front 1 Good | back 1 A tangible physical entity |
front 2 Service | back 2 An intangible result of the application of human and mechanical efforts to people or objects |
front 3 Idea | back 3 A concept, philosophy, image, or issue |
front 4 Consumer Products | back 4 Products purchased to satisfy personal and family needs |
front 5 Business Products | back 5 Products bought to use in a firm’s operations, to resell, or to make other products |
front 6 Convenience Products | back 6 Relatively inexpensive, frequently purchased items for which buyers exert minimal purchasing effort |
front 7 Shopping Products | back 7 Items for which buyers are willing to expend considerable effort in planning and making purchases |
front 8 Specialty Products | back 8 Items with unique characteristics that buyers are willing to expend considerable effort to obtain |
front 9 Unsought Products | back 9 Products purchased to solve a sudden problem, products of which customers are unaware, and products that people do not necessarily think of buying |
front 10 Installations | back 10 Facilities and non-portable major equipment |
front 11 Accessory Equipment | back 11 Equipment that does not become part of the final physical product but is used in production or office activities |
front 12 Raw Materials | back 12 Basic natural materials that become part of a physical product |
front 13 Component Parts | back 13 Items that become part of the physical product and are either finished items ready for assembly or items that need little processing before assembly |
front 14 Process Materials | back 14 Materials that are used directly in the production of other products but are not readily identifiable |
front 15 MRO Supplies | back 15 Maintenance, repair, and operating items that facilitate production and operations but do not become part of the finished product |
front 16 Business Services | back 16 Intangible products that many organizations use in their operations |
front 17 Product Item | back 17 A specific version of a product that can be designated as a distinct offering among a firm’s products |
front 18 Product Line | back 18 A group of closely related product items viewed as a unit because of marketing, technical, or end-use considerations |
front 19 Product Mix | back 19 The composite, or total, group of products that an organization makes available to customers |
front 20 Width of Product Mix | back 20 The number of product lines a company offers |
front 21 Depth of Product Mix | back 21 The average number of different products offered in each product line |
front 22 Product Life Cycle | back 22 The progression of a product through four stages: introduction, growth, maturity, and decline |
front 23 Introduction Stage | back 23 The initial stage of a product’s life cycle; its first appearance in the marketplace when sales start at zero and profits are negative |
front 24 Growth Stage | back 24 The product life-cycle stage when sales rise rapidly, profits reach a peak, and then they start to decline |
front 25 Maturity Stage | back 25 The stage of a product’s life cycle when the sales curve peaks and starts to decline, and profits continue to fall |
front 26 Decline Stage | back 26 The stage of a product’s life cycle when sales fall rapidly |
front 27 Production Adoption Process | back 27 The five-stage process of buyer acceptance of a product: awareness, interest, evaluation, trial, and adoption |
front 28 Innovators | back 28 First adopters of new products |
front 29 Early Adopters | back 29 People who adopt new products early, choose new products carefully, and are viewed as “the people to check with” by later adopters |
front 30 Early Majority | back 30 Individuals who adopt a new product just prior to the average person |
front 31 Late Majority | back 31 Skeptics who adopt new products when they feel it is necessary |
front 32 Laggards | back 32 The last adopters, who distrust new products |
front 33 Line Extension | back 33 Development of a product that is closely related to existing products in the line but is designed specifically to meet different customer needs |
front 34 Production Modification | back 34 Means changing one or more characteristics of a product |
front 35 Quality Modification | back 35 Changes relating to a product’s dependability and durability |
front 36 Functional Modification | back 36 Changes affecting a products versatility, effectiveness, convenience, or safety |
front 37 Aesthetic Modification | back 37 Changes relating to the sensory appeal of a product |
front 38 New-Product Development Process | back 38 A seven-phase process for introducing products: idea generation, screening, concept testing, business analysis, product development, test marketing, and commercialization |
front 39 Idea Generation | back 39 Seeking product ideas to achieve organizational objectives |
front 40 Screening | back 40 Selecting the ideas with the greatest potential for further review |
front 41 Concept Testing | back 41 Seeking a sample of potential buyers’ responses to a product idea |
front 42 Business Analysis | back 42 Evaluating the potential impact of a product idea on the firm’s sales, costs, and profits |
front 43 Product Development | back 43 Determining if producing a product is technically feasible and cost effective |
front 44 Test Marketing | back 44 A limited introduction of a product in geographic areas chosen to represent the intended market |
front 45 Commercialization | back 45 Refining and finalizing plans and budgets for full-scale manufacturing and marketing of a product |
front 46 Product Differentiation | back 46 Creating and designing products so that customers perceive them as different from competing products |
front 47 Quality | back 47 The overall characteristics of a product that allow it to perform as expected in satisfying customer needs |
front 48 Level of Quality | back 48 The amount of quality a product possess |
front 49 Consistency of Quality | back 49 The degree to which a product has the same level of quality over time |
front 50 Product Design | back 50 How a product is conceived planned, and produced |
front 51 Styling | back 51 The physical appearance of a product |
front 52 Product Features | back 52 Specific design characteristics that allow a product to perform certain tasks |
front 53 Customer Services | back 53 Human or mechanical efforts or activities that add value to a product |
front 54 Product Deletion | back 54 Eliminating a product from the product mix when it no longer satisfies a sufficient number of customers |
front 55 Product Manager | back 55 The person within an organization who is responsible for a product, a product line, or several distinct products that make up a group |
front 56 Brand Manager | back 56 The person responsible for a single brand |
front 57 Marketing Manager | back 57 The person responsible for managing the marketing activities that serve a particular group of customers |
front 58 Venture Team | back 58 A cross functional group that creates entirely new products that may be aimed at new markets |
front 59 Intangibility | back 59 The characteristic that a service is not physical and cannot be perceived by the senses |
front 60 Inseparability | back 60 The quality of being produced and consumed at the same time |
front 61 Perishability | back 61 The inability of unused service capacity to be stored for future use |
front 62 Heterogeneity | back 62 Variation in quality |
front 63 Client-Based Relationships | back 63 Interactions that result in satisfied customers who use a service repeatedly over time |
front 64 Customer Contact | back 64 The level of interaction between provider and customer needed to deliver the service |
front 65 Service Quality | back 65 Customers’ perceptions of how well a service meets or exceeds their expectations |
front 66 Search Qualities | back 66 Tangible attributes that can be judged before the purchase of a product |
front 67 Experience Qualities | back 67 Attributes that can be assessed only during purchase and consumption of a service |
front 68 Credence Qualities | back 68 Attributes that customers may be unable to evaluate even after purchasing and consuming a service |
front 69 Nonprofit Marketing | back 69 Marketing activities conducted to achieve some goal other than ordinary business goals such as profit, market share, or return on investment |
front 70 Target Public | back 70 A collective of individuals who have an interest in or concern about an organization, product, or social cause |
front 71 Client Publics | back 71 Direct consumers of a product of a nonprofit organization |
front 72 General Publics | back 72 Indirect consumers of a product of a nonprofit organization |
front 73 Opportunity Cost | back 73 The value of the benefit given up by choosing one alternative over another |
front 74 Brand | back 74 A name, term, design, symbol, or other feature that identifies one marketer’s product as distinct from those of other marketers |
front 75 Brand Name | back 75 The part of a brand that can be spoken, including letters, words, and numbers |
front 76 Brand Mark | back 76 The part of a brand that is not made up of words, such as a symbol or design |
front 77 Trademark | back 77 A legal designation of exclusive use of a brand |
front 78 Trade Name | back 78 The full legal name of an organization |
front 79 Brand Loyalty | back 79 A customer’s favorable attitude toward a specific brand |
front 80 Brand Recognition | back 80 The degree of brand loyalty in which a customer is aware that a brand exists and views the brand as an alternative purchase if their preferred brand is unavailable |
front 81 Brand Preference | back 81 The degree of brand loyalty in which a customer prefers one brand over competitive offerings |
front 82 Brand Insistence | back 82 The degree of brand loyalty in which a customer strongly prefers a specific brand and will accept no substitute |
front 83 Brand Equity | back 83 The marketing and financial value associated with a brand’s strength in a market |
front 84 Manufacturer Brand | back 84 A brand initiated by producers to ensure that producers are identified with their products at the point of purchase |
front 85 Private Distributor Brand | back 85 A brand initiated and owned by a reseller |
front 86 Generic Brand | back 86 A brand indicating only the product category |
front 87 Individual Branding | back 87 A branding strategy in which each product is given a different name |
front 88 Family Branding | back 88 Branding all of a firm’s products with the same name or part of the name |
front 89 Brand Extension | back 89 An organization uses one of its existing brands to brand a new product in a different product category |
front 90 Co-Branding | back 90 Using two or more brands on one product |
front 91 Brand Licensing | back 91 An agreement whereby a company permits another organization to use its brand on other products for a licensing fee |
front 92 Family Packaging | back 92 Using similar packaging for all of a firm’s products or packaging that has one common design element |
front 93 Labeling | back 93 Providing identifying, promotional, or other information on package labels |
front 94 Universal Product Code (UPC) | back 94 A series of electronically readable lines identifying a product and containing inventory and pricing information |
front 95 Price | back 95 The value paid for a product in a marketing exchange |
front 96 Barter | back 96 The trading of products |
front 97 Price Competition | back 97 Emphasizing price as an issue and matching or beating competitors’ prices |
front 98 Non-price Competition | back 98 Emphasizing factors other than price to distinguish a product from competing brands |
front 99 Demand Curve | back 99 A graph of the quantity of products expected to be sold at various prices if other factors remain constant |
front 100 Price Elasticity of Demand | back 100 A measure of the sensitivity of demand to changes in price |
front 101 Fixed Costs | back 101 Costs that do not vary with changes in the number of units produced or sold |
front 102 Average Fixed Cost | back 102 The fixed cost per unit produced |
front 103 Variable Costs | back 103 Costs that vary directly with changes in the number of units produced or sold |
front 104 Average Variable Cost | back 104 The variable cost per unit produced |
front 105 Total Cost | back 105 The sum of average fixed and average variable costs times the quantity produced |
front 106 Average Total Cost | back 106 The sum of the average fixed cost and the average variable cost |
front 107 Marginal Cost (MC) | back 107 The extra cost incurred by producing one more unit of a product |
front 108 Marginal Revenue (MR) | back 108 The change in total revenue resulting from the sale of an additional unit of a product |
front 109 Break-Even Point | back 109 The point at which the costs of producing a product equal the revenue made from selling the product |
front 110 Internal Reference Price | back 110 A price developed in the buyer’s mind through experience with the product |
front 111 External Reference Price | back 111 A comparison price provided by others |
front 112 Value Conscious | back 112 Concerned about price and quality of a product |
front 113 Price Conscious | back 113 Striving to pay low prices |
front 114 Prestige Sensitive | back 114 Drawn to products that signify prominence and status |
front 115 Price Discrimination | back 115 Employing price differentials that inure competition by giving one or more buyers a competitive advantage |
front 116 Trade (Functional) Discount | back 116 A reduction off the list price a producer gives to an intermediary for performing certain functions |
front 117 Quantity Discounts | back 117 Deductions from the list price for purchasing in large quantities |
front 118 Cumulative Discounts | back 118 Quantity discounts aggregated over a stated time period |
front 119 Noncumulative Discounts | back 119 Onetime price reductions based on the number of units purchased, the dollar value of the order, or the product mix purchased |
front 120 Cash Discounts | back 120 Price reductions given to buyers for prompt payment or cash payment |
front 121 Seasonal Discount | back 121 A price reduction given to buyers for purchasing goods or services out of season |
front 122 Allowance | back 122 A concession in price to achieve a desired goal |
front 123 Geographic Pricing | back 123 Reductions for transportation and other costs related to the physical distance between buyer and seller |
front 124 F.O.B. Factory | back 124 The price of merchandise at the factory before shipment |
front 125 F.O.B. Destination | back 125 A price indicating the producer is absorbing shipping costs |
front 126 Uniform Geographic Pricing | back 126 Charging all customers the same price, regardless of geographic location |
front 127 Zone Pricing | back 127 Pricing based on transportation costs within major geographic zones |
front 128 Base-Point Pricing | back 128 Geographic pricing that combines factory price and freight charges from the base point nearest the buyer |
front 129 Freight Absorption Pricing | back 129 Absorption of all or part of actual freight costs by the seller |
front 130 Transfer Pricing | back 130 Prices charged in sales between an organization’s units |
front 131 Pricing Objectives | back 131 Goals that describe what a firm wants to achieve through pricing |
front 132 Cost-Based Pricing | back 132 Adding a dollar amount or percentage to the cost of the product |
front 133 Cost-Plus Pricing | back 133 Adding a specified dollar amount or percentage to the seller’s cost |
front 134 Markup Pricing | back 134 Adding to the cost of the product a predetermined percentage of that cost |
front 135 Demand-Based Pricing | back 135 Pricing based on the level of demand for the product |
front 136 Competition-Based Pricing | back 136 Pricing influenced primarily by competitors’ prices |
front 137 Differential Pricing | back 137 Charging different prices to different buyers for the same quality and quantity of product |
front 138 Negotiated Pricing | back 138 Establishing a final price through bargaining between seller and customer |
front 139 Secondary-Market Pricing | back 139 Setting one price for the primary target market and a different price for another market |
front 140 Periodic Discounting | back 140 Temporary reduction of prices on a patterned or systematic basis |
front 141 Random Discounting | back 141 Temporary reduction of prices on an unsystematic basis |
front 142 Price Skimming | back 142 Charging the highest possible price that buyers who most desire the product will pay |
front 143 Penetration Pricing | back 143 Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly |
front 144 Product-Line Pricing | back 144 Establishing and adjusting prices of multiple products within a product line |
front 145 Captive Pricing | back 145 Pricing the basic product in a product line low, while pricing related items higher |
front 146 Premium Pricing | back 146 Pricing the highest-quality or most versatile products higher than other models in the product line |
front 147 Bait Pricing | back 147 Pricing an item in a product line low with the intention of selling a higher-priced item in the line |
front 148 Price Lining | back 148 Setting a limited number of prices for selected groups or lines of merchandise |
front 149 Psychological Pricing | back 149 Pricing that attempts to influence a customer’s perception of price to make a product’s price more attractive |
front 150 Reference Pricing | back 150 Pricing a product at a moderate level and displaying it next to a more expensive model or brand |
front 151 Bundle Pricing | back 151 Packaging together two or more complementary products and selling them at a single price |
front 152 Multiple-Unit Pricing | back 152 Packaging together two or more identical products and selling them at a single price |
front 153 Everyday Low Prices (EDLP) | back 153 Pricing products low on a consistent basis |
front 154 Odd-Even Pricing | back 154 Ending the price with certain numbers to influence buyers’ perceptions of the price or product |
front 155 Customary Pricing | back 155 Pricing on the basis of tradition |
front 156 Prestige Pricing | back 156 Setting prices at an artificially high level to convey prestige or a quality image |
front 157 Professional Pricing | back 157 Fees set by people with great skill or experience in a particular field |
front 158 Price Leaders | back 158 A product priced below the usual markup, near cost, or below cost |
front 159 Special-Event Pricing | back 159 Advertised sales or price cutting linked to a holiday, a season, or an event |
front 160 Comparison Discounting | back 160 Setting a price at a specific level and comparing it with a higher price |