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Business 120 > Chapter 12 > Flashcards

Chapter 12 Flashcards

0
Q

A product bought for resale for making other products or for use in a firms operations

A

Business product

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1
Q

A product purchased to satisfy a personal and family need

A

Consumer product

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2
Q

Convenience product

A

A relatively inexpensive frequently purchased item for which buyers want to exert only minimal effort

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3
Q

An item for which buyers are willing to expend considerable effort on an ing and making the purchase

A

Shopping product

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4
Q

An item that possesses one or more unique characteristics for which a significant group of buyers is willing to expend considerable purchasing effort

A

Specialty product

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5
Q

A basic material that actually becomes part of a physical product: usually comes from mines, forests, oceans or recycled waste

A

Raw material

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6
Q

Standardized equipment used in a firms production or office activities

A

Accessory equipment

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7
Q

Larger tools and machines used for production purposes

A

Major equipment

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8
Q

An item that becomes part of a physical product and is either a finished item ready for assembly or a product that needs little processing before assembly

A

Component part

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9
Q

A material that is used directly in the production of another product but is not readily identifiable in the finished product

A

Process material

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10
Q

An it that facilitates production and operations but does not become part of a finished product

A

Supply

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11
Q

An intangible product that an organization uses in its operations

A

Business services

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12
Q

A series of stages in which a products sales revenue and profit increase reach a peak and decrease

A

Product life cycle

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13
Q

A group of similar characteristic that differ only in minor characteristics

A

Product line

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14
Q

All products a firm offers for sale

A

Product mix

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15
Q

The process of changing one or more of a products characteristics

A

Product modification.

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16
Q

The development of a new product that is closely related to one or more products In the existing product line but designed specifically to meet somewhat different costumer needs

A

Line extension

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17
Q

The elimination of one or more products from a product line

A

Product deletion

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18
Q

A name, term symbol , design, or any combination of these that identifies a sellers products as a distinct from those of others sellers

A

Brand

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19
Q

The part of a brand that can be spoken

A

Brand name

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20
Q

The part of a brand that is a symbol or distinctive design

A

Brand mark

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21
Q

A brand name or brand mark that is registered with the U.S. Patent office and thus is legally protected from use by anyone except its owner

A

Trademark

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22
Q

The complete and legal name of an organization

A

Trade name

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23
Q

A brand that is owned by. Manufacturer

A

Manufacturer brand

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24
Q

A brand that is owned by an individual wholesaler or retailer

A

Store brand

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25
Q

A product at no brand at all

A

Generic product

26
Q

Extent to which a customer is favorable toward buying a specific brand

A

Brand loyalty

27
Q

Marketing and financial value associated with a brands strength in a market

A

Brand equity

28
Q

The strategy in which a firm uses a different brand for each of its products

A

Individual branding

29
Q

The strategy in which a firm uses the same brand for all or most of its products

A

Family branding

30
Q

Using an existing brand to brand a new product in a different product category

A

Brand extension

31
Q

All activities involved in developing and providing a container with graphics for a product

A

Packaging

32
Q

The presentation of information on a product or its package

A

Labeling

33
Q

A written explanation of a producers responsibilities in the event that a product is found to be defective or otherwise unsatisfactory

A

Express warranty

34
Q

The amount of money a seller is willing to Accept I. Exchange for a product at any given time under any given circumstances

A

Price

35
Q

An emphasis on setting a price equal to or lower than competitors prices to gain sales or market share

A

Price competition

36
Q

Competition based on other factors than price

A

Non-price competition

37
Q

The process of developing and promoting differences between ones product and all similar products

A

Product differentiation

38
Q

The amount a seller adds to the cost of a product to determine its basic selling price

A

Markup

39
Q

The number of units that must be sold for the total revenue ( from all units sold) to equal the total cost( of all units sold)

A

Break even quantity

40
Q

The total amount received from the sales of a product

A

Total revenue

41
Q

A cost incurred no matter how many units of a product are produced or sold

A

Fixed cost

42
Q

A cost that depends on the number of units produced

A

Variable cost

43
Q

The sum of the fixed costs and the variable costs attributed to a product

A

Total cost

44
Q

The strategy of charging the highest possible price for a product during the introduction stage of its life cycle

A

Price skimming

45
Q

The strategy of setting a low price for a new product

A

Penetration pricing

46
Q

Establishing a final price through bargaining

A

Negotiated price

47
Q

Setting one price for the primary target market and a different price for a different market

A

Secondary market pricing

48
Q

Temporary reduction of prices on a patterned or systematic basis

A

Periodic discounting

49
Q

Temporary reduction of prices on an unsystematic basis

A

Random discounting

50
Q

The strategie of setting prices using odd numbers that are slightly below the whole dollar amount

A

Odd-number pricing

51
Q

The strategie of setting a single price for two or more units

A

Multiple unit pricing

52
Q

Pricing a product at a moderate level and positioning it next to a more expensive model or brand

A

Reference pricing

53
Q

Packaging together two or more complimentary products and selling them for a single price

A

Bundle pricing

54
Q

Setting a low price on a consistent basis

A

Everyday low prices (EDLPs)

55
Q

Pricing on the basis of tradition

A

Customary pricing

56
Q

Pricing the basic product in a line low, but pricing related items at a higher level

A

Captive pricing

57
Q

Pricing the highest quality or most versatile products higher than other models in a product line

A

Premium pricing

58
Q

The strategy of selling goods only at certain predetermined prices that reflect price breaks

A

Price lining

59
Q

Product prices below the usual mark up near cost, or below cost

A

Price leaders

60
Q

Advertised sales or price cutting linked to a holiday season or event

A

Special event pricing

61
Q

Setting a price at a specific level and comparing it with a higher price

A

Comparison discounting

62
Q

Prices charged in sales between an organizations units

A

Transfer pricing

63
Q

A deduction from the price of an item

A

Discount

Business 120 (15 decks)

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