MKT 291- Final Study Guide (sammy)

MKT 291- Final Study Guide (sammy) - Marketing Final Study...

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Marketing Final Study Guide Chapter 10: Developing New Products and Services Classifying Products o Two types of broad products relate to the type of user: consumer and business products o Consumer: products purchased by the ultimate consumer o Business (or B2B Products, or Industrial Products): products that assist directly or indirectly in providing products for resale o Some can be both ex: Apple iMac o Consumer Products: Four Types Differ in terms of 1) effort the consumer spends on the decision, 2) attributes used in making the purchase decision 3) frequency of purchase Convenience products: items that the consumer purchases frequently, conveniently, and with a minimum shopping effort Shopping products: items for which the consumer compares several alternatives on criteria such as price, quality, or style Specialty products: items that the consumer makes a special effort to search out and buy Unsought products: items that the consumer does not know about or knows about but does not initially want Each requires a different marketing mix o Business Products: Their sales are often the result of derived demand: sale of business products frequently result from the sale of consumer products May be classified as component or support products Components: items that become part of the final product, ex: raw materials, assemblies, parts, etc. Support: items used to assist in producing other goods and services, includes: installations, accessory equipment, supplies, and industrial services Product Items, Product Lines, and Product Mixes o Product Item: a specific product that has a unique brand, size, or price o SKU: stock-keeping unit, a unique identification number that defines an item for ordering and inventory purposes o Product Line: a group of product or service items that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same outlets, or fall within a given price range. Each product line has there own marketing strategy. o Product Mix: Al the product lines offered by a company o Classifying Services:
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Classified by whether they are delivered by 1) people or equipment, 2) business firms or nonprofit organizations, 3) government agencies Delivery by People or Equipment People based professional services Equipment based services, ex: self check-in Delivery by Business Firms or Nonprofit Use marketing to improve communication to serve better those in need Delivery by Government Agencies Use marketing campaigns to better compete o The Uniqueness of Services: 4 elements distinguish services from goods: Intangibility: services are a performance instead of an object, can't be seen or touched, marketers try to make them more tangible Inconsistency: quality varies with people providing the service, more of a problem then with tangible goods Inseparability: consumer cannot distinguish the service
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MKT 291- Final Study Guide (sammy) - Marketing Final Study...

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