3. 
Consumer product : Any tangible product used for personal, family,
and household non-business purposes.

Industrial Product: A product for use in industry and business, rather
than by people for their own use.

Product attributes: Characteristics of a raw material or finished good
which make it distinct from other products. Attributes include
size, color, functionality, components and features that affect
the product's appeal or acceptance in the market.

4. Brand: A distinguishing symbol, mark, logo, name, word, sentence or a
combination of these items that companies use to distinguish their product
from others in the market.
Packaging : All activities of designing & producing the container for a
product. Many call it the 5 th P, due to its importance. Best example: Tetra
Pak.
Product Line:
A group of related products manufactured by a single company. For example,
a cosmetic company's makeup product line might include foundation,
concealer, powder, blush, eyeliner, eye shadow, mascara and lipstick products
that are all closely related.

5. 
Product depth: The amount of sub-products offered by a business within a
particular line of products. Increasing a company's product depth can involve
adding new, related products to an existing product line or increasing the number
of varieties of a particular product offered.

Price: The sum or amount of money at which a thing is valued, or the value which
a seller sets on his goods in market; that for which something is bought or sold, or
offered for sale; equivalent in money or other means of exchange; current value
or rate paid or demanded in market or in barter; cost.

6. 
Importance of pricing: Given that no business can make a sale without first
setting a price, the importance of price is self-evident. However, the process of
setting an adequate price is not an exact science.
Factors to be considered when setting price :
• Marketing objectives
• Marketing mix strategy
• Cost
• Organizational considerations etc.

7. 
Value Based Pricing: is a pricing method where we would work out the total benefit to
the customer of our product or service…and then base our price on the benefit the
customer receives.

Cost based pricing: A pricing method in which a fixed sum or a percentage of the total
cost is added (as income or profit) to the cost of the product to arrive at its selling price.

Steps in pricing :1. Identify pricing objectives and constraints; 2. estimate demand and
revenue; 3. determine cost, volume, and profit relationships; 4. select an approximate
price level; 5. set list or quoted price; 6. make special adjustments to list or quoted price

8. 
Price skimming: is a business technique which involves charging a high price for a
product when it is released initially, and gradually lowering the price over time. The
goal of this practice is to ensure that the price matches consumer willingness to
pay, generating profits for the company both over time and in the short term.

Penetration pricing: is a marketing strategy that involves the use of
highly competitive pricing to introduce a new product to consumers, or to
introduce an older product into a new market. The idea behind this type of pricing
technique is to entice consumers to try the product, find they like it, and increase
their desire to keep using the product.

9. 
Product line pricing :
The process used by retailers of separating goods into cost categories
in order to create various quality levels in the minds of consumers. Effective product line
pricing by a business will usually involve putting sufficient price gaps between categories
to inform prospective buyers of quality differentials. Also called price lining.
Discounts: discounts are incentives offered to customers, usually as a means of attracting
repeat business from those customers. While the implementation of some type of
discount on price will vary from one situation to another, the basic idea is to provide
customers with a sense of receiving some type of additional value by not having to pay the
standard or published price for goods and services.