Chapter 11
Chapter 14
Chapter 15
Mixed
100
Marketers convert core customer value into an _______ _______.The associated services also referred to as the _______ _________, include the non-physical aspects of the product, such as product warranties, financing, product support, and after-sale service.
Marketers convert core customer value into an actual product. The associated services also referred to as the augmented product, include the non-physical aspects of the product, such as product warranties, financing, product support, and after-sale service.
100
Provides value by reducing consumers’ search costs.
EDLP
100
Firm colludes with other firms to control prices
Price Fixing
100
_____ _____ Vary with production volume.
_____ _____ Unaffected by production volume.
Variable Costs: vary with production volume.
Fixed Costs: unaffected by production volume.
Total Cost: sum of variable and fixed costs.
200
A product is anything that is of value to a consumer and can be offered through a _________ _________ _________.
A product is anything that is of value to a consumer and can be offered through a voluntary marketing exchange.
200
___________ is when UPS increases it NDA rates, FDX and DHL follow with a similar increase.
Competitive parity pricing is when UPS increases it NDA rates, FDX and DHL follow with a similar increase.
200
With an ____________ strategy, companies stress the continuity of their retail prices at a level somewhere between the regular, nonsale price and the deep discount sale prices their competitors may offer.
With an everyday low pricing (EDLP) strategy, companies stress the continuity of their retail prices at a level somewhere between the regular, nonsale price and the deep discount sale prices their competitors may offer.
200
This new product pricing strategy sets a premium price during the introduction phase.
Price skimming sets a premium price during the introduction phase.
300
Brand _________ measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
Brand awareness measures how many consumers in a market are familiar with the brand and what it stands for and have an opinion about it.
300
The_______________is when the number of units sold generates enough revenue to offset the total costs.
The break-even point is when the number of units sold generates enough revenue to offset the total costs.
300
This new product pricing strategy helps firms build market share for their new products quickly, but consumers must be price elastic for this strategy to work.
Penetration pricing helps firms build market share for their new products quickly, but consumers must be price elastic for this strategy to work.
300
_____________ are associated items that consumers tend to use together or think of as part of a group.
Product lines are associated items that consumers tend to use together or think of as part of a group
400
__________ : Same brand name in different product line.
___________: Same brand name in the same product line.
Brand extension: Same brand name in different product line.
Line extension: Same brand name in the same product line.
400
Demand is _____ when demand is sensitive to price.
Demand is _____ when demand is insensitive to price.
Demand is elastic when demand is sensitive to price.
Demand is inelastic when demand is insensitive to price.
400
Using a _______ _______ _____ firms may set their prices to reflect the way they want consumers to interpret their own prices relative to competitors’ offerings.
Using a competition-based pricing method, firms may set their prices to reflect the way they want consumers to interpret their own prices relative to competitors’ offerings.
400
_____ _____ __ _____ measures how changes in a price affect the quantity of the product demanded. Specifically, it is the ratio of the percentage change in quantity demanded to the percentage change in price.
Price elasticity of demand measures how changes in a price affect the quantity of the product demanded. Specifically, it is the ratio of the percentage change in quantity demanded to the percentage change in price.
500
A firm’s product mix _________ represents a count of the number of product lines offered by the firm. Product line ________ , in contrast, equals the number of products within a product line.
A firm’s product mix breadth represents a count of the number of product lines offered by the firm. Product line depth, in contrast, equals the number of products within a product line.
500
___ ______occurs when a large number of sellers offer standardized products or commodities that consumers perceive as substitutable
Pure competition – occurs when a large number of sellers offer standardized products or commodities that consumers perceive as substitutable
500
Three different methods that can help develop pricing strategies
500
_____ _____ – occurs when there are many firms competing for customers in a given market but their products are differentiated.
Monopolistic competition – occurs when there are many firms competing for customers in a given market but their products are differentiated.