test 2 Flashcards
product
good or service (both favorable and unfavorable) that a
person receives in some type of exchange
Business Products
Products used to manufacture other goods
and services or to facilitate an organization’s operations
Consumer Products
Products bought to satisfy an individual’s
personal needs
Unsought Products
A product unknown to the potential buyer or a
known product that the buyer does not actively seek
Convenience Product
An inexpensive product that merits little
shopping effort
Shopping Products
A product that requires a greater level of
involvement, is usually more expensive, and found in fewer stores
Specialty Products
particular item for which consumers search
extensively and are reluctant to accept a substitute or
competitor’s products
Product Item
A specific version of a product that can be
designated as a distinct offering among an organization’s
products
Product Line
A group of closely-related product items
Product Mix -
All product lines that an organization sells
Brand
A name, term, symbol, design, or combination of these
elements that evokes meaning and differentiates an organization
Greenwashing
Attempting to give the impression of
environmental friendliness whether or not it is
environmentally friendly
Price Skimming
Setting price points high during (initially) and then lowering
them (gradually) as competitors appear in the market
Maximizes profits early
Psychology Pricing
Increasing demand by creating an illusion of enhanced value for
the consumer
199 versus 200, number of syllables, and whole numbers
Bundle Pricing
Price points are lower if different products are bought together
Cheaper than purchasing products individually
