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Terms in this set (58)
All fixed and variable costs for the product
Before a company can establish the breakeven point for a product, what must be determined?
Goods consumed on a regular basis that tend to be an expensive are___goods.
Restaurants that offer consumers speed and limited menus are a type of___.
How can an organization determine when total costs equal total revenue?
It is this person's job to buy products that will be used to produce other products
Convenience goods, shopping goods, and specialty goods
What are the three categories of consumer products?
Setting a limited number of prices for certain categories of products.
What type of pricing model do firms use when they consider how much profit they want to make with regard to operating costs?
Steps 1 and 5: service ideas and service process design
Of the seven-step process for developing services what two steps differentiate the services development process?
Speed to market
General term for the end user who buys products
What items does an organization purchase that will be used within the year for the purpose of producing other products?
Production, expense, and capital
What are the three categories of industrial products?
What is the fifth step of the seven-step development process?
Product placement, viral marketing, and social networking are all less expensive ways to create_____.
The percentage of consumers who buy a specific brand of product determines the___of the organization
Brands become widely recognized by consumers because of advertising campaigns and become___brands.
What is the third step of the seven-step development process?
Cost that is incurred regardless of the quantity of a product produced and sold
When determining___the ability to compete in the marketplace and social and ethical concerns should be considered, in addition to the cost of production.
Some products are promoted by placing them in the television shows or in movies in order to increase awareness. This tactic is known as___.
Which type of costs will change based on the number of units sold?
Because of the high cost of new product development,______can be as important as the actual development process and can determine market share and profitability.
What is the following an example of: when companies or personalities sell the rights to put their names on products.
Some retailers have developed a line of products that showcase of brand name that was created by the store, not the manufacturer. This is a type of Brian it known as_____brand.
Which products tend to be more expensive, requiring consumers to spend time researching and comparing Brands before purchasing?
Not every firm offers items in all areas of the product line. What is the name of the group of items the manufacturer chooses to offer?
A national firm would like to expand its sales into the international market to expand market share of a product that sells well domestically, which are the following will help increase the product lifecycle by entering a new market?
Not all goods and services are sold to consumers. ____are used in the creation of new goods or services that will eventually be sold to consumers.
In which stage of the product lifecycle to sales of a new product start to climb rapidly and other firms move rapidly to introduce their own versions?
A capital item
Expensive, long-lasting, infrequently purchased industrial goods and services
Products that are unique enough to persuade consumers to exert unusual effort to obtain them
Some countries use products in a way that is different than what was intended during initial development. How can the product be changed to conform to the needs of the new market?
Sometimes products no longer sell well in their original market, so marketers will attempt to sell the product in a new market in order to extend the life of the product, in a process called____?
A group of goods that are closely related and function in a similar manner are a ___.
During what stage of the product lifecycle two marketers focus on making potential customers aware of the benefits of a product?
What is the term for setting an initially high price to cover new product costs and generate a profit?
The combination of features and attributes of a product, such as price and ease of use, can be taken together to create a____for consumers.
When buying a product, customers often seek the value one product offers that a mother does not. What are these rewards or benefits?
A new product is being released into the market, and if there is the potential for many competitors. What type of pricing strategy should be used to establish a customer base in stimulate trial purchases?
Because Health Care is purchased infrequently and can be difficult to understand, consumers who need this product often use____to help them in the decision making process.
In addition to packaging,_____is a key component of the marketing mix and determines what the customer will pay in exchange for the product.
There are many aspects that must be considered when pricing products. However, consumers are not always rational when considering price. When pricing products based on the idea that consumers to use the motions in their purchase decisions, what type of pricing is used?
The salary of a supervisor in the shipping department would be a/an _____ cost for a bicycle manufacturer, whereas shipping costs would be a/an ___ cost.
Revenues surpass costs and sales increased rapidly
Which of the following can be expected during peak growth stage of the product lifecycle (PLC)?
What pricing strategy uses price points to help create the impression in consumers' minds that the product is less expensive than it really is?
Johanna is considering opening a pet boarding business. She wants to know how many pets she needs to board each month so that all of her costs are covered. What is she trying to determine?
Fixed costs must be paid regardless of production output; variable costs change depending on the volume produced or sold.
What statement best explains the difference between fixed costs in variable costs?
a bundling strategy
If you buy a single ticket to one performance of the philharmonic pops series, you'll pay $69.00. However, if you buy tickets to the entire series, tickets only cost $52.00. This is an example of_____?
Belle Starr communications is a new provider of 3D satellite TV Service. It offers an extremely low introductory price for the first 12 months because it wants to attract new customers and quickly gamer market shares. Which pricing strategy is it using?
Letitia by use honey, peanut butter, oats, wheat flour, chicken trauma and wheat germ to make the gourmet dog biscuits that she sells in her kiosk at the mall. How would these ingredients be classified?
When VCRs were introduced in the mid 1970s, they were priced at $900 and above. As more competitors in new technology entered the market, the price dropped dramatically. This is an example of____.
Product life cycle
The ___ describes the series of stages for which a product passes over time.
The use of words, symbols, or designs to identify and differentiate a product from other products and communicate its qualities to buyers is known as____.
You need to buy a new laptop for your classes, so you spend some time shopping online to compare features and price until the local Office Supply store to see a few Brands first-hand. What type of product it is the laptop?
Product testing and test marketing
A Nationwide fast food restaurant is considering adding an innovative new item to its menu. It introduces the item at a few carefully selected restaurants that most accurately represent its test market in carefully evaluate consumers reaction to what. Which stage of the product development process does this best represent?
5999fashion.com Is an on-line clothing outlet store that offers all of its clothing, apparel, jewelry, and accessories for the same price. This best exemplifies the strategy of___.
Graham is considering opening a pet grooming business. The monthly rent on the building and his insurance will remain constant, no matter how many or how few putts he rooms. These expenses are part of___.
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