| A | B |
|---|
| bartering | exchanging goods or services for other goods or services instead of money |
| cost | how much a business pays to create a product, the total of fixed and variable costs |
| markdown | reducing the price of an item for a short time; another word for sale |
| market skimming | new product pricing strategy designed to get as much revenue as possible from a small number of buyers |
| premium product | refers to products that cost a lot to make, are rare, or are in high demand |
| price | the amount a consumer pays for a product or service |
| actual product | the physical product or the service a consumer gets when buying a product |
| augmented product | extra value that comes as part of an actual product |
| brand | the name or symbol that identifies the company that makes a particular product |
| Convenience Product | product a consumer does not spend a lot of time or effort choosing |
| Core Product | the main benefit the consumer gets from buying a product |
| Emergency Product | a convenience product a consumer buys for unexpected needs |
| Homogeneous | refers to shopping products with similar level of quality and/or features |
| Impulse Product | a convenience product a consumer buys without much thought |
| Label | text or graphic information about a product, found on product packaging |
| Packaging | material that surrounds a physical product |
| Product | anything offered to consumers in a market to satisfy a want or need |
| Prototype | a model of a final product |
| Shopping Product | a product a consumer will spend a lot of time researching |
| Staple | a convenience product a consumer regularly buys and uses |
| Unsought Product | a product a consumer either doesn’t know about or doesn’t think about |
| inseparable | the use of a service the moment it is produced |
| intangible | a product that is not able to be touched or held |
| perishable | the fact that a service cannot be held for the future or used again |
| service | actions performed by a professional or group of professionals |
| variable | the fact that the quality of a service depends on the situation |
| Inseparable | the use of a service the moment it is produced |
| Intangible | a product that is not able to be touched or held |
| Perishable | the fact that a service cannot be held for the future or used again |
| service | actions performed by a professional or group of professionals |
| variable | the fact that the quality of a service depends on the situation |
| Primary Packaging | is packaging that a consumer uses, like the bottle that hand lotion comes in or the cup that holds yogurt |
| Secondary Packaging | packaging that consumers don’t use and typically throw away or recycle |
| Product Label | is a key aspect of product packaging, because it provides text and/or graphic information about the product—name, brand, logo, size, ingredients or content |
