Brainscape's Knowledge GenomeTM

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


See full index

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

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

What is a product?

A

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

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

What is a 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
3
Q

What is a business product

A

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

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

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

Shopping product ?

A

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

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

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

What is b2b? B2c?

A

Business to business

Business to consumer

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

What is a raw material ?

A

A material that becomes apart of a physical product

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

Major equipment?

A

Includes large tools and machines for production use

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

What is an accessory equipment

A

Standardize equipment used in affirms production or office activities

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

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

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

Supply

A

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

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

Business service

A

Intangible product that an organization uses and it’s operate

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

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

Stages of the lifecycle

A

Introduction

Growth

Maturity

Decline

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

What is a product line

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
18
Q

Product mix

A

All products the firm offers for sale

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

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

What are product modification

A

Changing one of more of the product characteristics

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

Quality modification

A

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

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

What is a brand

A

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
Q

Why do product’s fail

A

May not serve as a genuine need or want and sufficiently differentiate way

26
Q

Brand name

A

Part of a brand that can be spoken

27
Q

Brandmark

A

Part of the brain that is a symbol of distinctive design

28
Q

Trade mark

A

The brand-name brandmark that is registered with the US patent and trademark office

29
Q

Tradename

A

Complete and legal name of an organization

30
Q

What are the types of brands

A

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
Q

Individual branding

A

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

32
Q

Family Branding

A

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

33
Q

Brand extension

A

Using an existing brand to Brandon the product and the different product

34
Q

What is packaging

A

Assistant on activities involved in developing and providing a container with graphic

35
Q

Labeling

A

The presentation of information on product or its package

36
Q

Expressed warranty

A

Written explanation of the prayer Duser’s responsibilities in the event that product it’s found to be defective or otherwise unsatisfactory

37
Q

What is price

A

Product is the amount of a money sellers willing to except in exchange for product

38
Q

Supply

A

The quantity of the product deputies are willing to sell

39
Q

Demand

A

Quantity of a product the buyers are willing to purchase at each of the various prices

40
Q

Price competition

A

An emphasis on setting a price equal to or lower that competitors prices begin to gain sales or Market share

41
Q

Nonprice competition

A

Competition based on factors other than price

42
Q

Pricing objective deal with what factors?

A 
Survival
Market share goals
Product maximization
Target return on investment
Status quo pricing
43
Q

Mark up

A

The amount of seller add to the cost of a product

44
Q

Break even quantity

A

The number of units that must be so for total revenue to equal the cost

45
Q

Total revenue

A

The total amount received from the sales of the product

46
Q

Fixed cost

A

Calls in cured no matter how many units of a product or produced or sold

47
Q

Variable cost

A

Cost of that depends on the number of units produced

48
Q

Total cost

A

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

49
Q

Bundle pricing

A

Packaging together of two or more products and selling them for one price

50
Q

What are everyday low prices EDLP

A

To reduce or eliminate the use of frequent short-term price reductions

51
Q

What is customary pricing

A

Certain goods are priced primarily on the basis of tradition

52
Q

What are the strategies for productline pricing?

A 
Captive pricing
premium pricing 
price lining
Special event pricing
Comparison discounting
53
Q

What a geographic price

A

Delivery cost

54
Q

Transfer pricing

A

When when you need any organization sells a product or another unit

55
Q

Discount

A

A deduction from the price of an item

Exploring Global Business (5 decks)

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