| A | B |
|---|
| unsought good | products or services that consumer don't want to buy |
| shopping good | purchases that satisfy important needs, are of a significant cost, and for which real differences exist between products |
| speciality good | products and services that are so satisfying to consumers that they will not consider buying anything else as a subsitute |
| convenience good | goods that consumers want to purchase as easily as possible. Consumers do not see important differences among product |
| marketing mix | "recipe" for reaching and keeping customer |
| product | what it is we are trying to sell; may be a physical product or a service |
| price | amount product will be sold for |
| place | how and where the customers will be able to buy the product |
| promotion | process used to make potential customers aware of the product |
| general goods | items like flour, sugar, etc. that are all the same |
| brands | goods that are identified by a particular name |
| branding | bringing a product to life |
| line extension | marketinga new product in the same group and associating with it the known brand |
| brand extension | taking a product with a well-developed image and using the same brand name in a different product category |
| Selling price | price for which an item is offered to the customer |
| demand-based pricing | method of pricing that focuses on how much customers are willing to pay for a product |
| competition-based pricing | pricing method that focuses on competitor's prices and aims for slightly more or less |
| cost-based pricing | etting a product's price based on how much it costs to produce the product |
| markup | amount added to the cost to arrive at a selling price that is more than the cost |
| markdown | amount taken away from the retail price to arrive at a reduced price |
