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Sports&Ent5
Question | Answer |
---|---|
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 |