BUSN Ch. 10 Vocab

  1. product
    Something that can be marketed to customers because it provides a benefit and satisfies a need.
  2. industry
    Group of businesses that compete with one another to market products that are the same or similar.
  3. market
    Group of buyers or potential buyers who share a common need that can be met by a certain product.
  4. market segment
    Group of potential customers with common characteristics that influence their buying decisions.
  5. niche
    Narrowly defined group of potential customers with a fairly specific set of needs.
  6. market share
    Company’s portion of the market that it has targeted.
  7. breakeven analysis
    Method of determining the level of sales at which the company will break even (have no profit or loss).
  8. fixed costs
    Costs that don’t change when the amount of goods sold changes.
  9. variable costs
    Costs that vary, in total, as the quantity of goods sold changes but stay constant on a per-unit basis.
  10. contribution margin per unit
    Excess of revenue per unit over variable cost per unit.
  11. breakeven point in units
    Number of sales units at which net income is zero.
  12. project team
    Individuals from different functional areas assigned to work together throughout the product development process.
  13. product development process
    Series of activities by which a product idea is transformed into a final product.
  14. product concept
    Description of what a new product will look like and how it will work.
  15. prototype
    Physical model of a new product.
  16. ramp-up stage
    Stage in the product development process during which employees are trained in necessary production processes and new products are tested.
  17. patent
    Grant of the exclusive right to produce or sell a product, process, or invention.
Card Set
BUSN Ch. 10 Vocab
Ch. 10 bold and italicized words