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Chapter 7

BUS 343 Chapter 7 Flashcards

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Business Administration
BUS 343
Jason Ho

Good A tangible product that we can see, touch, smell, hear, or taste Intangibles Experience based products Includes features, functions, benefits, and uses of a product. Marketers view products as a bundle of Attributes attributes, including the packaging, brand name, benefits, and supporting features, in addition to the physical good. Layers of the product (3) Core product, actual product, augmented product All the benefits the product will provide for the Core product consumers or business customers the physical good or the delivered service that supplies the desired benefit The actual product, plus other supporting features Actual product such as warranty, credit, delivery, installation, or repair service Consumer products that provide benefits over a Augmented product long period of time (such as cars, furniture, appliances) Durable goods Consumer products that provide benefits for a short period of time (food, newspapers) A consumer good or service that is usually low Nondurable goods priced, widely available, and purchased frequently with a minimum of comparison and effort Basic or necessary items that are available almost Convenience product everywhere A product people often buy on the spur of the Staples moment Impulse products Products we purchase when we are in dire need Goods or services for which consumers spend Shopping products considerable time and effort gathering information and comparing alternatives before making a purchase Computer programs that find sites selling a Intelligent agents particular product Goods or services that have unique characteristics Specialty products and are important to the buyer, and for which they will devote significant effort to acquire Goods or services for which a consumer has little Unsought products awareness or interest until the product or a need for the product is brought to their attention Equipment Expensive goods which last for a long time, that an organization uses in its daily operations Maintenance, repair, and operating (MRO) Goods that a business customer consumes in a products relatively short time Products of the fishing, lumber, agriculture, and Raw materials mining industries that organizational customers purchase to use in their finished products Processed materials Products created when firms transform raw materials from their original state Manufactured goods or subassemblies of finished Component parts items that organizations need to complete their own products Characteristics of service (4) Intangibility, variability, perishability, inseparability The characteristic or a service that means Intangibility customers can’t see, touch, or smell good service Perishability The characteristic of a service that makes it impossible to store for later sale or consumption Capacity management The process by which organizations adjust their offerings in an attempt to match demand The characteristic of a service that means that Variability even the same service performed by the same individual for the same customer can vary The characteristic of a service that means that it is Inseparability impossible to separate the production of service from the consumption of the service Service encounter The actual interaction between the customer and the service provider A service that requires the customer to obtain an Disintermediation outcome without the intervention of a human provided Core services The basic benefit of having a service performed The core service plus additional service provided to Augmented services enhance value Servicescape The actual physical facility where the service is performed, delivered, and consumed search qualities Product characteristics that the consumer can examine prior to purchase Product characteristics that the consumer can experience qualities determine during or after consumption Product characteristics that are difficult to evaluate credence qualities even after they have been experienced [A scale used to measure service quality] SERVQUAL (5 dimensions) Tangibles, reliability, responsiveness, assurance, empathy A marketing research method that measures the Gap analysis difference between a customer’s expectation of a service quality and what actually occurred A method for measuring service quality in which Critical incident technique marketers use customer complaints to identify critical incidents A reconceptualization of traditional marketing
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