LSUS MBA 706: CHAPTER 6 CORRECT
100%
What is a product? - ANSWER- either a good or a service
- the most essential decision in the 4Ps because it is what the consumer is receiving
in the exchange
What is experience marketing? - ANSWERwhen consumers are buying the
experience
ex: ESPN Zone & Build-a-Bear
What are the 3 different types of qualities? - ANSWER- search qualities
- experience qualities
- credence qualities
What are search qualities? - ANSWERMay be evaluated prior to purchase
What are experience qualities? - ANSWERNeed trial/consumption before evaluation
What is an exchange? - ANSWER- the company offers something (product) that will
benefit the customer
** product can be designed to be more or less attractive (inc/dec quality, service)
- the customer offers something in return (payment)
** customer can be more or less attractive (high/low loyalty, high/low maint, spreads
positive word-of-mouth)
Marketers need to... - ANSWER1. Determine what customers want in order to
increase the likelihood of exchange
2. Determine what the company can profitably offer
What is the goal of a marketing exchange? - ANSWERTo create mutually beneficial
exchanges that result in long-term customer relationships
What is intangibility? - ANSWER- extent to which you have something concrete
ex:
1. pure goods: paper & phone
2. pure services: massage & babysitting
3. hybrids: restaurant & beauty salon
What are credence qualities? - ANSWERDifficult to judge even post-consumption
Which qualities are goods dominated by? - ANSWERSearch and experience
qualities
Which qualities are services dominated by? - ANSWERExperience and credence
qualities
100%
What is a product? - ANSWER- either a good or a service
- the most essential decision in the 4Ps because it is what the consumer is receiving
in the exchange
What is experience marketing? - ANSWERwhen consumers are buying the
experience
ex: ESPN Zone & Build-a-Bear
What are the 3 different types of qualities? - ANSWER- search qualities
- experience qualities
- credence qualities
What are search qualities? - ANSWERMay be evaluated prior to purchase
What are experience qualities? - ANSWERNeed trial/consumption before evaluation
What is an exchange? - ANSWER- the company offers something (product) that will
benefit the customer
** product can be designed to be more or less attractive (inc/dec quality, service)
- the customer offers something in return (payment)
** customer can be more or less attractive (high/low loyalty, high/low maint, spreads
positive word-of-mouth)
Marketers need to... - ANSWER1. Determine what customers want in order to
increase the likelihood of exchange
2. Determine what the company can profitably offer
What is the goal of a marketing exchange? - ANSWERTo create mutually beneficial
exchanges that result in long-term customer relationships
What is intangibility? - ANSWER- extent to which you have something concrete
ex:
1. pure goods: paper & phone
2. pure services: massage & babysitting
3. hybrids: restaurant & beauty salon
What are credence qualities? - ANSWERDifficult to judge even post-consumption
Which qualities are goods dominated by? - ANSWERSearch and experience
qualities
Which qualities are services dominated by? - ANSWERExperience and credence
qualities
