Chapter 14

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Industrial goods

(B2B goods): products used in production of other products

Variable Costs

A cost that changes in proportion to a change in a company's production activity or business

Product mix

Combination of all product lines offered by manufacturer

Bundling

Combine g/s for a single price

Total fixed costs

Cost of production tha does not change with quantity produced

Product differentiation

Creation of real of percieved product differences

Skimming price strategy

Marketer initially sets high price for a product and then lowers the price over time

Target costing

Product costing method in which final product cost is determined after market analysis

Convenience goods and services

Products and consumer wants to purchase frequently and with minimum effort

Value

Want-satisfying ability

Competition based pricing strategy

Benchmark of another product is used to set the price of a product rather than considering the costs of the seller's own production

Dealer (private label) brands

Brand name placed on products that a large manufacturer has created for a retailer

Brand Equity

Commercial value derived from name recognition a brand earns over time

Shopping goods and services

Consumer goods that require some evaluation and are compared for featrues, quality and price before purchase

Brand Loyalty

Degree to which customers are satisfied, like the brand, and are committed to further purchases

Brand Association

Degree to which the consumer is able to connect to a product category or brand

Brand Manager

Direct responsibility for one brand or product line, and managers all the elements of marketing mix: product, price, place promotion

Total product offer

Everything consumers evaluate when deciding whether to buy something

Brand Awareness

Extent to which a brand is recognized and recalled by customers

Product line

Group of products physically similar or intended for similar market

Knock off brands

Illegal copies of national brand-name goods

Penetration pricing strategy

Low prices attract more buyers and discourage other companies from making sets because profits are slim

Product analysis

Make cost estimates and sales forecasts to get feel for profitability of new product ideas

Break even analysis

Mathematical relationship between costs and sales revenue

Product life cycle

Model depicts what happens to sales and profits for a product or product category over time

Brand

Name, symbol or design that identifies the g/s of one seller or group of sellers and distinguishes them from the g/s of competitors

Generic goods

Nonbrand products that usually sell at sizable discount compared to national or private label brands

Psychological pricing

Price g/s at price points that make product appear less expensive than it is

Concept testing

Process in which a new product is analyzed using computers or full-sized models

Unsought goods and services

Products consumers unaware of, haven't thought of buying, or suddenly find they need to solve an unexpected problem

Specialty goods and services

Products for which customers have strong preference and put forth extra effort and search extensively to purchase

Commercialization

Promote product to distributors and retailers to get wide distribution, develop strong advertising and sales campaigns to generate and maintain interest in product among distributors and consumers

Product screening

Reduce number of new product ideas a firm is working on so it can focus on most promising

High-low pricing strategy

Regular prices higher than stores using EDLP but lower with special sales

Everyday low price (EDLP)

Set prices lower than competitors and don't have special sales

Price leadership

Strategy where firms set pricing practices all competitors in an industry follow

Trademark

Symbol or words legally established to identify and distinguish a company or product


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