Periodical Exam Flashcards
Anything that a company or firm offers to customers for their use or consumption
product
The main reason for making a purchase is typically viewed as the ________ in a consumer decision-making process.
core product
Extra service-based add-ons, such as extended warranty, 24/7 customer support, and free training sessions, are received by customers when making a purchase. This enhances the experience of ______
Augmented Products
In a retail setting, a customer evaluates the design, features, and specifications of an actual product before making a purchase decision. This involves assessing the product at the ______
prototype level
The output created in the actual product development stage is called a ______
prototype
A significant expansion is experienced by a business in the ___
Growth stage
The main product comes with a lower price, but customers incur additional charges for supplementary features or services in __________
Captive Product Pricing
involves setting a low initial price to quickly gain a large customer base.
Market Penetration strategy
Setting prices based on the customer judgment of a product & worth and benefits.
Perceived Value
Setting a high price on a new and innovative product to maximize profit before competitors catch up is a
Market Skimming Scheme
Takes into account both fixed and variable costs in determining the price for a specific product.
Cost-Based Approach
Encompassing all activities involved in selling goods or services directly to consumers.
Retailing
purchase goods from wholesalers with the ultimate intention of selling them to consumers.
Merchandisers
Involves all activities related to selling products or merchandise directly to other businesses for their use, encompassing activities such as bulk purchasing, storage, and distribution.
Wholesaling
Business Models:
Retailing:
Merchandisers
Wholesaling:
