Product
What is a product?
anything that can be bought and sold
What is the amount of money requested or exchanged for a product called?
Price
Place is also known as what?
Who buys products from wholesalers or manufacturers and resells to consumers?
Who should you market your product to?
Target market or target customers
A Product can be both a __________ & a ___________
a good or a service
Define selling price.
What the customer actually pays after discounts and coupons.
What is inventory?
Selection of items a business has on hand at a particular point in time.
Who purchases large amounts of goods directly from manufacturers?
Wholesalers
What are the 4 p's of marketing?
Product, Price, Place, and Promotion
How are products distinguished from competing products? (Need 2 reasons)
Branding
Packaging and labeling
Developing new product
What is one thing you need to remember to correctly price goods and services?
1. Cover costs of producing and selling product
2. Provide profit for business
3. Customers willing to pay price of the product
Right _____________, right _____________, right _________________
Time, place, price
Who brings buyers and sellers together?
Brokers
What is a prototype?
Working model for product testing.
What is the difference between warranty and guarantee?
Warranty: Written document that states the quality of a product with a promise to correct certain problems that might occur
Guarantee: Promise that a product has a certain quality or will perform in a specific way
What does MSRP stand for?
Manufacturer’s suggested retail price
Who are the people or businesses between the manufacturers or producers and end users?
Intermediaries
What is the physical movement of products through channel of distribution?
Transportation
What are the 4 stages of the product life cycle? (need to be in order)
1. Introduction Stage
2. Growth Stage
3. Maturity Stage
4. Decline Stage
What is a group of closely related products within product mix called?
Product Line
What are two commonly used pricing techniques?
Psychological pricing and discount pricing.
What is the difference between direct and indirect channels of distribution?
Direct channel: Goods or services go directly from manufacturer to end user
Indirect channel: Intermediaries get product from manufacturer to end users
What is an attribute that makes a product capable of satisfying need or want?
Utilities
What does place refer to?
The activities involved in getting a good or service to the end users