Business Glossary – Categorize S
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- Service/Product Mix – this business, while involving both service and product, is distinct in that the quality of the service is often more important than the product received. Examples of this type of service would be: fast food, catering, telephone, etc.
- Self-Service Retail Sales Method – selling from a sales outlet directly to the end user, usually at prices lower than full retail price. There are usually no sales personnel to explain the purpose and value of the product or service.
- Service Goods – goods viewed by the consumer as competitive products offering a standard “service” and are basically similar, so they will “shop” to get the best price. This would include such products as lawnmowers, refrigerators, television sets, automobiles, etc.
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- Skimming Pricing Strategy – if you desire quick cash and have minimal desires for significant market penetration and control, then you set your prices very high (this is sometimes called “skimming”).
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- Sole Proprietorship – an enterprise that is owned by a single individual.
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- Specialty Goods – goods that appeal to a large segment of the buying public and are considered “special” enough that the consumer will specifically ask for the product. For instance, if you invented a cigarette that tasted good and was also proven to be good for your health, people would probably ask for the “healthy cigarette” (even if they didn’t know the name). The type of product is not the issue, but rather whether the product is “special” enough that the consumers will “seek it out.”
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- Strategic Relationships – an agreement between two or more enterprises to conduct specified business processes in a joint manner. Usually related to technology development and/or marketing and distribution efforts.
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- Supplies Goods – production support products that will not become a part of the purchaser’s end product. Examples are drill bits, machine lubricants, wiping rags, etching chemicals, pencils, paper, paper clips, etc.
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