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