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38 Cards in this Set

  • Front
  • Back
value
good quality at a fair price. when consumers calculate the value of a product, they look at the benefits and then subtract the cost to see if the benefits exceed the costs
total product offer
everything that consumers evaluate when deciding whether to buy something; also called a value package
product line
a group of products that are physically similar or are intended for a similar market
product mix
the combination of product lines offered by a manufacturer
product differentiation
the creation of real or perceived product differences
convenience goods and services
products that the consumer wants to purchase frequently and with a minimum of effort
shopping goods and services
those products that the consumer buys only after comparing value, quality, price, and style from a variety of sellers
speciality goods and services
consumer produts wiht unique characteristics and brand identity. because these products are perceived as having no reasonable substitute, the consume put forth a special effort to purchase them .
unsought goods and services
products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
industrial goods
products used in the production of other products. sometimes called business goods or b2b goods
bundling
grouping two or more products together and pricing them as a unit
trademark
a brand that has exclusive legal protection for both its brand name and its design
manufacturer's brand names
the brand names of manufacturers that distribute products nationally
dealer brands
products that don't carry the manufacture's name but carry a distributor or retailer's name instead
generic goods
non-branded products that usually sell at a sizable discount compared to national or private label brands
kncok off brands
illegal copies of national brand name goods
brand equity
the value of the brand name and associated symbols
brand loyalty
the degree to which customers are satisfied, like the brand and are committed to further purchases
brand awareness
how quickly or easily a given brand name comes to mind when a product category is mentioned
brand association
the linking of a brand to other favorable images
brand manager
a manager who has direct responsibility for one brand or one product line; called a product manager in some firms
product screening
a process designed to reduce the number of new product ideas being worked on at any one time
product analysis
making cost estimates and sales forecasts to get a feeling for profitability of new product ideas
concept testing
taking a product idea to consumers to test their reactions
commercialization
promoting a product to distributors and retailers to get a wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers.
product life cycle
a theoretical model of what happens to sales and profits for a product class over time; the fours stages are introduction, growth, maturity, and decline
target costing
designing a product so that it satisfies customers and meets the profit margins desired by the firm. selling price (demand) minus what you want your profit to be.
competition based pricing
a pricing strategy base on what all the other competitors are doing. the price can be set at, above, or below competitors' prices.
price leadership
the strategy by which one or more dominant firms set the pricing practices that al competitors in an industry follow
break even analysis
the process used to determine profitability at various levels of sales
break even point
total fixed costs divided by (price of one unit minus variable costs)
total fixed costs
all the expenses that remain the same no matter how many products are made or sold
variable costs
costs that change according to the level of production
skimming price strategy
strategy in which a new product is priced high to make optimum profit while there's little competition
penetration strategy
strategy in which a product is priced low to attract many customers and discourage competition
everyday low pricing
setting prices lower than competitors and then not having any special sales
hgih low pricing strategy
setting prices that are higher than edlp stores but having many special sales where the prices are lower than competitor's
psychological pricing
pricing goods and services at price points that make the product appear less expensive than it is