Business 101 exam 3 study guide
specialty products - ANS-a product that certain customers will actively seek to purchase
because of its unique characteristics or loyalty to a brand (j's)
price skimming - ANS-charging the highest possible price that buyers who want the
product will pay
penetration price - ANS-charging a low price to hep a product enter the market and gain
shares rapidly
psychological price - ANS-encouraging purchases based on emotional rather than
rational responses to the price
ex: $9.99 instead of $10.00
prestige price - ANS-refers to the practice of setting a high price for a product
throughout its entire life cycle
distribution system - ANS-making products available to customers in the quantities
desired
marketing mix (4 p's) - ANS-product
price
distribution
promotion
re-saler - ANS-a company or individual (merchant) who buys products with the intention
of selling them rather than consuming or using them
wholesaler - ANS-intermediaries who buy from producers or from other wholesalers and
sale to retailers
producer - ANS-person, company, or country that grows or supplies products or
services
accounting - ANS-the recording, measurement, and interpretation of financial info
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