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Chapters_10-16_StudyGuide - MAR 3023-04 Basic Marketing...

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MAR 3023-04: Basic Marketing Concepts – Exam 3 Study Guide Chapter 10: Product Development, Product Lines Definition of Product - a product is a good, service, or idea consisting of tangible and intangible attributes that satisfies consumers and is received in an exchange. Definition of Product Mix, how do we note the width of a firms’ mix - a product mix is all the products that a firm sells. The width of a mix is the number of product lines a organization offers. Definition of Product Line, be able to know an example when you see it – a product line is a group of closely related product items. Gillette Example: Characteristics of Services (see Services slides for Ch 11 lecture) - The characteristics of services are: Intangibility: Services cannot be touched, seen, tasted, heard, or felt in the same way as goods. Services cannot be stored and are easy to duplicate. Tangible cues are often used to communicate a service’s quality and nature. Facilit- ies are a critical tangible part of a service experience. Produced and Consumed Simultaneously: Goods are produced, sold, and then consumed. In contrast, services are often sold, produced, and consumed at the same time. Consumers are involved in the production of the services that they buy. The quality of services depends on the quality of employees. Greater variability: Services are less standardized and uniform than goods—a characteristic known as heterogen- eity. Because services are labor-intensive, consistency and quality control can be hard to achieve. Standardization and training help increase consistency and reliability. Perishability: Services cannot be stored, warehoused, or inventory. If not used, the revenue is lost. One of the most important challenges in many service industries, such as hotels and airlines, is finding ways to syn- chronize supply and demand. Deep discounts and off-peak pricing strategies encourage demand during nonpeak times. Types of goods (shopping, vs. convenience, vs. specialty, vs. unsought), which would be least expensive, pick one given an example? Convenience Product Shopping Product Specialty Product Unsought Product A relatively inexpensive item that merits little shopping effort . A product that requires comparison shopping, because it is usually more expensive and found in fewer stores . A particular item that consumers search extensively for and are reluctant to accept substitutes. A product unknown to the potential buyer or a known product that the buyer does not actively seek .
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MAR 3023-04: Basic Marketing Concepts – Exam 3 Study Guide The least expensive of the choices is the convenience product. Examples of each are: Convenience: candy, soft drinks, deodorant, aspirin, hardware, dry cleaning. Shopping: 1. Homogeneous shopping products such as washers, dryers, televisions. Decisions are based on the low- est-priced brand with the desired features.
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Chapters_10-16_StudyGuide - MAR 3023-04 Basic Marketing...

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