Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Management 113 > Chapter 15 Definitions > Flashcards

Chapter 15 Definitions Flashcards

1
Q

Product

A

Everything one receives in an exchange, including all tangible and intangible attributes and expected benefits;
It may be a good, service or an idea.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Good

A

Real, physical thing that we can touch.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Service

A

The result of applying human or mechanical effort to a person or thing.
Thus a change we pay others to make for us.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Idea

A

Philosophies, lessons, concepts or advice.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Consumer product

A

A product purchased to satisfy personal and family needs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Business product

A

A product bought for resale, for making other products or for use in a firm’s operations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Convenience product

A

Relatively inexpensive, frequently purchased item for which buyers want to exert only minimal effort.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Shopping product

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Specialty Product

A

A product that possesses one or more unique characteristics for which a group of buyers is willing to expend considerable purchasing effort.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Raw material

A

Basic material that actually becomes part of a physical product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Major equipment

A

Includes large tools and machines used for production purposes.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Accessory equipment

A

Standardized equipment used in a firm’s production or office activities.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Component part

A

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.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Process material

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Supply

A

An item that facilitates production of another product but is not readily identifiable in the finished product.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Business Service

A

An intangible product that an organization uses in its operations.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Product life-cycle

A

A series of stages in which a product’s sales revenue and profit increase, reach a peak and then decline.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Product line

A

A group of similar products that differ only in relatively minor characteristics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Product mix

A

All the products a firm offers for sale.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Product modification

A

The process of changing one or more of a product’s characteristics.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

Line extension

A

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 customer needs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

Product deletion

A

The elimination of one or more products from a product line.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
23
Q

Brand

A

A name, term, symbol, design or any combination of these that identifies a seller’s products and distinguishes it from others sellers’ products.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
24
Q

Brand name

A

Part of a brand that can be spoken. It may include letters, words, numbers of pronounceable symbols.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
25
Q

Brank mark

A

Part of a brand that is a symbol or distinctive design.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
26
Q

Trademark

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
27
Q

Trade name

A

The complete and legal name of an organization.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
28
Q

Manufacturer brand

A

A brand that is owned by a manufacturer.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
29
Q

Store brand

A

A brand that is owned by an individual wholesaler or retailer.

30
Q

Generic brand

A

A product with no brand at all.

31
Q

Brand loyalty

A

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

32
Q

Brand equity

A

Marketing and financial value associated with a brand’s strength in a market.

33
Q

Individual branding

A

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

34
Q

Family branding

A

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

35
Q

Brand extension

A

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

36
Q

Packaging

A

All the activities involved in developing and providing a container with graphics for a profit.

37
Q

Labeling

A

The presentation of information on a product or its package.

38
Q

Express warranty

A

A written explanation of the producer’s responsibilities in the event that a product is found to be defective or otherwise unsatisfactory.

39
Q

Price

A

The amount of money a seller is willing to accept in exchange for a product at a given time and under given circumstances.

40
Q

Supply

A

The quantity of a product that producers are willing to sell at each of various prices

41
Q

Demand

A

The quantity of a product that buyers are willing to purchase at each of various prices.

42
Q

Price competition

A

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

43
Q

Non-price competition

A

Competition that is based on factors than price.

44
Q

Product differentiation

A

The process of developing and promoting differences between one’s product and all similar products.

45
Q

Markup

A

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

46
Q

Breakeven quantity

A

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).

47
Q

Total revenue

A

The total amount received from sales of a product.

48
Q

Fixed cost

A

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

49
Q

Variable cost

A

A cost that depends on the number of units produced

50
Q

Total cost

A

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

51
Q

Price skimming

A

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

52
Q

Penetration pricing

A

The strategy of setting a low price for a new product.

53
Q

Negotiated pricing

A

Establishing a final price through bargaining.

54
Q

Secondary-market pricing

A

Setting one price for the primary target market and a differet price for another market.

55
Q

Periodic discounting

A

Temporary reduction of prices on a patterned or systematic basis.

56
Q

Random discounting

A

Temporary reduction of prices on an unsystematic basis.

57
Q

Odd-number pricing

A

The strategy of setting prices using odd numbers that are slightly below whole-dollar amounts.

58
Q

Multiple-unit pricing

A

The strategy of setting a single price for two or more units.

59
Q

Reference pricing

A

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

60
Q

Bundle pricing

A

Packaging two or more complementary products and selling them for a single price.

61
Q

Everyday low prices

A

Setting a low price for products on a consistent basis.

62
Q

Customary pricing

A

Pricing on the basis of tradition.

63
Q

Captive pricing

A

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

64
Q

Premium pricing

A

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

65
Q

Price lining

A

The strategy of selling goods only at certain predetermained prices that reflect definite price breaks.

66
Q

Price leaders

A

Products price below the usual markup, near cost, or below cost.

67
Q

Special-event pricing

A

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

68
Q

Comparison discounting

A

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

69
Q

Transfer pricing

A

Prices charged in sales between an organization’s units.

70
Q

Discount

A

A deduction from the price of an item.

Business Management 113 (21 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions