Marketing Exam 3 Study Guide

Marketing Exam 3 Study Guide - Marketing Exam 3 Chapter 9...

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Marketing Exam 3 Chapter 9 Product— Everything both favorable, and unfavorable that a person receives in an exchange Tangible good Service Idea Types of Products Business Product —A product used to manufacture other goods or services, to facilitate and organizations operations or to resell to other consumers Consumer product —a product bought to satisfy an individual personal needs or wants Types of Consumer products Convenience product— a relatively inexpensive item that merits little shopping effort Shopping product— a product that requires comparison shopping, because it is usually more expensive and found in fewer stores Specialty product— a particular item for which consumers search expensively and are reluctant to accept substitutes Unsought product —a product unknown to the potential buyer or a known product that the buyer doesn’t actively seek Product Items, lines and mixes Product item— a specific version of a product that can be designated as a district offering among an organizations products Product line— a group of closely related product items Product mix— all products that an organization sells
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Benefits of product lines —advertising economies, package uniformity, standardized components, efficient sales and distribution, equivalent quality Product mix width— the number of product lines an organization offers Diversifies risk Capitalizes on established reputations Product line depth— the number of product items in a product line --Attracts buyers with different preferences --Increases sales and profits by further market segmentation --Capitalizes on economies of scale --Evens out seasonal sales pattern Adjustments Adjustments to product items, lines and mixes Product modification Product repositioning Product line extension or contraction Types of product modifications quality modification, functional modification, style modification Planned Obsolescence —the practice of modifying products so those that have already been sold become obsolete before they actually need replacement Repositioning why reposition established brands?— changing demographics, declining sales, changes in social environment Product line extension— adding additional products to an existing product line in order to complete more broadly in the industry Product line contraction —symptoms of product line overextension Some products have low sales or cannibalize sales of other items Resources have disproportionately allocated to slow moving products Items have become obsolete because of new product entries Brand— a name, term, symbol, design or combination thereof that identifies a sellers products and differentiates them from competitors products Branding— Brand name —that part of a brand that can be spoken including letters, words or numbers Brand mark— the elements of a brand that cannot be spoken Brand equity— the value of company and brand names Global brand—
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Marketing Exam 3 Study Guide - Marketing Exam 3 Chapter 9...

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