Product mix dimensions
How many different product mix dimensions are there?
4
What is one characteristic of effective pricing?
1. Attracts the customer's attention
2. Enforces the idea of "value" for the money.
What is the product life cycle?
The progression of an item through the 4 stages of it's time on the market.
What is the advantage of having a broad product mix?
It promotes one stop shopping.
How does technology affect pricing?
1. It allows data to be easily collected and analyzed.
2. Pricing can also be inputted into the computer cash register system reducing the number of pricing errors at the cash register.
3. Technology makes it much easier to change prices.
What are product policies?
Guidelines related to the production and development of a product.
What is product depth?
The number of items offered within each product line.
What's one example of technology in pricing?
1. Barcodes
2. Scanners
3. UPC's
4. Merchandise tags
What is a promotional plan?
A planning tool by most businesses that helps contribute towards the launch of a new product.
What is product width?
The number of different product lines.
What's the difference between retail and selling price?
Retail is what the company WANTS to charge for an item. Selling price is how much they sold it for.
What is a product recall?
A request from a manufacturer to return a product after the discovery of a safety issue.
What is an example of a company with a broad product mix?
(hint: it's a company in the 3.03 slideshow.)
Nestle
What are the two main factors affecting sale price?
Companies factors and government factors.
What is product positioning?
Process marketers use to determine how to best communicate their products attributes to their target customers.