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Sports&Ent5

QuestionAnswer
Product Item A specific model or size of a product.
Consumer Goods Goods puchased and used by the ultimate consumer for personal use.
Business Goods Goods purchased by organizations for use in their operation.
Point of Difference A unique product characteristic or benefit that sets the product apart from a competitor's product.
Focus Group A panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator.
Commercialization A process that involves producing and marketing a new product.
Repositioning Changing a product's image in relation to a competitor's image
Price The value placed on goods or services being exchanged
Prestige pricing Pricing based on consumer perception
Odd-even Pricing Pricing goods with either an odd number or even number to match a product's image
Markup Difference between the retail or wholesale price and the cost of an item
Cost-plus Pricing Pricing products by calculating all costs and expenses and adding desired profit
Non-price competition Competition between businesses based on quality, service and relationships
Market Share The percentage of the total sales of all companies that sell the same type of product
Price lining Selling all goods in a product line at specific price points
Bundle price Selling several items as a package for a set price
loss-leader pricing Pricing an item at cost or below cost to draw customers into the store
Yield-management pricing Pricing items at different prices to maximize revenue when limited capacity is involved
Price fixing An illegal practice whereby competitors conspire to set the same prices
Created by: lamaykat
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