The University of Oklahoma
MKT 3013
Ch. 8
1)We define a_as anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
- are a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything.
- A product is a key element in the . At one extreme, it may consist of pure tangible goods or at the other extreme, pure services.
- To differentiate themselves, many companies are going beyond products and services, they are developing and delivering customer .
- Product planners need to consider products and services on three levels. Each level adds more customer value. The most basic level is the , which addresses the question, "What is the buyer really buying?"
- The third level of a product that product planners must consider is a(n) around the core benefit and actual product that offers additional consumer services and benefits.
- Product planners must design the actual product and find ways to it in order to create the bundle of benefits that will provide the most satisfying customer experience.
- Products and services fall into two broad classifications based on the types of consumers that use them. Which is one of these broad classes?
- are products and services bought by final consumers for personal consumption. These include convenience products, shopping products, specialty products, and unsought products.
- are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style. Consumers spend much time and effort in gathering information and making comparisons about these products.
- are consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort.
- are consumer products that the consumer either does not know about or knows about but does not normally think about buying. These products require a lot of advertising, personal selling, and other marketing efforts.
- are those products purchased for further processing or for use in conducting a business.
Refer to the scenario below to answer the following questions.
Herb Marks built his enterprise on the faithful patronage of four specialty shops and a large contract from Elmore Distributors. But after two years, the maker of novelty pens and pencils had to rethink his strategy when his two-year contract with Elmore ended.
Herb built a company reputation on the manufacture and distribution of a variety of wooden writing utensils with customized engravings. Specialty shops loved to display the products in their fancy, lighted showcases, but such specialty shops alone were not profitable. Herb Marks established a brand name, known merely as Marks, and decided to expand on it.
Herb extended his writing utensil lines to include quills, felt-tip pens, and multiple-cartridge pens that write in different colors. He even added a line of various grades of personalized stationery and business cards. Perhaps Herb's biggest added touch, however, was the addition of two salespeople who would work to explain the diverse array of products offered by Marks, as well as nurture existing accounts.
"We make an excellent product," Herb Marks stated, "and we honor a good guarantee on everything we sell. But let's face it?we face hundreds of competitors! We need Marks representatives out there to help prospects understand what they should demand in something as simple as a writing tool."
The Marks brand was fast-becoming synonymous with top-notch customer service. Part of the purchase package brought personal visits from the Marks representative, before the purchase and long after.
- An easier, more comfortable, more stylish transfer of thought onto paper is the of Herb's offerings.
- What type of consumer products does Marks manufacture?
- The new felt-tip pens, multiple-cartridge pens, and quills are all examples of .
- A service is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy a want or need.
- Sony offers consumers more than just camcorders; it provides consumers with a complete solution to their picture-taking problems. This offering is called an augmented product.
- Unsought products are products that the customer usually buys frequently, immediately, and with a minimum of comparison and buying effort.
- Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.
- Style is a larger concept than design. Design describes the appearance of a product.
- Branding can add consumer value to a product.
- Because so many purchase decisions are made in stores, a product's packaging may be a seller's last and best chance to influence consumers.
- Product support services identify the product or brand, describe several things about the product, and promote the product through attractive graphics.
- Quaker produces a variety of cereals. This variety is called its product line.