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Biz Org > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

product

A

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

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2
Q

consumer product

A

a product purchased to satisfy personal and family needs

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3
Q

business product

A

a product bought for resale, for making other products, or for use in a firm’s operations

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4
Q

convenience product

A

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

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5
Q

shopping product

A

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

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6
Q

speciality product

A

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

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7
Q

raw material

A

a basic material that actually becomes part of a physical product; usually comes from mines, forests, oceans, or recycled solid wastes

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8
Q

major equipment

A

large tools and machines used for production purposes

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9
Q

accessory equipment

A

standardized equipment used in a firm’s production or office activities

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10
Q

component part

A

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

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11
Q

process material

A

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

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12
Q

supply

A

an item that facilitates production and operations but does not become part of a finished product

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13
Q

business service

A

an intangible product that an organization uses in its operations

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14
Q

product life-cycle

A

a series of stages in which a product’s sales revenue and profit increase, reach a peak, and then decline

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15
Q

product line

A

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

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16
Q

product mix

A

all the products a firm offers for sale

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17
Q

product modification

A

the process of changing one or more of a product’s characteristics

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18
Q

line extension

A

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 customer needs

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19
Q

product deletion

A

the elimination of one or more products from a product line

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20
Q

brand

A

a name, term, symbol, design, or any combination of these that identifies a seller’s products as distinct from those of other sellers

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21
Q

brand name

A

the part of a brand that can be spoken

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22
Q

brand mark

A

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

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23
Q

trademark

A

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

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24
Q

trade name

A

the complete and legal name of an organization

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25
Q

manufacturer (or producer) brand

A

a brand that is owned by a manufacturer

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26
Q

store (or private) brand

A

a brand that is owned by an individual wholesaler or retailer

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27
Q

generic product (or brand)

A

a product with no brand at all

28
Q

brand loyalty

A

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

29
Q

brand equity

A

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

30
Q

individual branding

A

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

31
Q

family branding

A

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

32
Q

brand extension

A

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

33
Q

packaging

A

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

34
Q

labeling

A

the presentation of information on a product or its package

35
Q

express warranty

A

a written explanation of the producer’s responsibilities in the event that a product is found to be defective or otherwise unsatisfactory

36
Q

price

A

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

37
Q

demand

A

the quantity of a product that buyers are willing to purchase at each of various prices

38
Q

price competition

A

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

39
Q

non-price competition

A

competition based on factors other than price

40
Q

product differentiation

A

the process of developing and promoting differences between one’s product and all similar products

41
Q

markup

A

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

42
Q

breakeven quantity

A

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)

43
Q

total revenue

A

the total amount received from sales of a product

44
Q

fixed cost

A

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

45
Q

variable cost

A

a cost that depends on the number of units produced

46
Q

total cost

A

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

47
Q

price skimming

A

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

48
Q

penetration pricing

A

the strategy of setting a low price for a new product

49
Q

negotiated pricing

A

establishing a final price through bargaining

50
Q

secondary-market pricing

A

setting one price for the primary target market and a different price for another market

51
Q

periodic discounting

A

temporary reduction of prices on a patterned or systematic basis

52
Q

random discounting

A

temporary reduction of prices on an unsystematic basis

53
Q

odd-number pricing

A

the strategy of setting prices using odd numbers that are slightly below whole-dollar amounts

54
Q

multiple-unit pricing

A

the strategy of setting a single price for two or more units

55
Q

reference pricing

A

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

56
Q

bundle pricing

A

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

57
Q

everyday low prices (EDLPs)

A

setting a low price for products on a consistent basis

58
Q

customary pricing

A

pricing on the basis of tradition

59
Q

captive pricing

A

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

60
Q

premium pricing

A

pricing the highest-quality or most-versatile products higher than other models in the product line

61
Q

price lining

A

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

62
Q

price leaders

A

products priced below the usual markup, near cost, or below cost

63
Q

special-event pricing

A

advertised sales or price cutting linked to a holiday, season, or event

64
Q

comparison discounting

A

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

65
Q

transfer pricing

A

prices charged in sales between an organization’s units

66
Q

discount

A

a deduction from the price of an item

Biz Org (7 decks)

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