Intangibility
cannot be touched, seen, tasted, or felt
Inseparability
allows services to be sold, produced, and consumed simultaneously
Heterogeneity
services tend to be less standardized and uniform than goods.
Perrishability
services cannot be stored or inventoried
Product assortment
all product lines of a firm
Product line
set of closely-related products
Product item
single product
Brand name
pronounceable part of the brand
Brand logo
graphics of the brand
Goal
brand equity( the value of a brand's overall strength in the market.
Quality
a product's ability to satisfy a customer's needs or requirement
Brand Familiarity
how well customers recognize and accept a company's brand
Lanham Act
This spelled out what kind of marks can be protected and the exact method of protecting them
Brand Insistence
It has to be this brand!!" The goal of the marketing
Brand Preference
This is better than that one
Brand recognition
Oh, I know this brand
Brand nonrecognition
What is this mark for? I've never seen this kind of mark...
Brand Rejection
Oh, this brand is not for me!
family brand
the same brand name for several products
Generic Brand
no brand, usually low quality, for saving money. common in less developed country
Licensed Brand
a well-known brand that sellers pay a fee to use (ex, superman on a cereal package )
Individual Brand
separate brand names for each product
Manufacturer Brand (national brand)
owned by company, producers
store brand ( private brand)
owned by retailer (e,x, Wal-Mart)
Battle of the Brands
the competition between dealer brands and manufacturer brand
Enhances the Product
Sends a message
Lower Distribution Costs
Package can do what?
Universal Product Code
identifies each product with marks readable by electronic scanners
Federal Fair Packaging and Labeling Act(1966)
requires that consumer goods be clearly labeled in easy-to-understand terms to give customers more information
warranty
explains what the seller promises bout its product
Magnunson-Moss Act
producers must provide a clearly written warranty if they choose to offer any warranty
Consumer Product
products meant for the final consumer
Business products
products meant for use in producing other products
Convenience products
consumer needs but isn't willing to spend much time or effort shopping for
Staples
products that are bought often, routinely, and without much thought
Impulse products
products that are bought quickly. customer hadn't planned to buy
Emergency product
products that are purchased immediately when the need is great (e.x. rain coat, ambulance, etc
Shopping product
products that a customer feels are worth the time and effort to compare with competing products
Homogeneous shopping products
shopping products the customer seed as basically the same and wants at the lowest price.
Heterogeneous shopping products
shopping products the customer sees as different and wants to inspect for quality and suitability.
unsought products
products that potential customers don't yet want or know they can buy
New unsought products
products offering really new ideas that potential customers don't know about yet
Regularly unsought products
products like gravestones, life insurance that stay unsought but not unsought forever--personal selling is important
derived demand
the big difference between the consumer products market and the business products market is this.
the demand for business product derives from the demand for final consumer products
expense item
product whose total cost is treated as a business expense in the year it's purchased
capital item
long-lasting product that can be used and depreciated for many years
Installations
such as buildings, land rights, and major equipment
Accessories
short-lived capital items-tools and equipment used in production or office activities
Raw materials
unprocessed expense items. they become part of a physical good and are expense items
Farm products
one of the raw materials, grown by farmers
Natural products
one of the raw materials, occur in nature
Components
processed expense items that become part of a finished product
Supplies
expense items that do not become part of a finished product
MRO supplies
maintenance, repair, and operating supplies
professional services
specialized services that support a firm's operations