand the importance of employee and customer satisfaction in driving service firm profits and growth, and the impact of brand equity on customer response and loyalty.

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