Exam 8: Products, Services, and Brands: Building Customer Value

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 contract with Elmore ended. Herb built a company reputation on the manufacturing 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. -Developing a product or service involves defining the benefits that it will offer. These benefits are communicated and delivered by ________.

According to the service profit chain, superior internal service quality results in ________.

Describe the principal functions of packaging.

A good brand name should most likely be ________.

Which of the following is an example of a convenience product?

Service companies can differentiate their service delivery by ________.

________ refers to the characteristics of a product or service that bear on its ability to satisfy stated or implied customer needs.

Shopping products are less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price, and style.

________ refers to freedom from defects and consistency in delivering a targeted level of performance.

Service companies can differentiate their service delivery by having more able and reliable customer-contact people.

Which of the following is an example of a pure tangible good?

________ 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.

What are the different dimensions of a company's product mix? Briefly describe each dimension.

Name and describe the principal decisions companies make regarding their individual products and services.

How does branding help buyers?

________ 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.

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?"

________ are consumer products and services that customers usually buy frequently, immediately, and with minimal comparison and buying effort.

Service inseparability means that the quality of services depends on who provides them, as well as when, where, and how they are provided.

With the help of an example, explain the difference between a consumer product and an industrial product.