Ch 7: Product Strategy
Ch 9: Pricing Strategy
Ch 12: Advertising & PR
100
Products that a consumer usually buys frequently, immediately, and with a minimum amount of comparison.
What is a CONVENIENCE PRODUCT?
100
The amount of money charged for a product or service.
What is a PRICE?
100
This is the function of a company that builds good relations with the company's various publics by obtaining favorable publicity, building up a good "corporate image" and handling unfavorable rumors, stories, and events.
What is PUBLIC RELATIONS?
200
These types of products are bought less frequently, are available at fewer locations, and are generally compared to other products in its category.
What are SHOPPING PRODUCTS?
200
With this pricing strategy, a company tries to determine the price at which the company's revenue equals its cost.
What is BREAK-EVEN PRICING?
200
When a celebrity or ordinary person is used in a commercial, this type of message execution is being used.
What is TESTIMONIAL?
300
DOUBLE JEOPARDY QUESTION! (Worth $600) Using an existing brand name to launch a product in a new product category.
What is a BRAND EXTENSION?
300
This is adding a standard mark-up to the cost of a product.
What is COST-PLUS PRICING?
300
This advertising objective keeps consumers thinking about a product.
What is REMINDER ADVERTISING?
400
The practice of using the established brand names from two different companies on the same product.
What is CO-BRANDING?
400
The pricing of accessory products along with the main product.
What is OPTIONAL-PRODUCT PRICING?
400
DAILY DOUBLE! (Worth $800) This type of message execution uses "evidence" in advertising that proves the brand is superior.
What is SCIENTIFIC EVIDENCE?
500
This is a brand created and owned by the reseller of a product or service.
What is a PRIVATE BRAND?
500
DAILY DOUBLE! (Worth $1,000) Setting a high price for a new product where the company makes fewer but more profitable sales per unit sold.
What is MARKET-SKIMMING PRICING?
500
Name three functions of public relations.
1. Press relations or press agency 2. Product publicity 3. Public affairs 4. Lobbying 5. Investor Relations 6. Development
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