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Exploring Global Business > Creating And pricing products > Flashcards

Creating And pricing products Flashcards

0
Q

What two groups are products in?

A

Consumer and Buisness

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1
Q

What is a product?

A

Everything one receives an exchange, including all tangible and intangible attributes and expected benefits

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2
Q

What is a consumer product

A

A product purchased to satisfy personal and family needs

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3
Q

What is a business product

A

A product brought for resale, making other products or for use in the firms operations

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4
Q

What is a convenience product

A

A inexpensive frequently purchased item for which buyers want to exert only little effort (cereal, gas, water)

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5
Q

Shopping product ?

A

Item which buyers are willing to expend considerable effort on planning and making purchase (computers, furniture)

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6
Q

Speciality product

A

Posses one or more unique characteristics for which a group of buyers is willing to expended considerably purchasing effort (luxury car, gifts in relationship )

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7
Q

What is b2b? B2c?

A

Business to business

Business to consumer

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8
Q

What is a raw material ?

A

A material that becomes apart of a physical product

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9
Q

Major equipment?

A

Includes large tools and machines for production use

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10
Q

What is an accessory equipment

A

Standardize equipment used in affirms production or office activities

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11
Q

What is a component part

A

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

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12
Q

Process material

A

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

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13
Q

Supply

A

An item that facilitates production and operations but does not become part of the finished product

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14
Q

Business service

A

Intangible product that an organization uses and it’s operate

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15
Q

Product lifecycle

A

A series of stages in which products sales revenue and profit increase reach peak and then decline

A company must be able to launch modify and delete products

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16
Q

Stages of the lifecycle

A

Introduction

Growth

Maturity

Decline

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17
Q

What is a product line

A

Group of similar products that differ only in relatively minor characteristics

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18
Q

Product mix

A

All products the firm offers for sale

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19
Q

How to define product mix

A

Width of the mix is the number of product lines it contains

The depths of the mix in the average number of individual products within each line

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20
Q

What are product modification

A

Changing one of more of the product characteristics

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21
Q

Quality modification

A

Changes that can relate to a product dependability and durability and are usually achieved by altercations in the materials

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22
Q

Line extension

A

Development of a product closely related to one of more products in the existing productline but designed specifically to meet somewhat different testimony

23
Q

How to create a new product

A 
Idea generation
Screening
Concept testing
Business analysis
Product development
Test marketing
Commercialization
24
What is a brand
A name term symbol design or any combination of all of these that identifies a sellers product as its to stink from those of other sellers
25
Why do product's fail
May not serve as a genuine need or want and sufficiently differentiate way
26
Brand name
Part of a brand that can be spoken
27
Brandmark
Part of the brain that is a symbol of distinctive design
28
Trade mark
The brand-name brandmark that is registered with the US patent and trademark office
29
Tradename
Complete and legal name of an organization
30
What are the types of brands
Manufacture brand which is owned by manufacture Storebrand that is owned by an individual or wholesale Generic brand which is a product with no brand at all Brand loyalty which is an extent to which a consumer is favorable toward a specific brand Brand equity which is the marketing of financial value that is associated with the brand strength in the market
31
Individual branding
Strategy in which a firm uses a different brand for each of its products
32
Family Branding
The strategy in which a firm uses the same brand for all of most of its products
33
Brand extension
Using an existing brand to Brandon the product and the different product
34
What is packaging
Assistant on activities involved in developing and providing a container with graphic
35
Labeling
The presentation of information on product or its package
36
Expressed warranty
Written explanation of the prayer Duser's responsibilities in the event that product it's found to be defective or otherwise unsatisfactory
37
What is price
Product is the amount of a money sellers willing to except in exchange for product
38
Supply
The quantity of the product deputies are willing to sell
39
Demand
Quantity of a product the buyers are willing to purchase at each of the various prices
40
Price competition
An emphasis on setting a price equal to or lower that competitors prices begin to gain sales or Market share
41
Nonprice competition
Competition based on factors other than price
42
Pricing objective deal with what factors?
``` Survival Market share goals Product maximization Target return on investment Status quo pricing ```
43
Mark up
The amount of seller add to the cost of a product
44
Break even quantity
The number of units that must be so for total revenue to equal the cost
45
Total revenue
The total amount received from the sales of the product
46
Fixed cost
Calls in cured no matter how many units of a product or produced or sold
47
Variable cost
Cost of that depends on the number of units produced
48
Total cost
The sum of the fixed costs and variable costs attribute to a product
49
Bundle pricing
Packaging together of two or more products and selling them for one price
50
What are everyday low prices EDLP
To reduce or eliminate the use of frequent short-term price reductions
51
What is customary pricing
Certain goods are priced primarily on the basis of tradition
52
What are the strategies for productline pricing?
``` Captive pricing premium pricing price lining Special event pricing Comparison discounting ```
53
What a geographic price
Delivery cost
54
Transfer pricing
When when you need any organization sells a product or another unit
55
Discount
A deduction from the price of an item

Exploring Global Business (5 decks)

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