PRODUCT DECA Vocab

Bait and switch

a product that is advertised at a great price is "out of stock" when customers want to purchase it, and the salesperson then tries to sell customer a higher-priced alternative.

Comparative advantage

the capability to produce products or services more efficiently and economically than the competition.

Customizing

changing a product to fit the needs or wants of a particular market

Distribution

The locations and methods used to make products available to customers

Docking station

A hardware device that connects a laptop or mobile device to multiple external peripherals

Economics

the study of how goods and services are produced, distributed, and consumed

Economic utility

the amount of satisfaction a person receives from the consumption of a particular product or service

Endorsement

a person's public expression of approval or support for a product or service

Form utility

when the physical characteristics of a product or service are improved

Forecast

a report developed to predict the expenses to be incurred and revenues to be received from an event

Industry

A group of organizations involved in producing or handling the same product or type of services

Law of Demand

inverse relationship between the price of a product and consumer demand for it- when the price goes up and demand goes down, and when the price goes down and demand goes up

Leads

names of prospective customers who have shown interest in the product or service and or meet the definition of the target market

Off Season

season of the year during which demand for a product is the lowest

One-price policy

All customers pay the same price for a product, such as a concert, football game, or running shoes

Patronage Purchases

Purchases based on loyalty to a particular brand or product

Place utility

ensures that the product or service is available where the consumer wants it

Positioning

used by a company to differentiate its products or services from its competitors' products or services

Possession Utility

results from making the product or service available at an affordable price

Price lines

distinct categories of merchandise based upon price, quality, and features

Price points

the range of prices charged for a category of merchandise

Producers

business that use resources to develop products and services

Product

what a business offers customers to satisfy needs

Product enhancements

features added to the basic product that satisfy additional needs and wants with the same purchase

Product extensions

items added to a product to make it more attractive to the target market, including guarantees, warranties, and instructional information

Product life cycle

four stages of a product including: introduction, growth, maturity, and decline

Product line

a group of similar products with slight variations to satisfy the different needs of consumers

Product Mix

a new product's final form and its total assorted features, including the brand name, the various products offered under the brand, and the packaging

Product Placement

a product is integrated into the plot of a movie or television show

Product Portfolio

all the products a company has available for customers at any one time

Product usage

reflects what products you use and how often

Productivity

the rate at which companies produce goods or services in relation to the amount of materials and number of employees utilized

Product/service management

Designing, developing, maintaining, improving, and acquiring products or services for the purpose of meeting customer needs and wants

Prosperity

period in the business cycle that occurs after businesses are encouraged to add staff and increase production during the recovery stage

Rebates

coupons on products that customers can mail in for a refund

Scarcity

limited resources available to use in the production of products and event

Selling

any direct and personal communication with customers to assess and satisfy their needs with products or services

Skimming price strategy

introduces new products at a very high price

Suggestion Selling

salespeople ask customers if they want to purchase related products

Supply

the relationship between the quantity of a product that producers are willing and able to provide and the price

Test Marketing

the sales potential for a new product is tried in a regional, or otherwise small, market prior to its final release Nationwide and or worldwide

Ticket brokers

registered business that legally buy and sell tickets to a variety of entertainment events and guarantee ticket authenticity

Time utility

the result of making the product or service available when the consumer wants it

Trade Shows

major events where people in a related industry meet to show their products, exchange ideas, and learn about the latest trends

Volume pricing

discounted pricing a business receives from its suppliers due to the large volume of merchandise it purchases