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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.