Study Guide - Exam 3

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

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Marketing Study Guide Exam 3 Chapter 9 Product – the need-satisfying offering of a firm, consumers look at products in terms of the total satisfaction that it provides. Quality – a product’s ability to satisfy a customer’s needs or requirements, focus is on the customer. Service – a deed performed by one party for another. Services are not physical, they are intangible. Product assortment – the set of all product lines and individual products that a firm sells (ex. multiple product lines) Product line – a set of individual products that are closely related (ex. a company’s tea line) Individual product – a particular product within a product line, usually differentiated by brand, level of service offered, price, or some other characteristic. Consumer products – products meant for the final consumer (ex. olive oil) Business products – products meant for use in producing other products (ex. olive oil used in some other product) Convenience products – products a consumer needs but isn’t willing to spend much time or effort shopping for Staples – products that are bought often, routinely, and without much thought (ex. cereal) Impulse products – products that are bought quickly (unplanned purchases) because of a strongly felt need Emergency products – products that are purchased immediately when the need is great (ex. the price of the ambulance service) Shopping products – products that a customer feels are worth the time and effort to compare with competing products. Homogeneous shopping products – shopping products the customer sees as basically the same and wants at the lowest price Heterogeneous shopping products – shopping products the customer sees as different and wants to inspect for quality and suitability. Quality and style matter more than price Specialty products – Consumer products that the customer really wants and makes a special effort to find. The buyer wants a specific product and is willing to search for it. Unsought products – products that potential customers don’t yet want or know they can buy, so they don’t search for them at all New unsought products – products offering really new ideas that potential customers don’t know about yet Regularly unsought products – products, like gravestones, that stay unsought but not unbought forever Derived demand – the demand for business products derives from the demand for final consumer products Expense item – a product whose total cost is treated as a business expense in the year it’s
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This note was uploaded on 07/09/2008 for the course BCOR 2400 taught by Professor Rexmoody during the Fall '08 term at Colorado.

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

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