Marketing

Product is a set of basic attributes assembled in a identifiable form. They may include packing, color, price quality and brand, plus the sellers service and reputation.

Brand is a name or mark intended to identify and differentiate the product on one seller or a group of sellers.

Classification products: *consumer products: Personal consumption by households *Business products: Resale, producing other products and providing services.

Raw materials: Business goods that become part of another product prior to being put in process.

Brand: is a name and/or mark intended to identify the product.

Brand Name: consist of words, letters and/or numbers that can be vocalized.

Brand Mark: part of the brand that appears in the form of a symbol, design or distinctive color or lettering.

Trademark: brand that has been adopted by a seller given legal protection.

Packaging: consists of all the activities of designing and producing the container or wrapper for a product.

Design: One way to satisfy customers and gain a differential advantage.

Universal design: The intent is to design products so they can be easily used by all consumers.

C2C design: “cradle to cradle,” seeks to recycle parts and components as much as possible.

Color: Often is the determining factor in a customer’s acceptance or rejection of a product. Color can be extremely important for packaging as well as for the product itself.

Quality; The set of features and characteristics of a good or service that determine its ability to satisfy needs.

Price competition: A company engaged in price competition by regularly offering product priced as low as possible and typically accompanied by few, if any, services.

Value pricing: This form of price competition aims to improve a products value, it depends on creatively combining all elements of the marketing mix in order to maximize benefits in relation to price and other costs.

Non-price competition: sellers maintain stable prices and attempt to improve their market position by emphasizing other aspects of their marketing programs.

Market-skimming pricing: Setting a relatively high initial price for a new product.

Discount and allowances: They result in a deduction from the base (or list) price. The deduction may be in the form of a reduced price or some other concession, such as free merchandise or advertising allowances.

Quality Discounts: deductions from a seller’s list price intended to encourage customers to buy most of what they need from the seller offering deduction.

Noncumulative discounts: is based on the size of an individual order of one or products

Cumulative discount: is based on the total volume purchased over a specified period.

Trade Discounts are reductions from the list price offered to buyers in payments for marketing functions the buyer will perform.

Cash Discounts is a deduction granted to buyers from paying their bills within a specific time.

One-price strategy: a seller charges the same price to all similar customers who buy identical quantities of a product.

Flexible-price strategy (variable-price strategy): similar customers may pay different prices when buying identical quantities of a product; buyer-seller bargaining often determines the final price. Trade-ins and bargaining are common in automobile retailing.

Odd pricing, another psychological strategy, commonly used in retailing. It set prices at uneven (or odd) amounts.(For example autos priced

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