| A | B |
|---|
| product mix | total assorted features |
| product extentions | items added to a product to make it more attractive |
| product enhancements | features added to the basic product that satisfy additional needs and wants with the same purchase |
| product line | group or similar products with slight variations to satisfy different needs of consumers |
| brand | name, symbol, word, or design or combination of elements that identifies a product |
| trademark | legal protection of words and symbols used by a company |
| licensed brand | well known name or symbol |
| blue chip atheletes | excellent athletes that are good on and off the field |
| NCAA | voluntary organization through which the nations colleges and universities govern athletics |
| fringe benefits | incentives recieved in addition to a base salaryy |
| customizing | changing a product to fit thr needs of a particular market |
| impromptu | spontaneous and changing |
| tiering | sports channels offered outside the basic package |
| product life cycle | introduction, growth, maurity and decline |
| skimming price strategy | introduces new products at a high price |
| penetration price strategy | low pricing to capture a market early |
| price | the amount customers pay for a product |
| bundle pricing | selling several products as a package for a set price |
| group packages | offer special ticket prices to members of a group when tickets are purchased in large quantities |
| prestige pricing | setting a higher than average price to target customers seeking status and high quality |
| loss leader pricing | pricing an item at cost or below to create customer traffic |
| psychological pricing | creates an illusion for customers |
| odd even | is a psychological pricing strategy in which goods or services are given either an odd number or an even number to match the product's image |
| product | is whatever a business offers |
| tangible products | physical goods that offer benefits to customers |
| intangible products | nonphysical products, also called services |
| viewing | an intangible service such as watching sporting events |
| goal of pricing | to set a price high enough to cover the cost of doing business and allow for a profit |
| point of difference | term used to describe the difference between the product and services offered by different organizations |
| differentiation | to set a product apart from other similar products in order to attract customers |
| positioning | refers to the image of the product in the mind of the consumer |
| repositioning | occurs when the business attempts to change the product's image in relation to a competitors image |
| introduction | the first step of the product life cycle where the product is new and a novelty. This is the least profitable stage. |
| growth | during the growth stage of the product life cycle the sales and profit increase due to increase in popularity |
| maturity | the stage of the product life cycle where the profits and sales peak |
| decline | the stage in which the product's sales and profits fall. |
| focus group | a small number of people brought together to discuss elements of an issue or problem. |
