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50 Cards in this Set

  • Front
  • Back
what is the "product mix"
all the products a co. makes or sells
what are goods
tangible products that our economic system produces to satisfy our wants
what is product service planning
developing the product service mix
what are the steps of new product development
Generate ideas, Screen ideas, make prototype, dev. new product, test market, introduce new product
product line
group of closely related products
product item
single specific model/brand/size of product
product length/depth
# of product items in a line
deep mix vs. shallow mix
many products in a line
few products in a line
product width/breadth
# of product lines
narrow mix vs. broad mix
few product lines
many product lines
what is product consistancy
the relationship of the items in a product line
product life cycle
the life of the product/service
product mix strategy
plan of action taken to select the product service mix
market research
collecting, recording, analyzing information
market share
a % of the total sales in a specific market
what are the types of layouts
right-angle grid, open, enclosed, landscaped
steps in setting price
determine pricing objectives, study costs,estimate demand, study competition, decide pricing strategy, set price
cost oriented pricing
carefully determine all costs asso. w/ carrying/selling a product then adding a price to get a selling price
markup pricing
add a % to the cost of products
cost plus pricing
check cost for individual products/services then adds markup
demand oriented pricing
price planners must estimate valueof products then set price
Competition oriented pricing
all prices based on competition
promotional pricing
putting an item at a low price to create sales
loss leader
putting items low intentionally to get customers
special event pricing
ex. back to school sales
fixed pricing
charge same price to all customers
variable pricing
encourages bargaining to satisfy customer and seller
personal selling
personalized communication
public relations
what a business does to create a good image
info provided to the public by the media
steps of the selling process
preapproach,approach,get needs, product presentation, overcome objections,close sale, suggestion selling, relationship selling
primary/secondary circulation
p- total # of copies sold
s- # of pass along readers
what is reach? Frequency?
r- # of different people in a target audience exposed to a bus. msg.
f- the avg. # of people " "
bleed page, premium position, run of the paper
b- pages w/ no border
pp-1st page or back cover
r- appears where room is
what is cpm
cost per 1000
leadership styles
autocratic, democratic, laissez-faire
functions of manegment
planning, organizing, directing, controlling (polc)
hiring employees
job description
written statement listing duties/responsibilities
classified ads, private/public employment agencies
c- job recruiting outside the business
private- charges money
1st step in hiring
piece rate
fixed amt. per unit
% of sales
fixed amt. per hour
Equal Employment Act
bans discrimination in hiring
Americans w/ disabilities Act (ADA)
bans discrimination for employees with disabilities
Occupational safety and health act (OSHA)
maintains safe working conditions
Fair labor standards Act
# of hours you can work
child labor laws
Family medical leave act
50 employees
up to 3 mon. unpaid leave
risk management vs. business risk
r- managing a business risk
b- a possibility of a business failure/loss