Marketing 11

Front 1

Define the word product

Back 1

A bundle of physical, service, and symbolic attributes designed to satisfy a customer's wants and needs

Front 2

Why is the understanding of want satisfaction so important to marketers?

Back 2

The understanding of want satisfaction is important to marketers because it helps them understand why people purchase certain goods and services

Front 3

Describe the goods-services continuum

Back 3

A spectrum that helps marketers visualize the differences and similarities between goods and services

Front 4

List the 6 characteristics distinguishing services from goods

Back 4

(1) Services are intangible (2) services are inseparable from the service providers (3) services are perishable (4) companies cannot easily standardize services (5) buyers often play important roles in the creations and distribution of services (6) service standards show wide variations

Front 5

Identify 2 reasons why services are important to the US economy and business environment

Back 5

The service sector makes an important contribution to the economy in terms of products and jobs. Services also play a vital role in the international competitiveness of US firms

Front 6

Why do service firms emphasize marketing?

Back 6

The growth of potential service transactions represents a cast marketing opportunity, and the environment for services is changing - so marketers need to find new ways to reach customers

Front 7

What are the 3 major classifications of consumer products?

Back 7

Convenience products, shopping products, and specialty products

Front 8

Identify five factors marketers should consider in classifying consumer services

Back 8

(1) the nature of the service (2) the relationship between the service organization and its customers (3) flexibility for customization (4) fluctuation of supply and demand (5) the way the service is delivered

Front 9

What are the 6 classifications of business products?

Back 9

(1)Installations (2) accessory equipment (3) component parts and materials (4) raw material (5) supplies (6) business services

Front 10

What are 3 categories of supplies?

Back 10

Maintenance items, repair items, and operating supplies

Front 11

What is TQM?

Back 11

Stands for total quality management, a process that expects all of a firm's employees to continually improve its products and work process

Front 12

What are the 5 variables of service quality?

Back 12

Tangibles, reliability, responsiveness, assurances, and empathy

Front 13

List the four reasons for developing a product line

Back 13

(1) a desire to grow (2)enhancing the company's position in the market (3) optimal use of company resources (4) exploiting the stages of the product lifecycle

Front 14

Give an example of a product line with which you are familiar

Back 14

Products lines could include salad dressing, hybrid automobiles, sporting equipment hotel chains..

Front 15

Define product mix

Back 15

A company's assortment of product lines and individual product offerings

Front 16

How do marketers typically measure product mixes?

Back 16

The product mis is measured by width, length, and depth

Front 17

Identify the four stages of the product lifecycle

Back 17

Introduction, growth, maturity, and decline

Front 18

During which stages are products likely to attract the most new customers?

Back 18

During the introductory and growth stages

Front 19

Describe the 4 strategies for extending a product's lifecycle

Back 19

Increasing frequency of use, increasing the number of users, finding new users and changing packaging or quality

Front 20

Under what circumstances do firms decide to delete a product from their line?

Back 20

If non of their strategies work, if raw materials become unavailable, or if the product no longer fits the existing or future product line