Chapter 5: Product and Price Decisions

These flashcards cover key vocabulary concepts from Chapter 5 regarding product and price decisions in sports marketing.

Product Item

A specific model or size of a product.

Product Line

The entire group of a manufacturer’s athletic shoes.

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.

SWOT Analysis

An assessment of strengths, weaknesses, opportunities, and threats related to a new product.

Idea Generation

The process of generating new ideas for products.

Commercialization

The process of producing and marketing a new product.

Product Life Cycle

The progression of a product through introduction, growth, maturity, and decline stages.

Repositioning

Changing a product’s image in relation to a competitor’s image.

Prestige Pricing

Pricing based on consumer perception of the product's quality.

Odd-Even Pricing

Pricing goods with an odd or even number to match a product’s image.

Target Pricing

Pricing goods according to what the customer is willing to pay.

Markup

The difference between the retail or wholesale price and the cost of an item.

Cost-Plus Pricing

Calculating all costs and expenses and adding desired profit to arrive at a price.