Unit 5.1 & 5.2 Vocabulary

Which one is NOT a stage in the PLC?

• maturity

• decline

• growth

• development

Product item

• products and services that satisfy human wants directly

• a specific product that has a unique brand, size, or price

• Goods purchased by organizations for use in their operations

• a unique product characteristic or benefit that sets it apart from a competitor

Consumer Goods

• products and services that satisfy human wants directly

• a specific product that has a unique brand, size, or price

• Goods purchased by organizations for use in their operations

• a unique product characteristic or benefit that sets it apart from a competitor

Business Goods

• products and services that satisfy human wants directly

• a specific product that has a unique brand, size, or price

• Goods purchased by organizations for use in their operations

• a unique product characteristic or benefit that sets it apart from a competitor

Point of Difference

• products and services that satisfy human wants directly

• a specific product that has a unique brand, size, or price

• Goods purchased by organizations for use in their operations

• a unique product characteristic or benefit that sets it apart from a competitor

Focus Group

• seven to ten people who participate in a group discussion led by a moderator

• introducing a new product into the market

• changing consumers' perceptions of a brand in relation to competing brands

• introduction, growth, maturity, decline

Commercialization

• seven to ten people who participate in a group discussion led by a moderator

• introducing a new product into the market

• changing consumers' perceptions of a brand in relation to competing brands

• introduction, growth, maturity, decline

Repositioning

• seven to ten people who participate in a group discussion led by a moderator

• introducing a new product into the market

• changing consumers' perceptions of a brand in relation to competing brands

• introduction, growth, maturity, decline

Product Life Cycle

• seven to ten people who participate in a group discussion led by a moderator

• introducing a new product into the market

• changing consumers' perceptions of a brand in relation to competing brands

• introduction, growth, maturity, decline

Price

• The amount of money exchanged for a good or service

• the amount added to the cost of merchandise to establish the selling price

• summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price

• a way to attract customers through style, service, or location, but not a lower price