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Chp 11 POB Quiz

TermDefinition
bait and switch Practice of advertising one product with the intent of persuading customers to buy a more expensive item when they arrive in the store.
base price General price at which the company expects to sell a product.
channel of distribution Path that goods take through the supply chain.
feature Fact about a product or service.
deceptive pricing Pricing products in a way to intentionally mislead a customer.
bulk-breaking Process of separating a large quantity of goods into smaller quantities for resale.
guarantee Promise that a product has a certain quality or will perform in a specific way.
freight forwarder Company that organizes shipments.
direct channel Path of selling goods or services directly from manufacturer to end users.
list price Established price printed in a catalog, on a price tag, or in a price list
e-tailer Retailer that sells products through websites.
intangible Something that cannot be touched.
loss leader Pricing an item much lower than the current market price or the cost of acquiring the product.
indirect channel Path of selling goods or services that uses intermediaries to get the product from manufacturer to end users.
markup Amount added to the cost to determine the selling price
bulk-breaking The process of separating a large quantity of goods into smaller quantities for resale
Multi-channel retailers Sell products through both brick-and-mortar stores and online sites.
supply chain Includes the businesses, people, and activities involved in turning raw materials into products and delivering them to end users.
price ceiling A maximum price set by the government for certain goods and services
bundling Setting prices high to convey quality and status.
value proposition An explanation of the value of a certain product over others that are similar.
Convenience goods Consumer products that are bought often and with little effort
product mix All the goods and services that a business sells
features, usage, and protection Elements of products that may be changed to meet customer needs
Created by: mrstephens
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