Introduction to Business Chapter 14 Developing and Pricing Goods and Services
Product of life cycle four stages
1. introduction 2. growth 3. maturity 4. decline
The acronym used to describe industrial goods sold from one business to another is ___.
B2B
True or False: Companies can use packaging to change and improve their product.
True
True or False: Value means that customers perceive a product as a good quality at a fair price.
True
Business to business, or B2B, is another name for:
an industrial good
A ___ is a name, symbol, or design that identifies the goods or services of one seller or group of sellers.
brand
Industrial goods are sometimes called ___ goods.
business
Product differentiation is used to ___.
call attention to product differences that appeal to the preferences of the target market
The best way to ___ is to design and promote products that consumers perceive as having greater value than the competition.
compete
Products in the same product line will tend to face similar ___.
competition
Cost-based
costs of production plus a margin of profit to determine price
The best way to compete is to ___.
design and promote products that have greater value for consumers
Demand-based (target costing)
estimate the price people will pay and design a product that will satisfy customers and meet profit margins
products in the same product line usually ___.
face similar competition
A ___, symbol, or design that identifies the goods or services of one seller or group of sellers is called a brand.
name
specialty
no substitute will do orthopedic surgeons
Changes or improvements to a product can sometimes be accomplished through ___.
packaging
Cost-based, demand-based, and competition-based are three major approaches to ___ strategy.
pricing
Cost-based, demand-based, and competition-based are considered three major approaches to:
pricing strategy
Many companies have used packaging to change and improve their basic ___.
product
A firm offering groups of goods and services intended for a similar market is offering a ___ ___ instead of focusing on just one good or service.
product line
A group of products that are physically similar or are intended for a similar market are referred to as a ___ ___.
product line
The combination of product lines offered by a manufacture is called the ___ ___.
product mix
When a firm offers more than one product line, it i said to be offering a ___ ___.
product mix
The creation of real or perceived product differences is called ___.
product differentiation
convenience
purchased often with little thought milk
Competition-based
set the price at, above, or below the competition
shopping
time spent on comparison to substitutes washing machines
Everything that consumers evaluate when deciding whether to buy something is referred to as the ___ ___ ___.
total product offer
A brand that has exclusive legal protection for both brand name and its design is called a ___.
trademark
unsought
unaware of product or not looking for it burial services
Good quality at a fair price is the definition of ___.
value
When customers calculate ___, they look at the benefits and then subtract the costs to see if the benefits exceed the costs.
value