Define Product, Services, and Experiences
product - anything that can be offered in a market for attention, acquisition, use, or consumption that might satisfy a need or want
services - are any activity or benefit that one party can offer to another that is essentially intangible and does not result in the ownership of anything
experiences - represent what buying the product or service will do for the customer
what are convenience products
-consumer products and services that the customer usually buys frequently, immediately, and with a minimum comparison and buying effort
define shopping products
-consumer products and services that the customer compares carefully on suitability, quality, price, and style
define specialty products
-consumer products and services with unique characteristics or brand indentification for which a significant group of buyers is willing to make a special purchase effort
define unsought products
-consumer products that the consumer does not know about or knows about but does not normally think of buying
define industrial products
-products purchased for further processing or for use in conducting a business
define organization marketing
-consists of activities undertaken to create, maintain, or change attitudes and behaviour of target consumers toward an organization
define person marketing
-consists of activities undertaken to create, maintain, or change attitudes and behaviour of target consumers toward particular people
define place marketing and social marketing
place marketing - consists of activities undertaken to create, maintain, or change attitudes and behaviour of target consumers toward particular places
social marketing - the use of commercial marketing concepts and tools in programs designed to influence individuals behaviour to improve their well being and that of society
define product line
-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
define product mix
-consists of all the products and items that a particular seller offers for sale
define brand
-represents the consumers perceptions and feeling about a product and its performance. It is the companys promise to deliver s specific set of features, benefits, services, and experiences consistently to the buyers
Define licensing and co-branding
licensing - uses previously created names or symbols for a fee
co-branding - the practice of using the established brand name of two different companies on the same product
define line extension, brand extension, multibrands, new brands
line extension - involves extending and existing brand name to new forms, colours, sizes, ingredients, or flavours of an existing product category
Brand extension - extending an existing brand name to new product categories
Multibrands - additional brands introduced in the same product category
New brands - brands created when entering a new product category for which none of the current brand name are appropriate
define service-profit chain
-links service firm profits with employee and customer satisfaction
define internal marketing
-the service firm must orient and motivate its customer contact employees and supporting service people to work as a team to provide customer satisfaction
define interactive marketing
-service quality depends heavily on the quality of the buyer-seller interaction during the service encounter
define managing service quality
-provides a competitive advantage by delivering consistently higher quality than its competitors