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34 Cards in this Set

  • Front
  • Back
Branding
Selecting products/services that have a name, symbol, or design for identification
Competition
The struggle between companies for the same customers or market
Consumer products
Products used by consumers for family, personal, or household purposes
Consumer services
Activities used by consumers for family, personal, or household purposes.
Convenience goods
Inexpensive products that are purchased regularly and require little time and effort for purchase decisions
Emergency goods
Goods purchased to satisfy an immediate need
Goods
Tangible, physical products that satisfy a want or need
Impulse goods
Items that are purchased without advance planning
Industrial services
Activities used by a business to insure proper operation, or contracted by a business to perform a task
Manufacturer
Producer of goods to sell to other manufacturers, wholesalers, and/or retailers
Market/product position
The image a product or business has in relation to its competition
Market research
A system for collecting, recording, and analyzing information about customers, competitors, products, and services. (2) The process of investigating facts about a specific market
Market share
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.
Non-good services
Personal or professional services performed for a fee
Owned-goods services
Services that alter, improve, or repair products owned by the customer
Packaging
Physical appearance of a product, container, or wrapper
Product consistency
The relationship of items in a business’s product line in terms of use, price range, target market, and methods of distribution and production
Product item
A specific model, brand, or size of product within a product line
Product length/depth
The number of product items offered within a product line
Product life cycle
The evolution of a product/service during its life on the market
Product line
A group of closely related products manufactured and/or sold by a business
Product mix
All the products and services a business makes or sells
Product mix strategy
A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business
Product-related services
Activities offered with or to compliment a product
Product/service planning
The process of developing the product/service mix for a business by incorporating decisions relating to market opportunities
Product width/breadth
The number of different product lines a business manufactures or sells
Pure services
Activities performed that do not include a tangible product.
Rented-goods service
The service of making products available for customer use for a brief period of time for a fee
Services
Tasks performed for the customer for a fee. (2) Intangible or conceptual products produced to satisfy a want or need
Shopping goods
Products that usually require a great deal of time and effort for the purchase decision
Specialty goods
Products that are sought by a consumer who desires a specific brand or product
Staple goods
Goods used often or regularly and which are kept on hand
Trade shows
Special meetings, shows, and exhibitions allowing vendors and manufacturers to introduce new items, display products, and promote established products/services
Wholesalers
Middlemen who obtain goods from manufacturers and resell them to industrial users, other wholesalers, and/or retailers