Intro to Business

Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; It may be a good, service or an idea

• -Consumer product- a product purchased to satisfy a personal and family needs 
• -Business product- a product bought for resale, for making other products or for use in a firm's operations
• -Convenience product- inexpensive, frequently purchased
• -Shopping product-a product in which buyers is willing to put effort in planning and making the purchase.
• Specialty product- A product that possesses one or more unique characteristics for which buyers is willing to expand considerable purchasing effort

a series of stages in which a product's sales revenue and profit increases, reach pa peak then decline 

-Introduction-Growth-Maturity-Decline-

Product Line- a group of similar products that differ only in relatively minor characteristics 

Product Mix- all the products a firms offers for sale

Product Modification- the process of changing one or more of a product's characteristics

Brand- a name, term, symbol, design, or any combination of these that identifies a seller's products as distinct from those of others 

Brand Name- the part of a brand that can be spoken 

Brand Mark- the part of a brand that is a symbol or distinctive design

A brand name or brand mark that is registered with the U.S patent Trademark Office

Manufacturer (producer) Brand- a brand that is owned by a manufacturer 

Store (private) Brand- a brand that is owned by an individual wholesaler or retailer 

Generic Product or Brand- a product with no brand at all

A marketing and financial value associated with a brand's strength in a market

Brand Recognition/Brand Preference/Brand Insistence

all the activities involved in developing and providing a container with graphics for a product

The presentation of information on a product or its package

The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances

Price Competition- an emphasis on setting price equal to or lower than competitors' prices to gain sales or market share 

Non-Price Competition- Competition based on factors other than price

The process of developing and promoting differences between one's product and all similar products

the amount of a seller adds to the cost of a product to determine its basic selling price

Fixed Cost- a cost incurred no matter how many units of a product are produced or sold

Variable Cost- a cost that depends on the number of units produced 

Total Cost- The sum of the fixed costs and the variable costs attributed to a product

Price Skimming- The strategy of charging the highest possible price for a product during the introduction stage of its life

Penetration Pricing- The strategy of setting a low price for a new product

Charging different prices to different buyers for the same quality and quantity of product

Reference pricing- placing product next to a brand that is expensive

Bundle Pricing- packaging together two or more complementary products and selling them for a single price 

Special Event Pricing Holiday, or Seasonal