bussiness Flashcards
Business
organization that buys a product for resale or use in producing another product
Business Products
products sold to businesses
Classification of Business Products
materials and parts
capital items
supplies and services
Materials and Parts-
products businesses resell or use to create other products
Capital Items
products businesses buy that have a life longer than one year and are used in the acquiring, manufacturing, and selling of products and services
Supplies and Services
products businesses buy to operate the business that are not classified as materials and parts or capital items
Product Features
relate to the physical and mental attributes that provide customers satisfaction when they use the products
Product Quality
relates to a product’s lack of defects
Branding
relates to a business’s attempt to differentiate it’s product from the product of competitors with a brand
Brand
name, term, symbol, design, or combination that identifies the product of business
Trademark
A business owns a trademark when it registers its brand with the law
Brand Equity
term used to describe the ability of the brand to create value
Generic Products
unbranded products
Labeling
entails a business attaching printed words or graphics to its products to educate the customer
Warranties
can be expressed or implied; warranty is a seller’s promise regarding the property’s quantity and quality. Guarantee is a promise, by the business to the customer, that the customer will be satisfied with the product
