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1.04 Key Terms


Brand kind, grade, or make, as indicated by a stamp, trademark.
Licensed Merchandise If something that you own or use is licensed, you have official permission to own it or use it.
Owned-goods service The most basic products of an economic system that consist of tangible consumable items and tasks performed by individuals.
Perishability One of the four fundamental characteristics of a service.
Quality an essential or distinctive characteristic, property, or attribute.
Rented-goods service goods and services, to hold under a lease or rental agreement.
Separability capable of being separated, parted, or dissociated.
Smoothing Statistical technique for removal of short term irregularities in a time-series data to improve the accuracy of forecasts.
Venues the place where something happens, especially an organized event such as a concert, conference, or sports event.
Feature A feature is a distinctive characteristic of a good or service that sets it apart from similar items.
Benefit Advantage, privilege, right, or financial reimbursement.
Market An actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact.
Target Market A particular market segment at which a marketing campaign is focused.
Created by: Joshua2