Price Chapter 14 Flashcards

This flashcard quiz consists of every basic and important detail related to Price & Products Chapter 14. A set of flashcards has all the key details and discussion related to Price & Products Chapter 14. This flashcard is simple and easy to use and is more fun-oriented. Learn and revise everything related to Price & Products Chapter 14.

38 cards   |   Total Attempts: 182
  

Cards In This Set

Front Back
Value
Good quality at a fair price. When consumers calculate the calculate the value of a product, they look at eh benefits and then subtract the cost to see if the benefits exceed the costs
Total product offer
Everything that consumers evaluate when deciding whether to buy something also called a value package
Product line
A group of products that are physically similar or intended for a similar market
Product mix
The combination of product lines offered by a manufacturer
Product differentiation
The creation of real or perceived product differences
Convenience goods and services
Products that the consumer wants to purchase frequently and with minimum of effort
Shopping goods and services
Those products that the consumer buys only after company value, quality, price, and style from a variety of sellers
Specialty goods and services
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.
Unsought goods and services
Products that consumers are unaware of, haven't necessarily thought of buying, or find that they need to solve an unexpected problem
Industrial goods
Products used in the production of other products. Sometimes called business goods or B2B goods.
Brand
A name, symbol, or design (or combination thereof) that indentifies the goods or services of one seller or group of sellers and distinguishes them from the goods and services of competitors
Trademark
A brand that has been given exclusive legal protection for both the brand name and the pictorial design
Manufacturers' brand names
The brand names of manufacturers that distribute products nationally
Dealer (private-label) brands
Products that don't carry the manufacturer's name but carry a distributor or retailer's name instead
Generic goods
Nonbranded products that usually sell at a sizable discount compared to national or private-label brands