Business in Action Ch 14

42 terms by TISFORT

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convenience products

Everyday goods and services that people buy frequently, usually without much conscious planning

shopping products

Fairly important goods and services that people buy less frequently with more planning and comparison

specialty products

Particular brands that the buyer especially wants and will seek out, regardless of location or price

expense items

Inexpensive products that organizations generally use within a year of purchase

capital items

More expensive organizational products with a longer useful life, ranging from office and plant equipment to entire factories

product life cycle

Four stages through which a product progresses: introduction, growth, marturity, and decline

product development process

A formal process of generating selecting, developing, and commercializing product ideas

prototypes

Preproduction samples of products used for testing and evaluation

test marketing

Product development stage in which a product is sold on a limited basis to gauge its market appeal

commercialization

Large-scale production and distribution of a product

brand

A name, term, sign, symbol, design, or combination of those used to identify the products of a firm and to differentiate them from competing products

brand equity

The value that a company hs built up in a brand

brand loyalty

The degree to which customers continue to purchase a specific brand

brand names

Portion of a brand that can be expressed orally, including letters, words, or numbers

brand mark

Portion of a brand that cannot be expressed verbally

logo

A concise graphical and/or textual representation of a brand name

trademarks

Brands that have been given legal protection so that their owners have exclusive rights to their use

national brands

Brands, owned by the manufacturers and distributed nationally

private brands

Brands that carry the label of a retailer or a wholesaler rather than a manufacturer

generic products

Products characterized by a plain label, with no advertising and no brand name

co-branding

Partnership between two or more companies to closely link their brand names together for a single product

license

Agreement to produce and market another company's product in exchange for a royalty or fee

brand managers

Managers who develop and implement the marketing strategies and programs for a specific product or brand

product line

A series of related products offered by a firm

product mix

Complete list of all products that a company offers for sale

family branding

Using a brand name on a variety of related products

brand extension

Applying a successful brand name to a new product category

price elasticity

A measure of the sensitivity of demand to changes in price

fixed costs

Business costs that remain constant regardless of the number of units produced

variable costs

Business costs that increase with the number of units produced

break-even analysis

Method of calculating the minimum volume of sale needed at a given price to cover all costs

break-even point

Sales volume at a given price that will cover all of a company's costs

cost-based pricing

Method of setting prices based on production and marketing costs, rather than conditions in the marketplace

value-based pricing

Method of setting prices based on customer perceptions of value

optimal pricing

Computer-based pricing method that creates a demand curve for every product to help managers select a price that meets specific marketing objectives

skim pricing

Charging a high price for a new product during the introductory stage and lowering the price later

penetration pricing

Introducing a new product at a low price in hopes of building sales volume quickly

loss-lender pricing

Selling one product at a loss as a way to entice customers to consider other products

participative pricing

Allowing customers to pay the amount they think a product is worth

discounts

Temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash

bundling

Offering several products for a single price that is presumably lower than the total of the products' individual prices

dynamic pricing

Continually adjusting prices to reflect changes in supply and demand

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