marketing study guide exam 3_StudyGuide

marketing study guide exam 3_StudyGuide - Marketing Study...

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Marketing Study Guide Exam 3 18/02/2009 20:16:00 A)  Product Concepts Good  – tangible physical entity Service  – intangible result of the application of human and mechanical efforts  to people or objects Idea  – a concept, philosophy, image or issue The Total Product o 1.  Core product fundamental utility or main benefit o 2.  Supplemental features added value or attributes in addition to core utility can provide installation, delivery, training, and financing help differentiate one product from another o 3.  Symbolic and experimental benefits act of shopping gives symbolic value and improves attitudes experience created by store B)  Classifying Products Classification of Products Products:
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Consumer Products : Products purchased to satisfy personal and family  needs o Convenience Readily available, don’t need it Relatively inexpensive, frequently purchased items, minimal  purchase effort E.g. bread, soda, gum, gas, newspapers Little time purchasing or comparing brands Lots of money on advertising o Shopping Going to make an effort to find it Need to market it as “we have what you’re looking for” Effort to plan and make purchase Compare stores and brands with respect to prices, product  features, qualities, services.  Products expected to last long, purchased less frequently E.g. cameras, shoes, stereos Not brand loyal, less money on advertising than personal selling o Specialty Products Actively seek out Requesting by brand name Will spend more money in that category Spend considerable effort to obtain
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Do not compare alternatives E.g. baseball memorabilia  o Unsought Don’t want to be looking for it, but if you are looking for it you  have to look for it Looking for it when problem arises E.g. auto-mechanic, anti-virus detection Business Products:  products bought to use in an organization’s operations,  to resell, or to make other products o E.G.  Installations, accessory equipment, raw materials, component  parts, process materials, MRO (maintenance, repair, operating  items) supplies, business services C)  Product Line and Product Mix Product Item : A specific version of a product Product line : A group of closely related product items viewed as a unit  because of marketing, technical , or end-use considerations.  o E.g.  “shampoo” product line or “frozen dessert” product line Product mix : the composite, or total, group of products that an organization  makes available to customers o E.g.  health-care, beauty-care, laundry and cleaning o Depth and Width
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