Intro to Business

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  1. Product
    Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits; It may be a good, service or an idea
  2. Different Products
    -Consumer Product
    -Business Product
    -Convenience Product
    -Specialty Product
    • -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
  3. Product Life-Cycle
    a series of stages in which a product's sales revenue and profit increases, reach pa peak then decline 

  4. Product Line/Product Mix/Product Modification
    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
  5. Brand/Brand Name/Brand Mark
    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
  6. Trademark
    A brand name or brand mark that is registered with the U.S patent Trademark Office
  7. -Manufacturer (producer) Brand 
    -Store (private) Brand 
    -Generic Product or Brand
    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
  8. Brand Equity
    A marketing and financial value associated with a brand's strength in a market
  9. Type of Brand Loyalty
    Brand Recognition/Brand Preference/Brand Insistence
  10. Packaging
    all the activities involved in developing and providing a container with graphics for a product
  11. Labeling
    The presentation of information on a product or its package
  12. Price
    The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances
  13. Price Competition and Non-Price Competition
    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
  14. Product Differentiation
    The process of developing and promoting differences between one's product and all similar products
  15. Markup
    the amount of a seller adds to the cost of a product to determine its basic selling price
  16. Fixed Cost/Variable Cost/Total Cost
    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
  17. Price Skimming/Penetration Pricing
    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
  18. Differential Pricing
    Charging different prices to different buyers for the same quality and quantity of product
  19. Reference/Bundle/Special-Event Pricing
    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
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Intro to Business
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