Bus x 100 Chapter 14
Packaging serves several critical functions in the overall success of a product. Some of these functions are
-Attracting the buyer's attention -Explaining the benefits of what's inside -Giving a potential buyer a sense of price, value, and uses.
A dealer brand may also be called a:
-distributor brand -private label -house brand
A benefit for sellers who sell products with brand names is that it:
-facilitates new product introduction -adds to repeat purchases
Value enhancers for a washing machine would include the
-free installation and delivery -warranties -brand name
1. Skimming 2. Penetration 3. Everyday low (EDLP) 4. High-low
1. Products priced high to maximize profit when there is little competition 2. Products priced low to attract many customers 3. Setting prices lower than competitors without having special sales 4. Setting prices higher than EDLP while having many special sales
1. Convenience 2.Shopping 3. Specialty 4. Unsought
1. Purchased often with little thought 2.Time spent on comparison to substitutes 3.No substitute will do 4. Unaware of product or not looking for it
1. Target Return on Investment or Profit 2. Building Traffic 3. Achieve Greater Market Share 4. Create an Image 5. Further Social Objective
1. making a profit by providing goods and services to others 2. advertising certain products at or below costs to attract people in the store 3. offering low prices and lower financing rates low lease rates or rebates 4.$ ^ to create the perception of inclusivity 5. pricing products low so people with < money can afford them
1. Convenience 2. Shopping 3. Specialty 4. Unsought
1. milk 2. washing machines 3. orthopedic surgeons 4. burial services
Marketers face questions in determining a pricing strategy for new products. On one hand they can price low to try to capture market share quickly using a _______ strategy. On the other hand they can price high to try to boost profits and recoup their development costs with a strategy.______
1. penetration 2. skimming
A computer kept at home for personal use is considered a(n) _______ good, whereas the same computer purchased for use in a business office is considered a(n) ________ good
1. personal or consumer 2. business or industrial
1. Product Line 2. Product Mix
1.Coke, Diet Coke, Vanilla Coke, Coke with Lemon 2.ATM machine, online banking, safe deposit box, savings accounts
Which item below represents a product line?
Coca Cola offering Cherry Coke and Diet Coke
When airlines charge higher prices for seats in the Economy section Exit rows that have more leg room, they are using which pricing strategy:
Demand-oriented
When opening a bag of potato chips the bag is much larger than what is inside. The reason for this most likely has to do with which function of packaging.
To protect the goods inside
True or false: In order to be able to keep product prices at a steady state while costs are increasing and maintain profitability, marketers often package products so that the amount or the number to the consumer is less
True
For the buyer, a benefit of purchasing a brand name is that it:
adds prestige to purchases
A name, symbol, or design that identifies the goods or services of one seller or group of sellers is called a
brand
The value of the brand name and associated symbols is referred to as __________ ___________.
brand equity
Direct responsibility for all aspects of a product line or a brand including the marketing mix is the role of the ____ _______.
brand manager
An important tool used to determine price and profitability at different levels of production is
break-even analysis
Determining profitability at various levels of sales is called:
break-even analysis
The point where revenues from sales equal all costs is called the:
break-even point
A brand name ensures quality, reduces search time, and adds prestige to purchases for the ______.
buyer, consumer, or customer
A product that could be both a consumer product or industrial product depending on its use is a
computer
The Kenmore brand sold by Sears is an example of a ______ brand.
dealer or house
The pricing strategy in use when a firm prices products based on consumer demand is called:
demand-oriented
Brand ____ , is the value of the brand name and associated symbols.
equity
Products in the same product line usually
face similar competition
Another name for a dealer brand or private label brand is a ___ ___.
house brand
Select the stages of the Product Life Cycle in order from earliest to latest.
introduction, growth, maturity, decline
A brand manager manages all elements of a product line or the brand's ____ _____.
marketing mix
A company's product ______ is the combination of all product _______ it offers
mix, lines
A ________ , symbol, or design that identifies the goods or services of one seller or group of sellers is called a brand.
name
A firm offering groups of goods or 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 manufacturer is called the _____ _____.
product mix
When a firm offers more than one product line, it is said to be offering a _____ _____.
product mix
For the _______ , brand names facilitate new product introductions, help promotional efforts, and add to repeat purchases.
seller
A product mix is _____.
the combination of all product lines a company offers
Everything that consumers evaluate when deciding whether to buy something is referred to as the
total product offer
Everything that consumers evaluate when deciding whether to buy something is referred to as the _____ ______ _____.
total product offer
True or false: Value means that customers perceive a product as a good quality at a fair price.
true
Creating a mix of pricing, advertising, and packaging to create a unique and attractive image for a product is an example of using _________ ____________.
value enhancers
