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[MGT 2020] - Final Exam Guide - Everything you need to know! (23 pages long)


Department
Management
Course Code
MGT 2020
Professor
Merena Johnson
Study Guide
Final

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UofL
MGT 2020
FINAL EXAM
STUDY GUIDE

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Chapter 9
Product, Services, and Brands: Building Customer Value
Products are anything that can be offered in a market for attention, acquisition, use or
consumption that might satisfy a need or want.
Services are any activities or benefits that one party can offer to another that are essentially
intangible and do not result in the ownership of anything.
Experiences represent what buying the product or service will do for the customer.
Product and Service Classifications
Consumer products are products and services for personal consumption.
Classified by how consumers buy them:
- Convenience products are consumer products and services that the customer usually
buys frequently, immediately, and with a minimum comparison and buying effort.
- Shopping products are consumer products and services that the customer compares
carefully on suitability, quality, price, and style.
- Specialty 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.
- Unsought products are consumer products that the consumer does not know about or
knows about but does not normally think of buying.
Industrial Products are products purchased for further processing or for use in conducting a
business.
- Classified by the purpose for which the products is purchased. (Materials and parts,
Capital, Raw materials).
Capital items are industrial products that aid in the uyer’s produtio or operatios.
Materials and parts include raw materials and manufactured materials and parts usually sold
directly to industrial users.
Supplies and services include operating supplies, repair and maintenance items, and business
services.
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Organization, Persons, Places, and ideas
Organization marketing consists of activities undertaken to create, maintain, or change
attitudes and behavior of target consumers towards an organization.
Person marketing consist of activities undertaken to create, maintain, or change attitudes and
behavior of target consumers toward particular people.
Place marketing consists of activities undertaken to create, maintain, or change attitudes and
behavior of target consumers toward particular places.
Social Marketing is the use of commercial marketing concepts and tools in programs designed
to ifluee idiiduals’ behavior to improve their well-being and that of society.
Individual Product and Service Decisions
Product Attributes are the benefits of the product or service: - Quality, - Features, - Style and
Design.
Product Quality includes level and consistency:
- Quality Level is the level of quality that supports the products positioning.
- Total quality management (TQM) is a approah i hih all the opay’s people
are involved in constantly improving the quality of products, services and business
processes.
- Conformance Quality is the produt’s freedo fro defets ad osistey i
delivering a targeted level of performance.
- Product Features are a competitive tool for differentiating a product from
opetitors’ produts.
- Product features are assed based on the value to the customer versus the cost to the
company.
- Style describes the appearance of the product.
- Design otriutes to a produt’s usefuless as ell as to its looks.
- Brand is the name, term, sign, or design or a combination of these that identifies
the maker or seller of a product or service.
- Brand Equity is the differential effect that the brand name has on customer response
to the product and its marketing.
- Packaging involves designing and producing the container or wrapper for a product.
- Labels identify the product or brand, describe attributes, and provide promotion.
Product Line Decisions
Product line is a 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 Line Filling occurs when companies add more items within the present range of the
line.
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