Chapter 12

Question 0

A product bought for resale for making other products or for use in a firms operations

Answer 0

Business product

Question 1

A product purchased to satisfy a personal and family need

Answer 1

Consumer product

Question 2

Convenience product

Answer 2

A relatively inexpensive frequently purchased item for which buyers want to exert only minimal effort

Question 3

An item for which buyers are willing to expend considerable effort on an ing and making the purchase

Answer 3

Shopping product

Question 4

An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort

Answer 4

Specialty product

Question 5

A basic material that actually becomes part of a physical product: usually comes from mines, forests, oceans or recycled waste

Answer 5

Raw material

Question 6

Standardized equipment used in a firms production or office activities

Answer 6

Accessory equipment

Question 7

Larger tools and machines used for production purposes

Answer 7

Major equipment

Question 8

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

Answer 8

Component part

Question 9

A material that is used directly in the production of another product but is not readily identifiable in the finished product

Answer 9

Process material

Question 10

An it that facilitates production and operations but does not become part of a finished product

Answer 10

Supply

Question 11

An intangible product that an organization uses in its operations

Answer 11

Business services

Question 12

A series of stages in which a products sales revenue and profit increase reach a peak and decrease

Answer 12

Product life cycle

Question 13

A group of similar characteristic that differ only in minor characteristics

Answer 13

Product line

Question 14

All products a firm offers for sale

Answer 14

Product mix

Question 15

The process of changing one or more of a products characteristics

Answer 15

Product modification.

Question 16

The 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 costumer needs

Answer 16

Line extension

Question 17

The elimination of one or more products from a product line

Answer 17

Product deletion

Question 18

A name, term symbol , design, or any combination of these that identifies a sellers products as a distinct from those of others sellers

Answer 18

Brand

Question 19

The part of a brand that can be spoken

Answer 19

Brand name

Question 20

The part of a brand that is a symbol or distinctive design

Answer 20

Brand mark

Question 21

A brand name or brand mark that is registered with the U.S. Patent office and thus is legally protected from use by anyone except its owner

Answer 21

Trademark

Question 22

The complete and legal name of an organization

Answer 22

Trade name

Question 23

A brand that is owned by. Manufacturer

Answer 23

Manufacturer brand

Question 24

A brand that is owned by an individual wholesaler or retailer

Answer 24

Store brand

Question 25

A product at no brand at all

Answer 25

Generic product

Question 26

Extent to which a customer is favorable toward buying a specific brand

Answer 26

Brand loyalty

Question 27

Marketing and financial value associated with a brands strength in a market

Answer 27

Brand equity

Question 28

The strategy in which a firm uses a different brand for each of its products

Answer 28

Individual branding

Question 29

The strategy in which a firm uses the same brand for all or most of its products

Answer 29

Family branding

Question 30

Using an existing brand to brand a new product in a different product category

Answer 30

Brand extension

Question 31

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

Answer 31

Packaging

Question 32

The presentation of information on a product or its package

Answer 32

Labeling

Question 33

A written explanation of a producers responsibilities in the event that a product is found to be defective or otherwise unsatisfactory

Answer 33

Express warranty

Question 34

The amount of money a seller is willing to Accept I. Exchange for a product at any given time under any given circumstances

Answer 34

Price

Question 35

An emphasis on setting a price equal to or lower than competitors prices to gain sales or market share

Answer 35

Price competition

Question 36

Competition based on other factors than price

Answer 36

Non-price competition

Question 37

The process of developing and promoting differences between ones product and all similar products

Answer 37

Product differentiation

Question 38

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

Answer 38

Markup

Question 39

The number of units that must be sold for the total revenue ( from all units sold) to equal the total cost( of all units sold)

Answer 39

Break even quantity

Question 40

The total amount received from the sales of a product

Answer 40

Total revenue

Question 41

A cost incurred no matter how many units of a product are produced or sold

Answer 41

Fixed cost

Question 42

A cost that depends on the number of units produced

Answer 42

Variable cost

Question 43

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

Answer 43

Total cost

Question 44

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

Answer 44

Price skimming

Question 45

The strategy of setting a low price for a new product

Answer 45

Penetration pricing

Question 46

Establishing a final price through bargaining

Answer 46

Negotiated price

Question 47

Setting one price for the primary target market and a different price for a different market

Answer 47

Secondary market pricing

Question 48

Temporary reduction of prices on a patterned or systematic basis

Answer 48

Periodic discounting

Question 49

Temporary reduction of prices on an unsystematic basis

Answer 49

Random discounting

Question 50

The strategie of setting prices using odd numbers that are slightly below the whole dollar amount

Answer 50

Odd-number pricing

Question 51

The strategie of setting a single price for two or more units

Answer 51

Multiple unit pricing

Question 52

Pricing a product at a moderate level and positioning it next to a more expensive model or brand

Answer 52

Reference pricing

Question 53

Packaging together two or more complimentary products and selling them for a single price

Answer 53

Bundle pricing

Question 54

Setting a low price on a consistent basis

Answer 54

Everyday low prices (EDLPs)

Question 55

Pricing on the basis of tradition

Answer 55

Customary pricing

Question 56

Pricing the basic product in a line low, but pricing related items at a higher level

Answer 56

Captive pricing

Question 57

Pricing the highest quality or most versatile products higher than other models in a product line

Answer 57

Premium pricing

Question 58

The strategy of selling goods only at certain predetermined prices that reflect price breaks

Answer 58

Price lining

Question 59

Product prices below the usual mark up near cost, or below cost

Answer 59

Price leaders

Question 60

Advertised sales or price cutting linked to a holiday season or event

Answer 60

Special event pricing

Question 61

Setting a price at a specific level and comparing it with a higher price

Answer 61

Comparison discounting

Question 62

Prices charged in sales between an organizations units

Answer 62

Transfer pricing

Question 63

A deduction from the price of an item

Answer 63

Discount