Everything
that one receives in an exchange, including all tangible and
intangible attributes and expected benefits; it may be a good,
service, or idea.
A product
purchase to satisfy personal and family needs.
A product
bought for use in a firm's operations or to make other products.
A relatively
inexpensive frequently purchased item for which buyers want to
exert only minimal effort.
An item for
which buyer are willing to expend considerable effort on
planning and making the purchase.
An item that
possesses one or more unique characteristics for which a
significant group of buyers is willing to expend considerable
purchasing effort.
A basic
material that actually becomes part of a physical product;
usually comes from mines, forests, oceans, or recycled solid
wastes.
Large tools
and machines used for production purposes.
Standardized
equipment used in a variety of ways in a firm's production or
office activities.
An item that
becomes part of a physical product and is either a finished item
ready for assembly or a product that needs little processing
before assembly.
A material
that is used directly in the production of another product and
is not readily identifiable in the finished product.
An item that
facilitates production and operations but does not become part
of the finished product.
An intangible
product that an organization uses in its operations.
A series of
stages in which a product's sales revenue and profit increase,
reach a peak, and then decline.
A group of
similar products that differ only in relatively minor
characteristics.
All the
products that a firm offers for sale.
The process of
changing one or more of a product's characteristics.
The
elimination of one or more products from a product line.
A name, term,
symbol, design, or any combination of these that identifies a
seller's products and distinguishes them from competitor's
products.
The part of a
brand that can be spoken.
The part of a
brand that is a symbol or distinctive design.
A brand that
is registered with the U.S. Patent and Trademark Office and is
thus legally protected from use by anyone except its owner.
The complete
and legal name of an organization.
A brand that
is owned by a manufacturer.
A brand that
is owned by an individual wholesaler or retailer.
A product with
no brand at all.
The strategy
in which a firm uses a different brand for each of its products.
The strategy
in which a firm uses the same brand for all or most of its
products.
All those
activities involved in developing and providing a container for
a product.
The
presentation of information on a product or its package.
A written
explanation of the responsibilities of the producer (or seller)
in the event that a product is found to be defective or
otherwise unsatisfactory.
The amount of
money that a seller is willing to accept in exchange for a
product, at a given time and under given circumstances.
The quantity
of a product that producers are willing to sell at each of
various prices.
The quantity
of a product that buyers are willing to purchase at each of
various prices.
The process of
developing and promoting differences between one's product and
all similar products.
An emphasis on
setting a price equal to or lower than competitors' to gain
sales or market share.
Competition
that is based on factors other than price.
The amount
that a seller adds to the cost of a product to determine its
basic price.
The number of
units that must be sold for the total revenue (from all units
sold) to equal the total cost (of all units sold).
The total
amount received from sales of a product.
A cost that is
incurred no matter how many units of a product are produced or
sold.
A cost that
depends on the number of units produced.
The sum of the
fixed costs and the variable costs attributed to a product.
The strategy
of charging the highest&-possible price for a product
during the introduction stage of its life cycle.
The strategy
of setting a low price for a new product.
The strategy
of setting prices at odd amounts that are slightly below an even
or whole number of dollars.
The strategy
of setting a single price for two or more units.
The strategy
of setting a high price to project an aura of quality and
status.
The strategy
of selling goods only at certain predetermined prices that
reflect definite price breaks.
A deduction
from the price of an item.
