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Exam 3 Study Guide Complete

Exam 3 Study Guide Complete - EXAM 3 STUDY GUIDE CHAPTER 12...

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EXAM 3 STUDY GUIDE CHAPTER 12 Product : anything that can be offered to a market to satisfy a want or need, including physical goods, services, experiences, events, persons, places, properties, organizations, information, and ideas. a. Consumer product : The vast array of goods consumers buy based are based on shopping habits. i. Convenience good : purchased frequently, immediately, and with minimum effort. (ex. Toothpaste, soap, newspapers) 1. Impulse good : purchased without any planning or search effort. (ex. Chips, magazines) 2. Staple good : purchased on a regular basis. (ex. Kraft macaroni and cheese, Weber bread, Crest toothpaste) ii. Shopping goods : consumer characteristically compares on such bases as suitability, quality, price, and style. (ex. Furniture, clothing, used cars, major appliances) 1. Homogeneous : similar in quality but different enough in price to justify shopping comparisons. 2. Heterogeneous : differ in product features and services that may be more important than price. *Seller of these goods must carry wide assortment to satisfy individual tastes and must have well-trained salespeople to inform and advise customers. iii. Specialty goods: have unique characteristics or brand identification for which a sufficient number of buyers are willing to make a special purchasing effort. (ex. Cars, glasses, watches, shoes, stereo components). - Low frequency of purchase - Higher priced product - Pricing objective: - Narrow market, narrow distribution, shorter channels niche strategy - Control of channel higher channel members - Positioning, image, perception is powerful - Brand familiarity: insistence b. Industrial product: Classified in terms of their relative cost and how they enter the production process: materials and parts, capital items, and supplies and business services. i. Supplies and business services: short-term goods that facilitate developing or managing the finished product. (maintenance and
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repair items, operating supplies, maintenance and repair services, business advisory services.) ii. Materials and parts : goods that enter the manufacturer’s product completely. 1. Raw materials: - farm products (wheat, cotton, livestock, fruits, veggies): perishable and seasonal. Supplied by many producers who turn them over to marketing intermediaries, who provide assembly, grading, storage, transportation, and selling services. - natural products (fish, lumber, crude petroleum, iron ore): limited in supply, great bulk and low unit value. Must be moved from producer to user. 2. Component parts (small motors, tires, castings): Enter the finished product with no further change in form, as when small motors are put into vacuum cleaners, and tires are put on automobiles. Sold directly to industrial users. iii. Capital items
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Exam 3 Study Guide Complete - EXAM 3 STUDY GUIDE CHAPTER 12...

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