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25 Cards in this Set
- Front
- Back
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Product Mix |
All the products that a business offers |
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Product Extension |
Items added to a product to make it more attractive. Ex. warranties |
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Product Enhancement |
Features added to a basic product that may cost additional money. |
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Tradename |
The name of the company that manufactures the product or owns the product. |
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Brandname |
The name given to a product |
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Logo |
Symbol or design that is used to represent a company or product |
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Trade Character |
A personified figure |
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Brand Licensing |
When the rights are given to another company to use your branding elements in exchange for a royalty |
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Brand Insistence |
When a person will not except substitutes for a brand. |
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Brand Recognition |
Consumer knows of the brand but it has little impact on buying decisions |
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Brand Preference |
Consumer will purchase the brand if available but will accept substitutes |
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Blue Chip Athletes |
Excellent athletes that demonstrate outstanding skills along with leadership and good character. |
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Scarcity |
High Demand but little supply |
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Anti Trust Laws |
Used to encourage competition and avoid monopolies. |
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Taxation |
used to discourage sales or encourage sales. |
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Bait and Switch |
Advertise an item for sale and then not have any in stock so that you can encourage consumer to buy a more expensive product. |
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Price Discrimination |
Charging different prices to individuals who are buying the same product and the same amount. |
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Operating Expenses |
Needs to be considered when determining the price to charge for products. |
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Flexible Pricing Policy |
allows customers to negotiate a price within a range |
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Price Lines |
distinct categories of merchandise based upon price, quality, and features |
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Psychological Pricing |
Odd even pricing that gives the illusion of the lower dollar |
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Prestige Pricing |
Higher than average pricing |
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Volume Pricing |
buying in higher volume gives you a lower price |
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Loss Leader |
Pricing a product really low to get customers in store so that they will buy additional products. |
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Special Event |
Back to school sale |
