Small Business 7.0 Vocab
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35 terms
Terms | Definitions |
|---|---|
 Branding | selecting products/services that have a name, symbol, or design for identification |
| competition | the struggle between companies for the same customer, or market |
| consumer products | products used by consumers for family, personal, or household purposes |
| consumer services | activities used by consumers for family, personal, or household purposes |
| convenience goods | inexpensive products that are purchased regularly and require little time and effort for purchase decisions |
| emergency goods | goods purchased to satisfy and immediate need |
| goods | tangible, physical products without advance planning |
| impulse goods | iitems that are purchased without advance planning |
| industrial goods | goods purchased by a business and used to produce other goods or for resale to consumers |
| industrial services | activities used by a business to insure proper operation or contracted by a business to perform a task |
| manufacturer | producer of goods to sell to other manufacturers, wholesalers and or retailers |
| market/product position | image a product or business has in relation to its competition |
| market research | 1) system for collecting recording and analyzing information about customers competitiors products and services 2) process of investigation facts about a specific market |
| market share | 1) percentage of the total market that is controlled by a business 2) portion of the total sales generated by all the competing companies in a given market |
| non-good services | personal or professional services performed for a fee |
| owned-good services | services that alter imporve or repair products owned by the costomer |
| packaging | physical appearence of a product container or wrapper |
| product consistency | relationship of items in a business's product line in terms of use, price, range, target market, and methods of distribution and production |
| product item | specific model, brand, or size of product within a product line |
| product legth/depth | number of product items offered within a product line |
| product life cycle | evolution of a product/ service during its life on the market |
| product line | group of closely related products manufactured and or sold by a business |
| product mix | all the products and services a business makes or sells |
| product mix strategy | plan of action taken in selecting an appropriate product/ service mis to achieve the goals of the business |
| product-related services | activities offered with or to compliment a product |
| product/ service planning | process of developing the product/ service mix for a business by incorpoarting desicions relating to market opportunities |
| Product width/breadth | The number of different product lines a business manufactures or sells |
| Pure services | Activities performed that do not include a tangible product |
| Rented-goods service | The service of making products available for customer use for a brief period of time for a fee. |
| Services | (1) Tasks performed for the customer for a fee. (2) Intangible or conceptural proudcts produced to satisfy a want or need. |
| Shopping goods | Products that usually require a great deal of time and effort for the purchase decision |
| Specialty goods | Products that are sought by a consumer who desires a specific brand or product. |
| Staple goods | Goods used often or regularly and which are kept on hand |
| Trade shows | Special meetings, shows, and exhibitions allowing vendors and manufacturer to introduce new items, display products, and promote established products/services. |
| Wholesalers | Middlemen who obtain goods from manufacturers and resell them to industrial users, otehr whoesalers, and/or retailers. |
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