Business .txt

    • author "me"
    • tags "Business "
    • description "Business"
    • fileName "Business "
    • freezingBlueDBID -1.0
    • Consumer product
    • A product purchased to satisfy personal and family needs
  1. Business product
    A product bought for resale for making other products or for use in a firms operations
  2. Convenience product
    A relatively inexpensive frequently purchased item for which buyers want to exert only minimal effort
  3. Shopping product
    An item for which buyers are willing to expend considerable effort on planning and making the purchase
  4. Speciality product
    An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort
  5. Raw material
    Is a basic material that actually becomes part of a physical product. Comes from mines forests oceans or recycled solid waste.
  6. Major equipment
    Large tools and machines used for production purposes
  7. Accessory equipment
    Standardized equipment used in a firms production or office activities
  8. Component part
    An item that becomes part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly
  9. Process material
    A material that is used directly in the production of another product but is not readily identifiable in the finished product
  10. Supply
    An item that facilities production and operations but does not become part of a finished product
  11. Business service
    An intangible product that an organization uses its operations
  12. Product life cycle
    A series of stages in which a products sales revenue and profit increase reach peak and then decline
  13. Product line
    A group pf similar products that differ only in relatively minor characteristics
  14. Product mix
    All the products a firm offers for sale
  15. Product modifications
    The process of changing one or more of a products characteristics
  16. Line extension
    Development of a new product that is closely related to one or more products in the existing product line but designed specifically to meet somewhat different customers need
  17. Product deletion
    The elimination of one or more products from a product line
  18. Brand
    A name,term,symbol,design, or any combination of these that identifies a sellers products as distinct from those of other sellers
  19. Brand name
    The part of a brand that can be spoken
  20. Brand mark
    The part of the brand that is a symbol or distinctive design
  21. Trademark
    A brand name or brand mark that is registered with a U.S. Patent and trademark office and thus is legally protected. From use by anyone except its owner
  22. Trade name
    The complete legal name of an organization
  23. Manufacturer (or producer) brand
    A brand that is owned by a manufacturer
  24. Store (or private ) brand
    Brand that is owned by an individual wholesaler or retailer
  25. Generic product (or brand)
    A product with no brand at all
  26. Brand loyalty
    Extent to which a customers is favorable toward buying a specific brand
  27. Brand equity
    • Marketing and financial value associated with brands strength in a
    • Market
  28. Individual branding
    The strategy in which a firm uses a different brand for each of its products
  29. Family branding
    The strategy in which a firm uses the same brand for all or most of its products
  30. Brand extension
    Using an existing brand to brand a new product in a different product category
  31. Packaging
    All the activities involved with developing and providing a container with graphics for a product
  32. Labeling
    The presentation of information on a product or its package
  33. Express warranty
    A written explanation of the responsibilities of the producer in the event that a product is found to be defective or otherwise unsatisfactory
  34. Price
    The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances
  35. Supply
    He quantity of a product that producers are willing to sell at each of various prices
  36. Demand
    He quantity of product that buyers array willing to purchased at each of various prices
  37. Price competition
    An emphasis on setting a price equal to or lower than competitors prices to gain. Sales or market share
  38. Nonprice competition
    Competition based on factors other than price
  39. Product differentiation
    The process of developing and promoting differences between ones product and all similar products
  40. Markup
    The amount a seller adds to the cost of a product to determine its basic selling price
  41. Breakeven quantity
    The number of units that must be sold for the total revenue to equal the total cost
  42. Total revenue
    The total amount received from sales of a product
  43. Fixed cost
    A cost incurred no matter how many units of a product are produced or sold
  44. Variable cost
    A cost that depends on the number of units produced
  45. Total cost
    The sum of the fixed costs and variable costs attributed to a product
  46. Price skimming
    The strategy of charging the highest possible price for a product during the introduction stage of its life cycle
  47. Penetration pricing
    The strategy of setting a low price for a new product
  48. Negotiated pricing
    Establishing a final price through bargaining
  49. Secondary market pricing
    Setting one price for the primary target market and a different price for other market.
  50. Periodic discounting
    Temporary reduction of prices on a patterned or systematic basis
  51. Random discounting
    Temporary reduction of prices on unsystematic basis
  52. Odd number pricing
    The strategy of setting prices using odd numbers that are slightly lower than the whole dollar amount
  53. Multiple unit pricing
    The strategy of setting a single price for two or more units
  54. Reference pricing
    Pricing a product at a moderate level and positioning it next to more expensive model or brand
  55. Bundle pricing
    Packaging together two or more complementary products and selling them for a single price
  56. Everyday low prices
    Setting a low price for products on a consistent basis
  57. Customary pricing
    Pricing on the basis of tradition
  58. Captive pricing
    Pricing the basic product in a product line low but pricing related items at a higher level
  59. Premium pricing
    Pricing the highest quality or most versatile products higher than the other models in the product line
  60. Price lining
    The strategy of selling goods only at a certain predetermined prices that reflect definite price breaks
  61. Price leaders
    Products prices below the usual markup near cost or below cost
  62. Special event pricing
    Advertised sales or price cutting linked to holiday season or event
  63. Comparison discounting
    Setting a price at a specific level and comparing it with a higher price
  64. Transfer pricing
    Prices charged in sales between an organizations units
  65. Discount
    A deduction from the price of an item
Card Set
Business .txt
business chap 12