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Small Business
Vocabulary 7.0
36
Business
12th Grade
05/03/2011

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Cards

Term
Branding
Definition
Selecting products/services that have a name, symbol, or design for identification.
Term
Competition
Definition
The struggle between companies for the same customers or market.
Term
Consumer products
Definition
Products used by consumers for family, personal, or household purposes.
Term
Consumer services
Definition
Activities used by consumers for family, personal, or household purposes.
Term
Convenience goods
Definition
Inexpensive products that are purchased regularly and require little time and effort for purchase decisions.
Term
Emergency goods
Definition
Goods purchased to satisfy an immediate need.
Term
Goods
Definition
Tangible, physical products that satisfy a want or need.
Term
Impulse goods
Definition
Items that are purchased without advance planning.
Term
Industrial goods
Definition
Goods purchased by a business and used to produce other goods or for resale to consumers.
Term
Industrial services
Definition
Activities used by a business to insure proper operation, or contracted by a business to perform a task.
Term
Manufacturer
Definition
Producer of goods to sell to other manufacturers, wholesalers, and/or retailers.
Term
Market/product position
Definition
The image a product or business has in relation to its competition.
Term
Market research
Definition
(1) A system for collecting, recording, and analyzing information about customers, competitors, products, and services. (2) The process of investigating facts about a specific market.
Term
Market share
Definition
(1) A percentage of the total market that is controlled by a business. (2) A portion of the total sales generated by all the competing companies in a given market.
Term
Non-good services
Definition
Personal or professional services performed for a fee.
Term
Owned-goods services
Definition
Services that alter, improve, or repair products owned by the customer.
Term
Packaging
Definition
Physical appearance of a product, container, or wrapper.
Term
Product consistency
Definition
The relationship of items in a business’s product line in terms of use, price range, target market, and methods of distribution and production.
Term
Product item
Definition
A specific model, brand, or size of product within a product line.
Term
Product length/depth
Definition
The number of product items offered within a product line.
Term
Product life cycle
Definition
The evolution of a product/service during its life on the market.
Term
Product line
Definition
A group of closely related products manufactured and/or sold by a business.
Term
Product mix
Definition
All the products and services a business makes or sells.
Term
Product mix strategy
Definition
A plan of action taken in selecting an appropriate product/service mix to achieve the goals of the business.
Term
Product-related services
Definition
Activities offered with or to compliment a product.
Term
Product/service planning
Definition
The process of developing the product/service mix for a business by incorporating decisions relating to market opportunities.
Term
Product width/breadth
Definition
The number of different product lines a business manufactures or sells.
Term
Pure services
Definition
Activities performed that do not include a tangible product.
Term
Sevices
Definition
(1) Tasks performed for the customer for a fee. (2) Intangible or conceptual products produced to satisfy a want or need.
Term
Rented-goods service
Definition
The service of making products available for customer use for a brief period of time for a fee.
Term
Sevices
Definition
(1) Tasks performed for the customer for a fee. (2) Intangible or conceptual products produced to satisfy a want or need.
Term
Shopping goods
Definition
Products that usually require a great deal of time and effort for the purchase decision.
Term
Specialty goods
Definition
Products that are sought by a consumer who desires a specific brand or product.
Term
Staple goods
Definition
Goods used often or regularly and which are kept on hand.
Term
Trade shows
Definition
Special meetings, shows, and exhibitions allowing vendors and manufacturers to introduce new items, display products, and promote established products/services.
Term
Wholesalers
Definition
Middlemen who obtain goods from manufacturers and resell them to industrial users, other wholesalers, and/or retailers.
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