COB 300D Test #2 |103 Accurate Q’s and A’s
PRODUCT - -anything that can be offered to a market for attention, acquisition, use,
or consumption that might satisfy a want or need
-SERVICE - -activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
-CONSUMER PRODUCT - -product bought by final consumers for personal
consumption
-CONVENIENCE PRODUCT - -consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
-SHOPPING PRODUCT - -consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style
-SPECIALTY PRODUCT - -consumer product with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special
purchase effort
-UNSOUGHT PRODUCT - -consumer product that the consumer either does not
know about or knows about but does not normally considering buying
-INDUSTRIAL PRODUCT - -product bought by individuals and organizations for
further processing or for use in conducting a business
-SOCIAL MARKETING - -use of commercial marketing concepts and tools in
programs designed to influence individuals' behavior to improve their well-being and
that of society
-PRODUCT QUALITY - -characteristics of a product or service that bear on its ability
to satisfy stated or implied customer needs
-BRAND - -name, term, sign, symbol, or design, or a combination of these, that
identifies the products or services of one seller or group of sellers and differentiates
them from those competitors
-PRODUCT LINE - -group of products that are closely related because they function
in a similar manner, are sold to the same customer groups, are marketed through the
same types of outlets, or fall within given price ranges
-PRODUCT MIX (PRODUCT PORTFOLIO) - -set of all product lines and items that
a particular seller offers for sale
-SERVICE INTANGIBILITY - -services cannot be seen, tasted, felt, heard, or
smelled before they are bought
, -SERVICE INSEPARABILITY - -services are produced and consumed at the same
time and cannot be separated from their providers
-SERVICE VARIABILITY (INCONSISTENCY) - -quality of services may vary greatly
depending on who provides them and when, where, and how they are provided
-SERVICE PERISHABILITY (INVENTORY) - -services cannot be stored for later
sale or use
-SERVICE PROFIT CHAIN - -chain that links service firm profits with employee and
customer satisfaction
-INTERNAL MARKETING - -orienting and motivating customer-contact employees
and supporting service employees to work as a team to provide customer
satisfaction
-INTERACTIVE MARKETING - -training service employees in the fine art of
interacting with customers to satisfy their needs
-BRAND EQUITY - -differential effect that knowing brand name has on customer
response to the product or its marketing
-BRAND VALUE - -total financial value of a brand
-STORE BRANDS (PRIVATE BRANDS) - -brand created and owned by a reseller of
a product or service
-CO-BRANDING - -practice of using the established brand names of two different
companies on the same product
-LINE EXTENSIONS - -extending an existing brand name to new forms, colors,
sizes, ingredients, or flavors of an existing product category
-BRAND EXTENSION - -extending an existing brand name to new product
categories [i.e.crest toothpaste --> whitening strips --> mouthwash]
-NEW PRODUCT DEVELOPMENT - -development of original products, product
improvements, product modifications, and new brands through the firm's own
product development efforts
-IDEA GENERATION - -systematic search for new product ideas
-CROWDSOURCING - -inviting broad communities of people- customers,
employees, independent scientists and researchers, and even the public at large-
into the new product innovation process
-IDEA SCREENING - -screening new product ideas to spot good ones and drop
poor ones as soon as possible
PRODUCT - -anything that can be offered to a market for attention, acquisition, use,
or consumption that might satisfy a want or need
-SERVICE - -activity, benefit, or satisfaction offered for sale that is essentially
intangible and does not result in the ownership of anything
-CONSUMER PRODUCT - -product bought by final consumers for personal
consumption
-CONVENIENCE PRODUCT - -consumer product that customers usually buy
frequently, immediately, and with minimal comparison and buying effort
-SHOPPING PRODUCT - -consumer product that the customer, in the process of
selecting and purchasing, usually compares on such attributes as suitability, quality,
price, and style
-SPECIALTY PRODUCT - -consumer product with unique characteristics or brand
identification for which a significant group of buyers is willing to make a special
purchase effort
-UNSOUGHT PRODUCT - -consumer product that the consumer either does not
know about or knows about but does not normally considering buying
-INDUSTRIAL PRODUCT - -product bought by individuals and organizations for
further processing or for use in conducting a business
-SOCIAL MARKETING - -use of commercial marketing concepts and tools in
programs designed to influence individuals' behavior to improve their well-being and
that of society
-PRODUCT QUALITY - -characteristics of a product or service that bear on its ability
to satisfy stated or implied customer needs
-BRAND - -name, term, sign, symbol, or design, or a combination of these, that
identifies the products or services of one seller or group of sellers and differentiates
them from those competitors
-PRODUCT LINE - -group of products that are closely related because they function
in a similar manner, are sold to the same customer groups, are marketed through the
same types of outlets, or fall within given price ranges
-PRODUCT MIX (PRODUCT PORTFOLIO) - -set of all product lines and items that
a particular seller offers for sale
-SERVICE INTANGIBILITY - -services cannot be seen, tasted, felt, heard, or
smelled before they are bought
, -SERVICE INSEPARABILITY - -services are produced and consumed at the same
time and cannot be separated from their providers
-SERVICE VARIABILITY (INCONSISTENCY) - -quality of services may vary greatly
depending on who provides them and when, where, and how they are provided
-SERVICE PERISHABILITY (INVENTORY) - -services cannot be stored for later
sale or use
-SERVICE PROFIT CHAIN - -chain that links service firm profits with employee and
customer satisfaction
-INTERNAL MARKETING - -orienting and motivating customer-contact employees
and supporting service employees to work as a team to provide customer
satisfaction
-INTERACTIVE MARKETING - -training service employees in the fine art of
interacting with customers to satisfy their needs
-BRAND EQUITY - -differential effect that knowing brand name has on customer
response to the product or its marketing
-BRAND VALUE - -total financial value of a brand
-STORE BRANDS (PRIVATE BRANDS) - -brand created and owned by a reseller of
a product or service
-CO-BRANDING - -practice of using the established brand names of two different
companies on the same product
-LINE EXTENSIONS - -extending an existing brand name to new forms, colors,
sizes, ingredients, or flavors of an existing product category
-BRAND EXTENSION - -extending an existing brand name to new product
categories [i.e.crest toothpaste --> whitening strips --> mouthwash]
-NEW PRODUCT DEVELOPMENT - -development of original products, product
improvements, product modifications, and new brands through the firm's own
product development efforts
-IDEA GENERATION - -systematic search for new product ideas
-CROWDSOURCING - -inviting broad communities of people- customers,
employees, independent scientists and researchers, and even the public at large-
into the new product innovation process
-IDEA SCREENING - -screening new product ideas to spot good ones and drop
poor ones as soon as possible
