Bus x 100 Chapter 14

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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


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