The amount of money the customer is willing to pay for a product
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Cost
Money that the business pays out e.g. wages, money paid to suppliers
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Industrial Goods
These are goods bought by a company and used in the making or providing of other goods and services. e.g. machinery
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Consumer Goods
These are produced for the use of the public. e.g. iphone
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B2B - Business 2 Business
Exchange of products and services between businesses.
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Durable Goods
These last for a long time. Most Capital Goods are durable, as well as many consumer goods.
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Non-Durable Goods
These products do not last long, this doesn't mean they break easily
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Good
Goods are items that are tangible, such as pens, salt, shoes, hats and folders.
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Service
Services are activities provided by other people, such as doctors, lawn care workers, dentists, barbers, waiters, or online servers.
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Tangible Goods
Tangible goods are physical products defined by the ability to be touched.
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Intangible Goods
Intangible goods are physical products defined by the ability to be touched.
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Market Segmentation
This means dividing customers within a market into smaller groups with common needs or wants, then finding a product or service that fulfils their needs or wants.
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Market Share
The share of the total market that is owned by a particular business, product or brand.
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Prototype
It is a sample of a new product that needs to be tested
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Other cards in this set
Card 2
Front
Money that the business pays out e.g. wages, money paid to suppliers
Back
Cost
Card 3
Front
These are goods bought by a company and used in the making or providing of other goods and services. e.g. machinery
Back
Card 4
Front
These are produced for the use of the public. e.g. iphone
Back
Card 5
Front
Exchange of products and services between businesses.
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