AP®︎ Business with Personal Finance: Topic 2.4 Flashcards
Master key terms and definitions for Topic 2.4 of AP Business with Personal Finance – Product to help you prep for quizzes and the AP exam.
Product
A good, service, or combination of benefits offered to address a customer problem, need, or want
A good, service, or combination of benefits offered to address a customer problem, need, or want
The process of creating or improving a product through research and iteration
Ideation, validation, design, messaging, production, and launch, typically in that order
Generating ideas for new or improved products through market research, R&D, and brainstorming
Testing a product idea with potential customers to determine whether the problem, solution, and demand are sufficient
A basic but usable product with the minimum features needed to test key market assumptions with potential customers
The condition in which customer demand for a product is sufficient to generate profit
A preliminary model used to explore or test whether and how a product design works
Sourcing inputs, refining prototypes, estimating costs, and determining the product’s functionality, user experience, and attributes
How a product works and what it enables the customer to do
What it is like for a customer to obtain, understand, use, and interact with a product
Creating the product’s overall marketing strategy, including its value proposition and positioning
An explanation of whom a product serves, what problem or need it addresses, and how it is superior to alternatives
A strategy for influencing how potential customers perceive a product relative to rivals and substitutes
Building the product, incorporating design feedback, establishing production and supply-chain processes, and matching output to demand
Taking orders, distributing the final product, and beginning marketing to the target segment
The process of developing an identity for a business or product to distinguish it, raise awareness, and generate loyalty
The identity of a business or product, conveyed through a name, idea, term, symbol, design, or combination of elements
A name, term, symbol, design, or combination used in commerce to legally identify the source of goods or services and protect brand identity
A product that places less emphasis on a distinctive brand identity and is commonly associated with cost savings
The stages a product passes through as demand changes over time: introduction, growth, maturity, and decline
The product-life-cycle stage with a new launch and typically low sales and revenue; marketing emphasizes awareness and initial demand
The stage when sales and revenue grow at an increasing rate and competitors enter; marketing emphasizes differentiation, quality, brand promotion, and advertising
The stage when sales and revenue flatten in a saturated market; marketing emphasizes loyalty, differentiation, lower prices, and innovation
The stage when sales and revenue fall as customers choose rivals or substitutes; businesses cut costs, redesign, narrow focus, or discontinue the product
