MKT 291- Final Exam Study Guide

MKT 291- Final Exam Study Guide - MARKETING 291 FINAL...

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MARKETING 291 FINAL STUDY GUIDE 1 1 Administrator Chapters 10-17 08 Fall Marketing 291 FINAL Study Guide M i a m i U n i v e r s i t y
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MARKETING 291 FINAL STUDY GUIDE 2 Chapter 10 I. Classifying Products, p. 213-214 *Figure 10-1 a. Consumer products – products purchased by the ultimate consumer i. Convenience products : items the customer purchases frequently, conveniently ii. Shopping products : consumer compares several criteria, ex: cameras, TVs, briefcases iii. Specialty products : consumer makes a special effort to search out and buy, ex: Rolex watches, heart surgery iv. Unsought products : items consumer does not know about or knows about but doesn’t want, ex: burial insurance, thesaurus v. Basis of Comparison: Product, Price, Place, Promotion, Brand loyalty, Purchase behavior of consumers b. Business products – assist in providing products for resale: DERIVED DEMAND because sales result from consumers wanting to purchase i. Components : items that become part of the final product ii. Support Products : items used to assist in producing other goods 1. Installations – buildings, fixed equipment 2. Accessory equipment – tools, office equipment 3. Supplies – stationery, papers clips, brooms 4. Industrial services – maintenance, repair, legal services c. BOTH - iMac computer II. Product Items, Lines, Mixes, p. 214-216 a. Product Item – specific product that has a unique brand, size, price b. Product Line – group of product items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, distributed through the same outlets, fall within a given price range, ex: Nike’s product line has c. Product Mix – all of the product lines offered by an organization d. Classifying Services (Figure 10-2) i. Delivery by People or Equipment 1. Equipment services don’t have the marketing concern ii. Delivery by Business Firms or Nonprofit Organizations 1. Must make profits to survive (obviously?) iii. Delivery by Government Agencies 1. US Postal Service uses “Easy Come, Easy Go” to compete w/ FedEx & UPS e. Uniqueness of Services (distinguish services from goods) i. Intangibility – Can’t be touched, so services are harder for consumers to
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MARKETING 291 FINAL STUDY GUIDE 3 evaluate try & make services tangible so consumers can assess better b/c they can see benefits ii. Inconsistency – Products are always consistently good/bad, but services have to reduce inconsistency w/ training iii. Inseparability – consumers cannot distinguish the service provider from the service itself iv. Inventory 1. Idle production capacity: supply of the service exceeds demand for it 2. Services still have to pay employers even if they are not doing any work 3. III. Newness from the Consumer’s Perspective, p. 218 *Figure 10-4
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This note was uploaded on 11/15/2011 for the course MKT 291 taught by Professor Brandabur during the Fall '08 term at Miami University.

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MKT 291- Final Exam Study Guide - MARKETING 291 FINAL...

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