Term
| What is good quality at a fair price? |
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Definition
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Term
| What is handing off various parts of your innovation process - often to companies overseas? |
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Definition
| Distribution product development |
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Term
| What is another name for total product offer? |
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Definition
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Term
| What is everything that consumers evaluate when deciding whether to buy something? |
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Definition
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Term
| What is a group of products that are physically similar or are intended for a similar market? |
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Definition
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Term
| What is the combination of product lines offered by a manufacturer? |
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Definition
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Term
| What is the creation of a real or perceived product differences? |
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Definition
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Term
| What are the 4 general categories of classifications of consumer goods? |
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Definition
| Convenience, shopping, specialty, and unsought |
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Term
| What are products that the consumer wants to purchase frequently and with a minimum of effort? |
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Definition
| Convenience goods and services |
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Term
| What are those products that the consumer only buys only after comparing value, quality, price, and style from a variety of sellers? |
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Definition
| Shopping goods and services |
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Term
| What are consumer products with unique characteristics and brand identity. Because these products are perceived as having no reasonable substitute, the consumer puts forth a special effort to purchase them? |
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Definition
| Specialty goods and services |
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Term
| What are products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem? |
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Definition
| Unsought goods and services |
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Term
| What consumer goods category requires goods to be readily available? |
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Definition
| Convenience goods and services |
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Term
| What consumer goods category is some combination of price, quality, and service? |
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Definition
| Shopping goods and services |
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Term
| What consumer goods category heavily relies on advertising? |
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Definition
| Specialty goods and services |
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Term
| What consumer goods category relies on personal selling? |
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Definition
| Unsought goods and services |
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Term
| What are products used in production of other products? |
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Definition
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Term
| What are also known as business goods or B2B goods? |
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Definition
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Term
| What consists of major capital equipment such as new factories and heavy machinery? |
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Definition
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Term
| What are expensive items that last a long time? |
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Definition
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Term
| What consists of capital items that are not quite as long-lasting or expensive as installations? |
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Definition
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Term
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Definition
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Term
| What does RFID stand for? |
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Definition
| Radio frequency identification chip |
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Term
| What chips send information of where a product is at all times? |
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Definition
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Term
| What carries more information than bar codes and don't have to be read one at a time? |
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Definition
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Term
| What are 3 types of industrial goods? |
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Definition
| Direct materials, indirect materials, and overhead |
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Term
| Why was The Fair Packaging and Labeling Act passed? |
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Definition
| To give consumers more quantity and value information |
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Term
| What is grouping two or more products together and pricing them as a unit? |
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Definition
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Term
| What is a name, symbol, or design (or combination thereof) that identifies the goods or services of one seller or group of sellers and distinguishing the goods and services of competitors? |
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Definition
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Term
| What is a brand that has exclusive legal protection for both its brand name and design? |
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Definition
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Term
| What are products that don't carry the manufacturers name but carry a distributor or retailer's name instead? |
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Definition
| Dealer (private-label) brands |
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Term
| What are nonbranded products that usually sell at a sizable discount compared to national or private-label brands? |
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Definition
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Term
| What are illegal copies of national brand-name goods? |
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Definition
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Term
| What is the value of the brand name and associated symbols? |
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Definition
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Term
| What is the degree to which customers are satisfied, like the brand, and are committed to further purchases? |
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Definition
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Term
| What is how quickly or easily a given brand name comes to mind when a product category is mentioned? |
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Definition
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Term
| What is preferring one brand over another? |
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Definition
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Term
| What is the linking of a brand to other favorable things? |
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Definition
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Term
| What is a manager who has direct responsibility for one brand or one product line; called a project manager in some firms? |
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Definition
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Term
| Who manages all the elements of the marketing mix (4 P's)? |
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Definition
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Term
| Who manages all the elements of the marketing mix (4 P's)? |
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Definition
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Term
| How many ideas does it often take to create one new commercial product? |
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Definition
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Term
| Where do ideas for new products mostly come from? |
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Definition
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Term
| What is a process designed to reduce the number of new-product ideas being worked on at any one time? |
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Definition
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Term
| What is making cost estimates and sales forecast to get a feeling for profitability of new-product ideas? |
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Definition
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Term
| What is taking a product idea to consumers to test their reactions? |
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Definition
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Term
| What is promoting a product to distributors and retailers to get wide distribution, and developing strong advertising and sales campaigns to generate and maintain interest in the product among distributors and consumers? |
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Definition
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Term
| What is a theoretical model of what happens to sales and profits for a product class over time; the four stages of the cycle are introduction, growth, maturity, and decline? |
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Definition
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Term
| What are the 4 stages of the product life cycle? |
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Definition
| Introduction, growth, maturity, and decline |
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Term
| What product life cycle stage has low sales? |
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Definition
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Term
| What product life cycle stage has rapidly rising sales? |
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Definition
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Term
| What product life cycle stage has peak sales? |
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Definition
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Term
| What product life cycle stage has falling sales? |
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Definition
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Term
| What product life cycle stage can losses occur? |
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Definition
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Term
| What product life cycle stage has very high profits? |
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Definition
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Term
| What product life cycle stage sees declining profits? |
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Definition
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Term
| What product life cycle stage can profits turn into losses? |
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Definition
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Term
| What product life cycle stage are there few competitors? |
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Definition
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Term
| What product life cycle stage are there an increasing number of competitors? |
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Definition
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Term
| What product life cycle stage are there stable competitors, but then decline? |
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Definition
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Term
| What product life cycle stage has a declining number of competitors? |
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Definition
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Term
| What are products listed at or below cost? |
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Definition
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Term
| What is designing a product so that it satisfies customers and meets the profit margins desired by the firm? |
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Definition
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Term
| What is a pricing strategy based on what all the other competitors are doing? The price can be set at, above, or below competitors' prices. |
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Definition
| Competition-based pricing |
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Term
| What is a strategy by which one or more dominant firms set the pricing practices that are competitors in an industry follow? |
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Definition
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Term
| What 3 things determine price? |
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Definition
| Customer loyalty, perceived differences, and the competitive climate |
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Term
| What is the process used to determine profitability at various levels of sales? |
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Definition
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Term
| What are all the expenses that remain the same no matter how many product are made or sold? |
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Definition
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Term
| What are costs that change according to the level of production? |
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Definition
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Term
| What is a strategy in which a new product is priced high to make optimum profit while there's little competition? |
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Definition
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Term
| What is a strategy in which a product is priced low to attract many customers and discourage competition? |
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Definition
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Term
| What is setting prices lower than competitors and then not having any special sales? |
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Definition
| Everyday low pricing (EDLP) |
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Term
| What is setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than the competitors? |
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Definition
| High-low pricing strategy |
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Term
| What is pricing goods and services at price points that make the product appear less expensive than it is? |
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Definition
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