Terms in this set (20)
Generally, the product life cycle consists of five stages; development, introduction, growth, maturity, and decline.
A narrow product mix allows a firm to gain stability by concentration on just a few markets.
Innovations are much less common than imitations and adaptations
Some firms set an annual-percentage ROI as their pricing goal
A store that sells all of its men's gloves for $9.95 and $15.00 is practicing price lining.
A consumer product for which buyers will expend effort or planning, that is purchased infrequently, and that is usually purchased only after being compared with competing products is a
A group of similar products that differ only in relatively minor characteristics is called a
If company needs to obtain cash quickly to pay its bills, it may opt for pricing strategy that achieves which goal?
A manufacturer of cameras and film may price a camera a low level to attract customers, but price the film at a relatively high price because customers must continue to purchase film in order to use their cameras. This type of pricing strategy is known as
A "2/10, net 30" invoice feature is an example of a
A product's classification largely determines the appropriate marketing strategy.
The most important element in the success of a branded product is consumers' confidence in the product
Price sensitivity is always considered "very important" to consumers in the target market.
Competition-based pricing results in a high price when product demand is strong and a low price when demand is weak
Transfer pricing involves the sale of a product to another unit within the same organization.
All of the following are characteristics of the decline stage of the product life cycle expect.
Increased consumer awareness of the product
To maintain an effective product mix, a firm often must eliminate some products. This process is called
A product with no brand at all is called a
Non-price competition can be used effectively when a seller does all but which one of the following?
Uses an attractive promotional strategy
Raw materials are an example of a firm's