Product, Price, & Place Vocabulary

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Across
  1. 1. A pricing method based primarily on what the competitors charge. The business makes a decision to price above, below, or at the competitor’s prices.
  2. 3. A working model for a new product for testing purposes.
  3. 7. The group of closely related products within the product mix. For example, a shoe store may sell several different lines of shoes, such as athletic, dress, and casual shoes.
  4. 8. A common measure of profitability for a business. It is based on the amount earned from the investment in the business.
  5. 13. The businesses, people, and activities involved in turning raw materials into products and delivering them to end users.
  6. 15. The path that goods take through the supply chain.
  7. 17. The attribute that makes a product capable of satisfying a need or want. There are four types of utility that add perceived value—place, time, possession, and form.
  8. 18. The activities involved in getting a good or service to the end users. This is also known as distribution.
Down
  1. 2. A pricing technique used by retailers to influence buying decisions. “Buy one get one.” is an example of this.
  2. 4. The amount by which revenue from sales exceeds the costs of making the product and selling it. For example, if a product costs $10 to make and sell and it is priced at $15, the profit margin is $5.
  3. 5. Facts about a good or service. For example, a feature of a tablet computer is the size of its display screen.
  4. 6. The process of deciding which product elements to include that will appeal to the target market. This helps marketers make product decisions to distinguish their products from others.
  5. 9. A promise that a product has a certain quality or will perform in a specific way. A guarantee is similar to a warranty, but is not a written document.
  6. 10. The stages a product goes through from the beginning to the end. The four stages are introduction, growth, maturity, and decline.
  7. 11. All of the goods and services that a business sells.
  8. 12. A name, term, or design that sets a product or business apart from its competitors.
  9. 14. The list price recommended by a manufacturer.
  10. 16. A written document that states the quality of a product with a promise to correct certain problems that might occur.