U1 Marketing (AES) Flashcards
to increase comprehension of business vocabulary to increase student achievement and success
anything offered to market to satisfy wants/needs
product
product is first placed on the market
introduction stage- product life cycle
sales/profits increase, competitors appear
growth stage-product life cycle
sales slow, profits fall due to competition
maturity stage-product life cycle
sales drop, product discontinued/revitalized
decline stage-product life cycle
group of products closely related to each other
product line
all product lines offered for sale by a company
product mix
number of different products sold by a company
width of product mix
total number of products sold in all lines
length of product mix
based on existing product line
line extension
products that can be touched
goods
products that can’t be touched
services
one who buys products/services
customer
one who used products/services
consumer
purchased frequently, not expensive, brand not important, little time planning purchase
convenience products
more expensive, buyer comparison shops, lasts longer, purchased less frequently
shopping products
requires a sales person, brand name plays a role, buyer won’t accept substitutions
specialty products
products sold to businesses to make other products, resell or use in business operations
business-to-business products
product’s identity
brand
verbal component of product identity
brand name
visual component of product identity
brand mark
no brand name recognition, sold reduced price, minimal promotion
generic product
