Shared Flashcard Set

Details

Mix & Match
PM003
22
Marketing
9th Grade
12/06/2013

Additional Marketing Flashcards

 


 

Cards

Term
Alteration:
Definition
A product-mix strategy in which a business makes changes to its products or product lines
Term
Broad product mix:
Definition
A description of the width of a business’s product mix offering many product lines
Term
Cannibalization:
Definition
The situation that exists when the sale of one of a company’s products takes away sales from another of its products
Term
Competition:
Definition
The rivalry between two or more businesses to attract scarce customer dollars
Term
Consistency:
Definition
A product-mix dimension referring to how closely a company’s product lines are related in terms of the products’ end use, methods of distribution and production, target market(s), and/or price range
Term
Contraction:
Definition
A product-mix strategy in which a business removes, or deletes, product items or product lines from its product mix
Term
Deep product mix:
Definition
A description of the depth of a business’s product mix offering a great many items in the product line
Term
Depth:
Definition
A product-mix dimension referring to the number of products and the assortment of sizes, colors, and models offered in a product line
Term
Expansion:
Definition
A product-mix strategy in which a business expands its product mix by adding additional product items or product lines
Term
Goods:
Definition
Tangible objects that can be manufactured or produced for resale
Term
Liabilities:
Definition
Responsibilities of the business, especially legal responsibilities
Term
Narrow product mix:
Definition
A description of the width of a business’s product mix offering a limited number of product lines
Term
Product item:
Definition
Each individual good, service, or idea that a business offers for sale
Term
Product line:
Definition
A group of related product items
Term
Product mix:
Definition
The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company’s goals
Term
Product-mix strategies:
Definition
The ways in which businesses handle, or manage, their product mixes
Term
Service(s):
Definition
Intangible activities that are performed by other people for money; productive acts that satisfy economic wants
Term
Shallow product mix:
Definition
A description of the depth of a business’s product mix offering few items in the product line
Term
Target market:
Definition
The particular group of customers a business seeks to attract
Term
Trading down:
Definition
A product-mix strategy in which a business adds a lower priced product or product line to its product mix
Term
Trading up:
Definition
A product-mix strategy in which a business adds a higher priced product or product line to its product mix
Term
Width:
Definition
A product-mix dimension referring to the number of product lines carried by a company
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