U1 Marketing (AES) Flashcards

to increase comprehension of business vocabulary to increase student achievement and success

1
Q

anything offered to market to satisfy wants/needs

A

product

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2
Q

product is first placed on the market

A

introduction stage- product life cycle

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3
Q

sales/profits increase, competitors appear

A

growth stage-product life cycle

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4
Q

sales slow, profits fall due to competition

A

maturity stage-product life cycle

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5
Q

sales drop, product discontinued/revitalized

A

decline stage-product life cycle

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6
Q

group of products closely related to each other

A

product line

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7
Q

all product lines offered for sale by a company

A

product mix

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8
Q

number of different products sold by a company

A

width of product mix

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9
Q

total number of products sold in all lines

A

length of product mix

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10
Q

based on existing product line

A

line extension

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11
Q

products that can be touched

A

goods

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12
Q

products that can’t be touched

A

services

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13
Q

one who buys products/services

A

customer

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14
Q

one who used products/services

A

consumer

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15
Q

purchased frequently, not expensive, brand not important, little time planning purchase

A

convenience products

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16
Q

more expensive, buyer comparison shops, lasts longer, purchased less frequently

A

shopping products

17
Q

requires a sales person, brand name plays a role, buyer won’t accept substitutions

A

specialty products

18
Q

products sold to businesses to make other products, resell or use in business operations

A

business-to-business products

19
Q

product’s identity

A

brand

20
Q

verbal component of product identity

A

brand name

21
Q

visual component of product identity

A

brand mark

22
Q

no brand name recognition, sold reduced price, minimal promotion

A

generic product