Product, Services and Branding Strategy

marketing fundamentals -- part 7 -- terms

product -- anything that can be offered to a market for attention, acquisition, use, or consumption them I satisfy a want or need
service -- any activity or benefits of one-party can offer to another that is essentially intangible and is not result in the ownership of anything
consumer product -- product blought by final consumer for personal consumption
convenience product -- consumer product that the customer usually buys frequently, immediately, and with a minimum of comparison in buying effort
shopping product -- consumer goods that the customer, and the process of selection and purchase, characteristically compares on the basis such as suitability, quality, price, and style
specialty product -- consumer product with unique characteristics of brand identification for which is 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 what does not normally think of buying
industrial product -- product bought by individuals and organizations for further processing or for use in conducting business
social marketing -- the design, implementation, in control of programs seeking to increase the acceptability of a social idea, cause, or practice among a target group
product quality -- the ability of a product to perform its functions; it includes the products overall durability, reliability, precision, ease of operation and repair, and other valued attributes
brand -- a name, term, sign, symbol, or design, or a combination of these intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of competitors
packaging -- the activities of designing and producing the container or wrapper for product
product line -- a group of products that are closely related because they function in a similar manner, are sold to the same customer groups, marketed to the same types of outlets, or fall within given price ranges
product mix (or product assortment) -- the set of all product lines and items that a particular seller offers for sale
brand equity -- the positive differential effect that knowing the brand name has on the customer response to the product or service
private (or store) brand -- a brand created and owned by a reseller of a product or service
co-branding -- the practice of using the established brand names of two different companies on the same product
line extension -- using a successful brand name to introduce additional items in a given product category under the same brand name, such as new flavors, forms, colors, added ingredients, or package size
brand extension -- using a successful brand name to launching new or modified product in a new category
service intangibility -- a major characteristics of services -- they cannot be seen, tasted, felt, heard, or smell before they are bought
service inseparability -- a major characteristics of services -- they are produced and consumed at the same time and cannot be separated from their providers, whether the providers are people or machines
service variability -- a major characteristics of services -- their quality may very greatly, depending on who provides them and when, where, and how
service parishability -- a major characteristics of services -- they cannot be stored for later sale or use
service-profit chain -- the chain that links service from profits with employees and customer satisfaction
internal marketing -- marketing by a service firm to train and effectively motivate its customer contact employees and all of the supporting services people to work as a team to provide customer satisfaction
interactive marketing -- marketing by a service firm that recognizes that perceived service quality depends heavily on the quality of buyer/seller interaction