Exam 3 principles of marketing

A name, term, sign, symbol, or design, or a combination of these, that identifies the products or services of one seller or group of sellers and differentiates them from those of competitors.

brand

bruno servers has decided to decrease its prices on its popular higher range servers the company can reasonably expect __________ to increase

demand

companies that set a low price for a new product in order to attract a large number of buyers and a large market share are using the _________

market penetration pricing

when a company sets price a high price for a new product with the intention of reducing the price in the future it is using the ____________ pricing strategy

market skimming

The convenience product marketing strategy includes:

wide distribution of the product

noticing that themed envelopes arent selling well charles payton decides to offer customer a special letter writing kit witch comprises letter paper matching envelopes and pens at 5 even though the combined prices of the individual items is 8 this is an example of

bundle pricing

Middleton has developed the Flybar 1200, an extreme pogo stick that propels users more than five feet into the air. During the _____ stage of its new-product development process, a group was assigned the task of estimating preliminary demand for the product, costs (including issues with liability), s

business analysis

Using ________ pricing, companies are able to turn their trash into cash, allowing them to make the price of their main product more competitive.

by-product pricing

Multiprint, a printer manufacturing firm, sells ink cartridges for each of its specific models. Only Multiprint cartridges are compatible with Multiprint printers, and no two models share the same specifications. Multiprint uses this type of pricing.

captive product pricing

After Mattel evaluated many new products to add to its Barbie product line and before any prototype was created, the toy manufacturer instructed a committee to select three of the ideas to present to a group of consumers. The consumer group was asked to evaluate the three product ideas in terms of their marketability. This stage of new-product development is called:

concept testing

The most important source for new product ideas.

consumers

An old brand that has begun a new life as a small lifestyle brand.

converse

This sets the ceiling for product prices

customer perceptions of the perceptions of the products value

__________ pricing uses buyers perceptions of value as the key to pricing

customer value-based

Big Mike's Health Food Store sells nutritional energy foods. The price of the products sold varies according to individual customer accounts and situations. For example, long-time customers receive discounts. This strategy is an example of ________.

dynamic pricing

This product mix pricing strategy involves pricing additional or accessory products sold along with the main product.

optional product pricing

a company must pay each months bills for rent heat interest and executive salaries regardless of the company's level of output this exemplifies its ________ costs

overhead

When ____________________, the marketer should establish a mission for the brand and a vision of what the brand must be and do.

positioning a brand

this sets the floor for product prices

product cost

The Procter & Gamble Company is a major producer of bar soaps. In fact, Procter & Gamble produces Ivory, Camay, Lava, Safeguard, Zest, and Coast bar soaps that all claim a variety of benefits. These products are part of Procter & Gamble's __________ in bar soaps.

product line

This product mix pricing strategy involves setting prices across an entire product range based on cost differences between the products, customer evaluations of different features, and competitors' prices.

product line pricing

Apple, Inc. makes cell phones, tablets, and computers. These different types of products are referred to as Apple's:

product mix

Low-interest financing and longer warranties are both examples of ________ pricing.

promotional

A supermarket places its store brand of blackberry jam priced at $5 per jar in the fruit preserves aisle, alongside the jam jars of a better known brand—whose products are priced at $8 apiece. Store managers reason that customers are more likely to choose the store brand instead of the better-known brand when they realize the price difference. This price adjustment strategy is evident in the supermarket's reasoning.

psychological pricing

This term refers to prices that buyers carry in their minds and check with when they look at a given product.

reference prices

The New Age Gallery has three admission prices for students, adults, and seniors, even though all three groups are entitled to the same services. This form of pricing is called ________ pricing.

segmented pricing

companies set not a single price, but a pricing ___________ that covers different items in its line and changes over time as products move through their life cycles

structure

In order to take advantage of a current trend or market development, companies release products quickly to the market and skip this step.

test marketing