MAR Exam 2 Review.docx - Marketing Exam 2 – Review Chapters 10-12 16-17 Chapter 10 Product is a good service or idea with both tangible and intangible

MAR Exam 2 Review.docx - Marketing Exam 2 – Review...

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Marketing Exam 2 – Review Chapters 10-12 & 16-17 Chapter 10 Product is a good, service or idea with both tangible and intangible attributes that collectively create value for a buyer or user. Product types : A frequently used framework for classifying products distinguishes between consumer and industrial goods . Buyer orientation is a composite measure of the amount of effort a customer expends, the level of risk associated with a purchase, and buyer involvement in the purchase. The buyer orientation framework includes categories such as: convenience, preference, shopping and specialty goods. Electronics are often high- involvement purchases, and many shoppers will compare before making a decision. Product Warranties Express warranty is a written guarantee that assures the buyer that he/she is getting what he/she paid for or that provides recourse in case a product’s performance falls short of expectations. In global marketing, warranties can be used as a competitive tool to position a company in a positive way. Packaging Consumer packaged goods ( CPG) applies to a wide variety of products whose packaging is designed to protect or contains the product during shipping, at retail locations, and at the point of use or consumption. Eco- packaging is a key issue today, and package designers must address environmental issues such as recycling, biodegradability, and sustainable forestry. Must engage the senses, make an emotional connection, & enhance the brand experience. - Examples: Absolut Vodka, Altoids breath mints, Godiva Chocolates, Corona Extra, Coca- Cola, Grey Goose, Aquafresh. [Brewers, soft drink marketers, distillers and other beverage firms typically devote considerable thought to ensuring that packages speak to consumers or provide some kind of benefit beyond simply holding liquid. E.g., a critical element in the success of Corona Extra beer in export markets was management’s decision to retain the traditional package design, which consists of a tall transparent bottle with “Made in Mexico” etched directly on the glass. At the time, the conventional wisdom in the brewing industry was that export beer bottles should be short, green or brown in color, with paper labels. In other words, the bottle should resemble Heineken’s! The fact that consumers could see the beer inside the Corona Extra bottle made it seem purer and more natural. Today, Corona is the top-selling imported beer brand in the United States, Australia, Belgium, the Czech Republic, and several other countries. Coca-Cola’s distinctive (and trademarked) contour bottle comes in both glass and plastic versions and helps consumers seek out the “real thing.” The bottle design, which dates back to 1916, was intended to differentiate Coke from other soft drinks.]
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Marketing Exam 2 – Review Chapters 10-12 & 16-17 Labeling Attracts attention, supports product positioning, persuades consumers to buy.
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