COM 250 FINAL EXAM STUDY GUIDE
Product - Answers - - Includes tangible objects, services, events, persons, places,
organizations or ideas.
- anything that can be offered to a market for attention, acquisition,
use, or consumption that might satisfy a want or need.
- Apple iPad, a Toyota Camry, and a box of Timbits are products, Air Canada flights,
BMO investments
Services - Answers - - Form of product that consists of activities, benefits, or
satisfactions offered for sale
- Intangible activities, benefits, or satisfaction that do not result in the ownership
anything
- day at an amusement park, night in a hotel
Products - Answers - - key element in the overall market offering
- Core Value + Actual Product + Augmente d'Product
Core Product - Answers - - Benefits offered, value created
Actual Product - Answers - the physical attributes of a product including the brand
name, features/design, quality level, and packaging, Styling, that deliver the core
product
Augmented Product - Answers - the actual product plus other supporting features such
as a warranty, credit, delivery, installation, and repair service after the sale, Credit,
Instructions and other features or characteristics that help deliver value but are not the
reason people buy the brand
Consumer Products - Answers - - purchased by consumers for their personal (i.e.,
nonbusiness) use.
- include convenience products, shopping products, specialty products, and unsought
products.
Convenience Products - Answers - - consumer products and services that customers
usually buy frequently, immediately, and with a minimum of comparison and buying
effort.
- distributed through drugstores, grocery stores, convenience stores
- laundry detergent, candy, magazines, and fast food
- low priced
Shopping Products - Answers - items for which the consumer compares several
alternatives on criteria such as price, quality, or style
- pend much time and effort in gathering information and making comparisons
, - include furniture, clothing, used cars, major appliances, and hotel and airline services.
- distribute fewer outlets but provide deeper sales support to help customers in their
comparison efforts.
- Higher price
Specialty products - Answers - - unique characteristics or brand identification for which
a significant group of buyers is willing to make a special purchase effort.
- Exclusive distribution in only one or a few outlets per market area
- specific brands of cars, high-priced photographic equipment, designer clothes, and the
services of medical or legal specialists
- High price
Unsought Products - Answers - - consumer either does not know about or knows about
but does not normally think of buying
- consumer becomes aware of them through advertising
- life insurance, preplanned funeral services, and blood donations.
- Aggressive advertising and personal selling by producer and resellers
- distribution and price vary
Marketing Process - Answers - 1) Identify customer Needs
2) Identify/Select Target Market(s)
3) Develop Marketing Mix
4) Customer Relationship Management
5) Evaluation and Control
Product Mix - Answers - - the set of product lines, brands, and items offered
-Described /Characterized By:
-Breadth;(width) range/assortment of product lines and brands
-Length; number of brands within a line
Depth ;number of items within a brand (Sizes, flavours, etc)
Consistency ;fit of the lines, synergy
- Trends: Increasing depth (brand proliferation), increasing width (buyouts and mergers)
- ex, Proctor and Gamble Product Mix
Product Lines - Answers - total of all product lines and products offered for sale by a
company
Approach - Answers - - Undifferentiated Marketing
- Differentiated (segmented) marketing
- Micromarketing Individual Marketing
- ex, Nike by You: Customization, Micromarketing: Individual Marketing "personalized"
viewing experience
Marketing Services - Answers - -70% of our economy is services-based(90% of jobs)
- we live in a convenience economy"- what do I Mean?
-
Product - Answers - - Includes tangible objects, services, events, persons, places,
organizations or ideas.
- anything that can be offered to a market for attention, acquisition,
use, or consumption that might satisfy a want or need.
- Apple iPad, a Toyota Camry, and a box of Timbits are products, Air Canada flights,
BMO investments
Services - Answers - - Form of product that consists of activities, benefits, or
satisfactions offered for sale
- Intangible activities, benefits, or satisfaction that do not result in the ownership
anything
- day at an amusement park, night in a hotel
Products - Answers - - key element in the overall market offering
- Core Value + Actual Product + Augmente d'Product
Core Product - Answers - - Benefits offered, value created
Actual Product - Answers - the physical attributes of a product including the brand
name, features/design, quality level, and packaging, Styling, that deliver the core
product
Augmented Product - Answers - the actual product plus other supporting features such
as a warranty, credit, delivery, installation, and repair service after the sale, Credit,
Instructions and other features or characteristics that help deliver value but are not the
reason people buy the brand
Consumer Products - Answers - - purchased by consumers for their personal (i.e.,
nonbusiness) use.
- include convenience products, shopping products, specialty products, and unsought
products.
Convenience Products - Answers - - consumer products and services that customers
usually buy frequently, immediately, and with a minimum of comparison and buying
effort.
- distributed through drugstores, grocery stores, convenience stores
- laundry detergent, candy, magazines, and fast food
- low priced
Shopping Products - Answers - items for which the consumer compares several
alternatives on criteria such as price, quality, or style
- pend much time and effort in gathering information and making comparisons
, - include furniture, clothing, used cars, major appliances, and hotel and airline services.
- distribute fewer outlets but provide deeper sales support to help customers in their
comparison efforts.
- Higher price
Specialty products - Answers - - unique characteristics or brand identification for which
a significant group of buyers is willing to make a special purchase effort.
- Exclusive distribution in only one or a few outlets per market area
- specific brands of cars, high-priced photographic equipment, designer clothes, and the
services of medical or legal specialists
- High price
Unsought Products - Answers - - consumer either does not know about or knows about
but does not normally think of buying
- consumer becomes aware of them through advertising
- life insurance, preplanned funeral services, and blood donations.
- Aggressive advertising and personal selling by producer and resellers
- distribution and price vary
Marketing Process - Answers - 1) Identify customer Needs
2) Identify/Select Target Market(s)
3) Develop Marketing Mix
4) Customer Relationship Management
5) Evaluation and Control
Product Mix - Answers - - the set of product lines, brands, and items offered
-Described /Characterized By:
-Breadth;(width) range/assortment of product lines and brands
-Length; number of brands within a line
Depth ;number of items within a brand (Sizes, flavours, etc)
Consistency ;fit of the lines, synergy
- Trends: Increasing depth (brand proliferation), increasing width (buyouts and mergers)
- ex, Proctor and Gamble Product Mix
Product Lines - Answers - total of all product lines and products offered for sale by a
company
Approach - Answers - - Undifferentiated Marketing
- Differentiated (segmented) marketing
- Micromarketing Individual Marketing
- ex, Nike by You: Customization, Micromarketing: Individual Marketing "personalized"
viewing experience
Marketing Services - Answers - -70% of our economy is services-based(90% of jobs)
- we live in a convenience economy"- what do I Mean?
-
