Unit 7

Front 1

Branding

Back 1

Selecting products/services that have a name, symbol, or design for identification.

Front 2

Competition

Back 2

The struggle between companies for the same customers or market.

Front 3

Consumer products

Back 3

Products used by consumers for family, personal, or household purposes.

Front 4

Consumer services

Back 4

Activities used by consumers for family, personal, or household purposes.

Front 5

Convenience goods

Back 5

Inexpensive products that are purchased regularly and require little time and effort for purchase decisions.

Front 6

Emergency goods

Back 6

Goods purchased to satisfy an immediate need

Front 7

Goods:

Back 7

Tangible, physical products that satisfy a want or need.

Front 8

Impulse goods

Back 8

Items that are purchased without advance planning

Front 9

Industrial goods

Back 9

Goods purchased by a business and used to produce other goods or for resale to consumers.

Front 10

Industrial services

Back 10

Activities used by a business to insure proper operation, or contracted by a business to perform a task.

Front 11

Manufacturer:

Back 11

Producer of goods to sell to other manufacturers, wholesalers, and/or retailers.

Front 12

Market/product position

Back 12

The image a product or business has in relation to its competition.

Front 13

Market research:

Back 13

1) A system for collecting, recording, and analyzing information about customers, competitors, products, and services. (2) The process of investigating facts about a specific market.

Front 14

Market share

Back 14

(1) A percentage of the total market that is controlled by a business. (2) A portion of the total sales generated by all the competing companies in a given market.

Front 15

Non-good services

Back 15

Personal or professional services performed for a fee.

Front 16

Owned-goods services

Back 16

Services that alter, improve, or repair products owned by the customer.

Front 17

Packaging

Back 17

Physical appearance of a product, container, or wrapper.

Front 18

Product consistency

Back 18

The relationship of items in a business’s product line in terms of use, price range, target market, and methods of distribution and production.

Front 19

Product item

Back 19

A specific model, brand, or size of product within a product line

Front 20

Product length/depth

Back 20

The number of product items offered within a product line.

Front 21

Product life cycle

Back 21

The evolution of a product/service during its life on the market.

Front 22

Product line

Back 22

A group of closely related products manufactured and/or sold by a business.

Front 23

Product mix:

Back 23

All the products and services a business makes or sells.

Front 24

Product mix strategy

Back 24

A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business.

Front 25

Product-related services

Back 25

Activities offered with or to compliment a product.

Front 26

Product/service planning

Back 26

The process of developing the product/service mix for a business by incorporating decisions relating to market opportunities.

Front 27

Product width/breadth

Back 27

The number of different product lines a business manufactures or sells.

Front 28

Pure services

Back 28

Activities performed that do not include a tangible product.

Front 29

Rented-goods service

Back 29

The service of making products available for customer use for a brief period of time for a fee.

Front 30

Services

Back 30

(1) Tasks performed for the customer for a fee. (2) Intangible or conceptual products produced to satisfy a want or need.

Front 31

Shopping goods

Back 31

: Products that usually require a great deal of time and effort for the purchase decision.

Front 32

Specialty goods

Back 32

Products that are sought by a consumer who desires a specific brand or product.

Front 33

Staple goods

Back 33

Goods used often or regularly and which are kept on hand.

Front 34

Trade shows:

Back 34

Special meetings, shows, and exhibitions allowing vendors and manufacturers to introduce new items, display products, and promote established products/services.

Front 35

Wholesalers

Back 35

Middlemen who obtain goods from manufacturers and resell them to industrial users, other wholesalers, and/or retailers.