KSB

PowerSki Jetboard

A watercraft that allows surfing without needing natural waves.

Product

Something that can be marketed to customers because it provides benefits and satisfies a need.

Tangible Good

A physical item that can be touched or held, like an Apple computer.

Intangible Good

A non-physical item that provides value, like support or service promises.

New-to-the-company Product

A product in the market that is new to the company.

Improvement of Existing Product

Enhancing a product that the company already produces.

Extension of Product Line

Adding more products to an existing category within the company.

New-to-the-market Product

A product that has no comparable counterpart in the market.

Entrepreneurial Start-up Characteristics

Innovative, goals include profitability and growth, new opportunities, willing to take risks.

Seth Godin's Purple Cow

A remarkable idea that stands out from the competition.

Commercial Potential

The ability to make money by selling a product.

Time Utility

The benefit of a product being available at a convenient time.

Place Utility

The benefit of a product being available at a convenient location.

Ownership Utility

The value created by transferring a product’s ownership.

Form Utility

The value to consumers from changing the composition of a product.

Industry

A group of businesses competing to market similar products.

Market

A group of buyers or potential buyers sharing a common need.

Niche

A narrowly defined group of potential customers with specific needs.

Market Share

The portion of the market that a company has targeted.

Breakeven Analysis

A method for determining the level of sales at which a company breaks even.

Fixed Costs

Costs that do not change regardless of production levels.

Variable Costs

Costs that vary depending on the quantity of goods sold.

Contribution Margin per Unit

Excess of revenue per unit over variable cost per unit.

Breakeven Point in Units

Number of sales units required for net income to be zero, calculated as fixed costs divided by contribution margin per unit.

Project Team

Individuals from different functional areas assigned to work together in product development.

Product Development Process

A series of activities transforming a product idea into a final product.

Product Concept

A description of how a new product will look and function.

Prototype

A physical model of a new product.

Ramp-up Stage

The stage in product development where training occurs, and new products are tested.

Patent

A grant of exclusive rights to produce or sell a product, process, or invention.

Marketing Definition

The activity of creating, communicating, delivering, and exchanging offerings of value.

Marketing Concept

The philosophy of satisfying customer needs while meeting organizational goals.

Marketing Strategy

A plan for selecting a target market and creating products that satisfy customers.

Demographic Segmentation

Dividing the market based on variables like age and income.

Geographic Segmentation

Dividing a market according to climate, region, and population density.

Behavioral Segmentation

Dividing consumers based on behaviors like usage rates and attitudes.

Psychographic Segmentation

Classifying consumers based on lifestyles, interests, and values.

Four P’s of Marketing

Product, Price, Place, Promotion.

Secondary Data

Information already collected for other purposes used in marketing decisions.

Primary Data

Newly collected information that addresses specific marketing questions.

Private Branding

Products made by a manufacturer and sold to retailers under their own name.

Generic Branding

Products without brand names, only described by their contents.

Manufacturer Branding

Strategy where a manufacturer sells products under its own brand name.

Brand Equity

The value of a brand generated by a favorable consumer experience.

Brand Loyalty

Consumer preference for a particular brand over time.

Packaging

Container that holds a product and influences purchasing decisions.

Labeling

Information on a package that identifies the product and its contents.

Federal Reserve System

The central banking system of the US, regulating the banking industry.

Reserve Requirements

The percentage of deposits banks must hold in reserve.

Discount Rate

The interest rate charged by the Fed to banks borrowing reserves.

Open Market Operations

Buying and selling government securities to influence the money supply.

Securities Markets

Markets that raise capital by issuing and trading stocks and bonds.

Primary Market

Market where new securities are issued to the public.

Secondary Market

Market where previously issued securities are traded.

Insider Trading

Illegal trading based on non-public information for unfair advantage.

Market Indexes

Measures of stock market performance tracking specific groups of stocks.

Valid Contract

A legally enforceable agreement meeting agreement, consideration, capacity, and legality.

Breach of Contract

When a party fails to fulfil its contractual obligations.

Contract Remedies

Legal options available to address a breach of contract.

Monetary Remedies

Financial compensation for losses caused by a breach.

Equitable Remedies

Non-monetary remedies to enforce contract terms.

Specific Performance

A court order requiring a party to fulfill the terms of a contract.

Injunction

A court order to prevent a party from taking a specific action.