Sports+Marketing+Ch. +5+Vocabulary+Updated+March+2024.docxa

Consumer Goods

Goods purchased and used by the ultimate consumer for personal use.

Point of Difference

A unique product characteristic or benefit that sets it apart from a competitor.

SWOT Analysis

Strengths, Weaknesses, Opportunities, Threats analysis for new product development.

Focus Groups

A panel of consumers discussing opinions about a topic under the guidance of a moderator.

Commercialization

The process involving producing and marketing a new product.

Product Life Cycle

Stages include Introduction, Growth, Maturity, and Decline.

Repositioning

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

Prestige Pricing

Pricing based on consumer perception, often high pricing.

Odd-even Pricing

Pricing goods with either odd or even numbers to match a product's image.

Market Share

The percentage of total sales of all companies selling the same type of product.

Bundle Pricing

Selling several items as a package for a set price.

Price Fixing

Illegal practice where competitors conspire to set the same price.