| A | B |
|---|
| product item | specific model or size of a product |
| consumer goods | goods purchased and used by the ultimate consumer for personal use |
| business goods | goods purchased by organizations for use in their operations |
| point of difference | a unique product characteristic or benefit that sets it apart from a competitor |
| focus group | a panel of six to ten consumers who discuss opinions about a topic under the guidance of a moderator |
| commercialization | process that involves producing and marketing a new product |
| repositioning | changing a product’s image in relation to a competitor’s image |
| price | the value placed on goods or services being exchanged |
| prestige pricing | pricing based on consumer perception |
| odd-even pricing | pricing goods with either an odd number or even number to match a product’s image |
| target pricing | pricing goods according to what the customer is willing to pay |
| markup | difference between the retail or wholesale price and the cost of an item |
| cost-plus pricing | pricing products by calculating all costs and expenses and adding desired profit |
| non-price competition | competition between businesses based on quality, service, and relationships |
| market share | the percentage of the total sales of all companies that sell the same type of product |
| price lining | selling all goods in a product line at specific price points |
| bundle pricing | selling several items as a package for a set price |
| loss-leader pricing | pricing an item at cost or below cost to draw customers into the store |
| yield-management pricing | pricing items at different prices to maximize revenue when limited capacity is involved |
| price fixing | an illegal practice whereby competitors conspire to set the same price |
