Product
Facts about a good or service
Features
An explanation of the value of a certain product over others that are similar
Value Proposition
It includes the activities in getting the product to the end-user (AKA distribution)
Place
All of the products a business sells
The product mix
The established price listed on a price tag, price list, or product catalog. It doesn't include any discounts
List price
A written document that states the quality of a product with a promise to correct certain problems that might occur
Warranty
Is the actual price a customer pays for a product after any discounts or coupons are deducted
Selling price
It is the businesses, people, and activities involved in turning raw materials into products and delivering them to end-users
Supply Chain
The minimum price the government can set for a product is called
Price Floor
A reduced per-item price for larger numbers of an item purchased
Quantity discount
The number of product lines a company offers
Product width
Discount that is given to businesses that agree to advertise or promote a manufacturer’s product
It is the path that goods take through the supply chain
Channel of Distribution
Price and ______ are often directly related
Quality
What does GPM stand for?
Gross Profit Margin
These are unique items that consumers are willing to spend considerable time, effort, and money to buy
Specialty Goods
When an item is priced much lower than the current market price or the cost of acquiring the product
Loss Leader
Is the process of separating a large number of goods into smaller quantities for resale
Bulk-Breaking
_______ sell products through both brick-and-mortar stores and online sites
Multi-channel retailers
The amount added to the cost to determine the selling price
Markup
What are the three general quality levels?
premium, moderate, and value
The stage in the Product Life Cycle when the sales and price of products are stable
Maturity Stage
Name the 6 main methods of distribution transportation
Road, Rail, Air, Water, Pipeline, Digital
The price of a good or service must do what 3 things?
Cover costs, Generate profit, Be what customers are willing to pay
A product starts making profit after reaching the __
Break-Even Point