Chapter 5 Flashcards
Goods purchased and used by the ultimate consumer for personal use
Consumer goods
A specific model or size of a product
Product item
Goods purchased by organizations for use in their operation
Business goods
A unique product characteristic or benefit that sets it apart from a competitor
Point of difference
A panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator
Focus group
Process that involves producing and marketing a new product
Commercialization
Changing a products image In relation to a competitors image
Repositioning
The value placed on goods or services being exchanged
Price
Pricing based on consumer perception
Prestige pricing
Pricing goods with either an odd number or even number to match a products image
Odd-even pricing
Pricing goods according to what the consumer is willing to pay
Target pricing
Difference between the retail or wholesale price and the cost if an item
Markup
Pricing products by calculating all costs and expenses and adding desired profit
Cost-plus pricing
Competition between businesses based on the quality service and relationships
Non-price competition
The percentage of the total sales of all companies that sell the same type of product
Market share
