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Biz Org > Chapter 13 > Flashcards

Chapter 13 Flashcards

(66 cards)

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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
manufacturer (or producer) brand
a brand that is owned by a manufacturer
26
store (or private) brand
a brand that is owned by an individual wholesaler or retailer
27
generic product (or brand)
a product with no brand at all
28
brand loyalty
extent to which a customer is favorable toward buying a specific brand
29
brand equity
marketing and financial value associated with a brand’s strength in a market
30
individual branding
the strategy in which a firm uses a different brand for each of its products
31
family branding
the strategy in which a firm uses the same brand for all or most of its products
32
brand extension
using an existing brand to brand a new product in a different product category
33
packaging
all the activities involved in developing and providing a container with graphics for a product
34
labeling
the presentation of information on a product or its package
35
express warranty
a written explanation of the producer’s responsibilities in the event that a product is found to be defective or otherwise unsatisfactory
36
price
the amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances
37
demand
the quantity of a product that buyers are willing to purchase at each of various prices
38
price competition
an emphasis on setting a price equal to or lower than competitors’ prices to gain sales or market share
39
non-price competition
competition based on factors other than price
40
product differentiation
the process of developing and promoting differences between one’s product and all similar products
41
markup
the amount a seller adds to the cost of a product to determine its basic selling price
42
breakeven quantity
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
total revenue
the total amount received from sales of a product
44
fixed cost
a cost incurred no matter how many units of a product are produced or sold
45
variable cost
a cost that depends on the number of units produced
46
total cost
the sum of the fixed costs and the variable costs attributed to a product
47
price skimming
the strategy of charging the highest possible price for a product during the introduction stage of its life-cycle
48
penetration pricing
the strategy of setting a low price for a new product
49
negotiated pricing
establishing a final price through bargaining
50
secondary-market pricing
setting one price for the primary target market and a different price for another market
51
periodic discounting
temporary reduction of prices on a patterned or systematic basis
52
random discounting
temporary reduction of prices on an unsystematic basis
53
odd-number pricing
the strategy of setting prices using odd numbers that are slightly below whole-dollar amounts
54
multiple-unit pricing
the strategy of setting a single price for two or more units
55
reference pricing
pricing a product at a moderate level and positioning it next to a more expensive model or brand
56
bundle pricing
packaging together two or more complementary products and selling them for a single price
57
everyday low prices (EDLPs)
setting a low price for products on a consistent basis
58
customary pricing
pricing on the basis of tradition
59
captive pricing
pricing the basic product in a product line low, but pricing related items at a higher level
60
premium pricing
pricing the highest-quality or most-versatile products higher than other models in the product line
61
price lining
the strategy of selling goods only at certain predetermined prices that reflect definite price breaks
62
price leaders
products priced below the usual markup, near cost, or below cost
63
special-event pricing
advertised sales or price cutting linked to a holiday, season, or event
64
comparison discounting
setting a price at a specific level and comparing it with a higher price
65
transfer pricing
prices charged in sales between an organization’s units
66
discount
a deduction from the price of an item

Biz Org (7 decks)

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