| What is a Product? | Anything that can be offered to a market for attention, use or consumption that might satisfy a want or need. |
| What is a Service? | Is an activity and benefit offered for sale. |
| What can a market offering include? | Tangible goods and services. |
| On what will you focus when looking at the Individual Product and Service Decisions? | Product attributes, branding, packaging, labeling, and product support services. |
| What are the 4 Important Dimensions of a Product Mix? | 1. Width refers to the number of different product lines.
2. length refers to the total number of items within product lines.
3. Depth refers to the number of versions offered for each product in the line.
4. Consistency refers to the various product lines in end-use, production. |
| What are the 3 Levels of Product and Service? | 1. Core Customer Value.
2. Actual product.
3. Augmented product. |
| Products and services fall into 2 broad classes based on types of consumers who use them. What are the 2 types of products? | Consumer products and Industrial products. |
| To what refers the Core customer value level? | It deals with what is bought by the customer. |
| To what refers the Actual product level? | It deals with the development of the product and service features. |
| To what refers the Augmented Product level? | It deals by offering additional consumer service and benefits. |
| What is a Convenience Product? | A product that is frequently buyed with minimal comparison. |
| What is a Shopping Product? | A product that is less frequent purchased and cost much planning and comparison. |
| What is a Unsought Product? | A product that consumers have little awareness or knowledge of. |
| What is a Specialty Product? | A product with unique characterstics or brand identification. |
| What are the 3 groups of Industrial Products? | Materials and parts, capital items, and supplies and services. |
| What are other Marketing Offerings? | Organization, person, place, and social marketing (ideas). |
| What are the 3 levels Marketers make product and service decisions at? | Individual product, product line and product mix decisions. |
| What is a Product Line? | A group of products that are closely related because they function in a similar manner. |
| What is the Product Line Length? | The number of items in the product line. |
| What is Line filling? | Adding more items within the present range of the product line. |
| How can a company expand its product line? | By Line filling and line stretching. |
| What is Line Stretching? | Occurs when a company lengthens its product line beyond its current range. |
| What is the Product Mix (or product portfolio)? | The set of all product lines and items that a particular seller offers for sale. |
| What are the 4 special service characteristics when designing marketing programs? | Intagiblility, variability, inseparability, and perishability. |
| What is Service Intangibility? | Services cannot be seen, tasted, felt, or heard before they are bought. |
| What is Service Inseparability? | Services are produced and consumed at the same time and cannot be separated from their providers. |
| What is Service Variability? | The quality of service may vary greatly depending on who provides them and when, where, and how they are provided. |
| What is Service Perishability? | Service cannot be stored for later sale or use. |
| What is the Service Profit Chain? | The chain that links service firm profits with employee and customer satisfaction. |
| What are the 3 Types of Service Marketing? | Internal marketing, External marketing, and interactive marketing. |
| What is Internal Marketing? | Orienting and motivating customer-contact employees and supporting service employees to work as a team to provide customer satisfaction. |
| What is Interactive Marketing? | Training service employees in the fine arts of inteacting with customers to satisfy their needs. |
| What is Brand Equity? | The effect that knowing the brand name has on customer response to the product or its marketing. |
| What are the 4 Major Brand Strategy Decisions? | Brand positioning, brand name selection, brand sponsorship, and brand development. |
