Marketing Management and Pricing Decisions

Vocabulary practice flashcards covering product concepts, product mix decisions, goods classification, lifecycle, packaging, labeling, and pricing decision objectives.

Product

Anything that can be offered by a seller to a buyer in order to satisfy needs or wants, serving as the focal point of marketing.

Core Product

The basic component or primary utility of a product.

Package & Label

Product components designed for protection, importance, and visual appeal.

Core Benefit

The fundamental purpose for which a product is created or purchased.

Generic Product

An unbranded commodity version of a product.

Branded Product

A product assigned a specific company identity.

Differentiated Product

A product level defined by highlighted attributes that distinguish it from competitors.

Customized Product

A product modified to suit individual consumer needs.

Augmented Product

A product with voluntary improvements and features that exceed customer expectations.

Potential Product

A future product incorporating all possible technology and transformations.

Product Mix

The total list of all products offered by a company.

Product Mix Breadth

The number of different product lines offered by a business.

Product Mix Depth

The assortment or variations offered within a single product line.

Product Mix Consistency

Refers to how closely related the different product lines are in production, distribution, or end use.

Product Line

A group of closely related products offered by a seller.

Nondurable Goods (FMCG)

Fast-Moving Consumer Goods consumed quickly or in a few uses, such as soap and food.

Durable Goods

Tangible consumer items that survive multiple uses over a long duration, such as a phone.

Industrial Goods Categories

Goods categorized into Materials & Parts (raw materials, manufactured), Capital Items (installations, equipment), and Supplies & Services.

Product Lifecycle Stages

The four main stages of a product's market journey: Introduction (facing heavy launch costs), Growth, Maturity, and Decline.

Levels of Packaging

The three operational layers of packaging: Primary, Secondary, and Transportation packaging.

Packaging Functions

The core functional duties of packaging: Protective, Appeal, Performance, Convenience (easy to stock or display), and Cost-effectiveness.

Brand Label

A label design specifically intended to popularize the brand.

Grade Label

A label that identifies quality standards or grading levels of a product.

Descriptive Label

A label that explains product features, ingredients, and usage details.

Informative Label

A label designed to maximize details, including potential side effects and safety warnings.

Price

The money value of a product charged to a buyer; it is the only element of the marketing mix that generates revenue.

Profitability Pricing Objectives

Pricing objectives focused on achieving a Target Rate of Return and Profit Maximization.

Market-Related Pricing Objectives

Pricing strategies aimed at preventing competition, maintaining market share, and achieving price stabilization.

Internal Factors Affecting Price

Firm-specific pricing influences including management objectives, product cost, product differentiation, marketing mix, nature of goods, size of organization, and product line progress.

External Factors Affecting Price

Environmental pricing influences including demand & elasticity, buyer behaviors, competition, raw material suppliers, economic conditions, and government regulations.