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| a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers and is received in exchange for money or some other unit of value |
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| a group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same consumer group, are distributed through the same type of outlets, or fall within a given price range |
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| the number of product lines offered by a company |
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| products purchased by the ultimate consumer |
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| products that assist directly or indirectly in providing products for resale |
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| Items that the consumer purchase frequently, conveniently, and with a minimum of shopping effort |
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| items for which the consumer compares several alternatives on criteria such as price, quality, or style. |
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| Items that a consumer makes a special effort to search out and buy (Rolex) |
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| Items that the consumer either does not know about or knows about but does not initially want |
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| Items used in the manufacturing process that become part of the final product. These include raw materials such as grain or lumber |
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| Second class of business goods. These are items used to assist in producing other goods and services |
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| a statement that, before product development begins, identifies: (1) a well-defined target market; (2) specific customers' needs, wants, and preferences and (3)what the product will be and do. |
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| the stages a firm goes through to identify business opportunities and convert them to a salable good or service |
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| New product strategy development |
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| The stage of the new product process that defines the role for a new product in terms of the firm's overall corporate objectives |
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The stage of the new product process that involves developing a pool of concepts as candidates for new products.
Must build on the previous stages results. |
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| The stage of the new-product process that involves internal and external evaluations of the new product ideas to eliminate those that warrant no further effort |
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| The stage that involves specifying the product features and marketing strategy and making necessary financial projections needed to commercialize a product |
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| The stage that involves turning the idea on paper into a prototype |
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| The stage that involves exposing actual products to prospective consumers under realistic purchase conditions to see if they will buy. Often a product is developed, tested, refined, and then tested again to get consumer reactions through either test marketing or simulated test markets |
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| the stage that involves positioning and launching a new product in full scale production and sales |
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| a payment a manufacturer makes to place a new item on a retailer's shelf. |
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| a penalty payment a manufacturer makes to compensate a retailer for sales its valuable shelf space failed to make |
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| know each stage, not interested as much in order |
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| Describes the stags a new product goes through in the marketplace; introduction, growth, maturity, and decline |
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| Any name, phrase, design, symbol, or combination used to distinguish a seller's goods or services |
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| Refers to the entire product category or industry such as prerecorded music |
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| pertains to variations within the product class |
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| Marketing Modification Strategies |
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| a company tries to find new customers, increase a product's use among existing customers, or create new use situations |
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| involves altering a product's characteristic, such as its quality, performance, or appearance to increase the products value to customers and increase sales |
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| involves adding value to the product through additional features or higher-quality materials |
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| involves reducing the number of features, quality, or price |
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| A basic decision in which an organization uses a name, phrase, design, symbols, or combination of these to identify its products and distinguish them from those competitors |
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| is any word, device,(design, sound, shape,) or combination of these used to distinguish a seller's goods or services |
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| a commercial, legal name under which a company does business |
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| identifies that a firm has legally register its brand name or trade name so the firm has its exclusive use, preventing others from using it |
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| a set of human characteristics associated with a brand name |
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| the added value a brand name gives to a product beyond the functional benefits provided |
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| is a contractual agreement whereby one company allows its brand name or trademark to be used with products or services offered by another company for a royalty or fee |
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| a company uses one name for all its products in a product class |
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| involves giving each product a distinct name |
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| when a company manufactures products but sells them under the brand name of a wholesaler or retailer |
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| where a firm markets products under its own names and that of a reseller because the segment attracted to the reseller is different from its own marker |
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| the component of a product refers to any container in which it is offered for sale and on which label information is conveyed |
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| is an integral part of the package and typically identifies the product or brand, who made it, where and when it was made and how it is to be used |
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| a statement indicating the liability of the manufacturer for product deficiencies |
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| is the money or other considerations exchanged for the ownership or use of a good or service |
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| Exchanging goods and services for other goods and services instead of money |
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| the ratio of perceived benefits to price |
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| the practice of simultaneously increasing product and service benefits while maintaining or decreasing price |
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| profit = total revenue-total cost |
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| involve specifying the role of price in an organization's marketing and strategic plans |
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| Factors that limit the range of prices a firm may set |
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| is a graph relating the quantity sold and the price, which shows the maximum number of units that will be sold at a given price |
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| factors that determine consumers willingness and ability to pay for goods and services |
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| The total money received from the sale of the product |
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| the average amount of money received for selling one unit of product or simply the price of that unit |
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| is the change in total revenue that results from producing and marketing one additional unit |
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| Price elasticity of demand |
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| The percentage change in quantity demanded relative to a percent change in price |
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| is the total expense incurred by a firm in producing and marketing a product |
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| The sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold |
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| the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold |
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| the change in total costs that results from producing and marketing one additional unit of a product |
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| a continuing, concise trade-off of incremental costs against incremental revenues |
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| a technique that analyzes the relationship between total revenue and total cost to determine profitability at various level of output |
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| is the quantity at which total revenue and total costs are equal |
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| setting the highest initial price that customers really desiring the product are willing to pay |
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| Setting a low initial price on a new product to appeal to the mass market |
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| involves setting a high price so that quality or status-conscious consumers will be attracted to the product and buy it |
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| When a firm is selling a line of products and prices them at a number of different pricing points |
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| involves setting prices a few dollars or cents under an even number |
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| when manufacturers deliberately adjusting the composition and features of a product to achieve the target price to consumers |
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| the marketing of two or more products in a single package price |
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| the charging of different prices to maximize revenue for a set amount of capacity at any given time |
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| entails adding a fixed percentage to the cost of all items in a specific product class |
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| involves summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price |
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| is based on the learning effect, which holds that the unit cost of many products and services declines by 10 percent to 30 percent each time a frms experience at producing and selling them doubles |
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| When a firm sets an annual target of a specific dollar volume of profit |
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| Target Return On Sales pricing |
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| to set typical prices that will give them a profit that is a specified percentage, say, 1 percent, of the sales volume |
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| Target Return on investment pricing |
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| is a method of setting prices to achieve a target |
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| used for products where tradition, standardized channel of distribution, or other competitive factors dictate the price |
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| Above, at, or below market pricing |
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| When the price is compared to competitors' price or the market price |
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| is not to increase sales but to attract customers in hopes they will buy other products as well. It is when retailers deliberately sell a product below its customary price to attract attention to it |
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| (fixed pricing) sets one price for all buyers of a product or service |
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| (dynamic pricing) involves setting different prices for products and services depending on individual buyers and purchase situations |
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| the setting of prices for all items in a product line |
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| involves successive price cutting by competitors to increase or maintain their unit sales or market share |
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| reductions in unit costs for a larger order |
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| for undertaking certain advertising or selling activities to promote a product |
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| the practice of replacing promotional allowances with lower manufacturer list prices |
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| involves the seller's naming the location of this loading as the seller's factory or warehouse |
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| uniform delivered pricing |
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| the price the seller quotes includes all transportation costs |
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| involves selecting one or more geographical locations from which the list price for products plus freight expenses are charged to the buyer |
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| Sherman Act, a conspiracy among firms to set prices for a product is termed |
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| Clayton Act, the practice of charging different prices to different buyers for goods of like grade and quality |
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| Sherman Act, FTCA, the practice of charging a very low price for a product with the intent of driving competitors out of business |
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