Chapter 7-10 Final Exam Study Guide

Shopping products compares several alternatives based

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Shopping products: compares several alternatives based on price, quality, style Specialty products: consumer makes a special effort to search out and buy Unsought products: items that the consumer does not know about or knows about but doesn’t want. Type of consumer product affected by product, price, place, promotion, brand loyalty of consumers, purchase behavior of consumers. However, how a consumer product is classified depends on the individual Business Products : sales result of derived demand (sales result from sales of consumer products)
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Classified as Components: items that become part of final product (raw materials, grain, lumber) Support products: items used to assist in producing other goods and services: installations, accessory equipment, supplies, industrial services PRODUCT ITEMS, PRODUCT LINES, AND PRODUCT MIXES Product item : a specific product that has a unique brand, size, or price. Each size is separate stock keeping unit (SKU)- unique identification number for inventory purposes Product line : 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 group, distributed through same outlet, or falling within same price range. Each product line has own marketing strategy Product mix : consists of all of the product lines offered by an organization CLASSIFYING SERVICES According to who delivered by. Different deliverers use different kinds of market-mix strategies to promote services. Delivery by People of Equipment- quality varies depending on person delivering Delivery by Business firms or nonprofit organizations Delivery by Government agencies: provide broad range of services at each level Marketing Reasons for New-Product Failures include: 1. Insignificant point of difference: a. Needs superior characteristics that deliver unique benefits over competitors 2. No economical access to buyers: a. Shelf space at supermarket costly 3. Incomplete market and product protocol before product development starts: a. Design vague product for phantom market. Needs to clearly define how product will satisfy consumer needs 4. Not satisfying customer needs on critical factors- right hand cars on left road 5. Bad timing a. Product introduced too late, too soon, or when consumer tastes shifting 6. Poor product quality- not thoroughly tested. Huge costs to org 7. Too little market attractiveness-
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a. Target market may be too small or too competitive 8. Poor execution of the marketing mix: showstopper kills product (Garlic cake)
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