Product, Price, and Place

This set of flashcards covers key terms and definitions related to product, price, and place in business.

intangible

Something that cannot be touched.

loss leader

Pricing an item much lower than the current market price or the cost of acquiring the product.

base price

The general price at which the company expects to sell the product.

price floor

The minimum price set by the government for certain goods and services that it thinks are being priced too low.

warranty

A written document that states the quality of a product with a promise to correct certain problems that might occur.

markup

The amount added to the cost to determine the selling price.

guarantee

A promise that a product has a certain quality or will perform in a certain way.

e-tailers

Retailers that sell products through websites.

supply chain

The businesses, people, and activities involved in turning raw materials into products and delivering them to end users.

quality

An indicator of a product's excellence.