BCOR 350 Exam 2: HW Questions

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Analyzing a competitors position is the ______ stage in positioning decision
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first
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____________ ____________ ______________ is a strategy that develops one or more products for each of several distinct customer group and make sure these offerings are kept separate in the marketplace
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Differentiate targeting strategy
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part of the decision-making process where marketers provide a reason why consumers will perceive the products as better than their competition
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competitive advantage
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strategy that influences how a particular market segment perceives a good or service in comparison with the competition- THIRD and LAST step
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positioning
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is the process of dividing a larger market into smaller pieces based on one or more meaningfully shared characteristics-FIRST
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segmentation
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is created for a product or service, with distinctive image that captures character and benefits
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brand personality
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is the use of psychological, sociological, and anthropological factors to construct market segments
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psychographics
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is the ability to identify and target very small geographic segments that sometimes amount to individuals
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micromarketing
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a technique that divides consumers into segments on the basis of how they act toward, feel about, or use a good or service.
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behavioral segmentation
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consists of the market segments on which an organization focuses its marketing plan and toward which it directs its marketing efforts- divides total market into different segments on the basis of customer characteristics, selecting one or more segments and developing products to meet the needs of those specific segments
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target market
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are the dimensions that divide the total market into fairly homogeneous groups, each with different needs and preferences
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segmentation variables
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are statistics that measure observable aspects of a population, including size, age, gender, ethnic group, income, education, occupation, and family structure
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demographics
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are indicators used in behavioral market segmentation based on when consumers use a product most.
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usage indicators
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is a system that combines a geographic map with digitally stored data about the consumers in a particular geographic area.
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Geographic information system(GIS)
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is the creation of many consumer groups due to diversity of distinct needs and wants in modern society
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market fragmentation
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is the focus of a firms efforts on offering one or more products to a single segment
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concentrated targeting strategy
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is a strategy in which marketers evaluate the attractiveness of each potential segment and decide in which of these groups they will invest resources to turn them into customers. (second step)
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targeting
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appeals to a broad spectrum of people.
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undifferentiated targeting strategy
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tailors specific products and the messages about them to individual customers.
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customized marketing strategy
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consumers often have a cynical attitude toward marketing
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generation X
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consumers are technically savvy and often have no religious affiliation
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generation Y
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are willing to invest money, time and energy to maintain their youthful image
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baby boomers
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are straight, urban males who are keenly interested in fashion, home design, gourmet cooking, and personal care
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metrosexuals
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visually describes where brands are “located” in consumers minds relative to competing brands
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perceptual map
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is the strategy of establishing thought leadership in the form of bylines, blogs, commenting opportunities, videos, sharable social images, and infographics
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content marketing
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describes an approach that modifies a basic good or service to meet the needs of an individual
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mass customization
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is a once-popular brand that has been revived to experience a popularity comeback.
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retro brand
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is a measurement that reflects the quantity purchased or frequency of use among consumers of a particular product or service.
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usage rate
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is a marketing rule of thumb that 20 percent of purchasers account for 80 percent of a product’s sales.
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80/20 rule
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is a milestone or reward earned for progressing through a video game.
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badge
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is the first stage in a consumers adoption of a new product
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Awareness
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is the first layer in the product concept.- describes the benfits the product will provide for consumers or business customers
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core product
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is second layer in the product concept- the physical good or delivered service that supplies the desired benefit
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Actual product
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is third layer in the product concept
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Augmented product
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is the second stage in a consumer’s adoption of a new product
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interest
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is the third stage in a consumer’s adoption of a new product.- provides information to customers about how the product can benefit the consumer
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evaluation
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is the fourth stage in a consumer’s adoption of a new product.- provides demonstrations and samples of the product
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trial
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is the consumers adoption of a new product reinforces the customers choice through advertising, sales promotion, and other communications- last step
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confirmation
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is a modification to an existing product that sets the brand apart from its competitors
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continuous innovation
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is making the product available and providing product use information
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adoption
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is the degree to which a consumer perceives that a new product provides superior benefits
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relative advantage
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is the first group of people to adopt a new product
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innovators
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is the coming together of two or more technologies to create a new system with greater benefits than the sum of its parts
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convergence
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is a change in an existing product that requires a moderate amount of learning or behavior change.
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dynamically continuous innovation
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is a totally new product that creates major changes in the way we live.
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discontinuous innovation
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is not a type of innovation. A knockoff is a new product that copies, with slight modification, the design of an original product.
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knockoff
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is a test version of a proposed product
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prototype
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is the first step in new product development
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idea generation
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is an example of a consumer product
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unsought product
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is the extent to which a new product is consistent with existing cultural values, customs, and practices
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compatibility factor
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of the product development process, marketers assess a product’s commercial viability.
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business analysis step
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is the step in which a new product is launched into the market.
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commercialization
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is a test of the complete marketing plan in a small geographic area that is similar to the larger market the firm hopes to enter.
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test marketing
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In what step do marketers test product ideas for technical and commercial success?
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product concept development and screening step
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is the process by which the use of a product spreads throughout population
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diffusion
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is the process by which benefits-based value is created through collaborative participation by customers and other stakeholders in the new product development process
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value co-creation
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is expensive goods that an organization uses in its daily operations and that last for a long time
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equipment
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is a consumer good or service that is usually low priced, widely available and purchased frequently with a minimum of comparison and effort
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convenience product
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include products of the fishing, lumber, agricultural, and mining industries that organizational customers purchase to use in their finished products.
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raw materials
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are products that are created when firms transform raw materials from their original state.
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processed materials
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are manufactured goods or subassemblies of finished items that organizations need to complete their own products.
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component parts
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is an organizational culture in which all organization members treat each other as valued customers
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internal consumer mind-set
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is multiple items marketed under the same brand name
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family brand
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is an agreement between 2 brands to work together to market a new product
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cobranding
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is the useful way to explain how products go through 4 distinct stages from birth to death
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product life cycle
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is a new product sold with the same brand name as a strong existing brand
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brand extension
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is a firms total product offering designed to satisfy a single need or desire of target customers
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product line
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works exclusively on the new-product development effort
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venture team
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is the name for an agreement in which one firm sells another firm the right to use a brand name for a specific purpose and for a specific period of time
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licensing
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is the overall ability of the product to satisfy customer expectations.
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product quality
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is a unique identifier for each distinct product
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stock-keeping unit (SKU)
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is a management philosophy that focuses on satisfying customers through empowering employees to be an active part of continuous quality improvement.
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total quality management(TQM)
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is a brand that the product manufacturer owns.
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national brand
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is a brand that a certain retailer or distributor owns and sells.
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private-label brand
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is a strategy in which products are not branded and are sold at the lowest price possible.
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generic brand
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is to coordinate all marketing activities for a brand
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brand manager
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is the value of a brand to an organization
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brand equity
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of the product life cycle, is when new features are added to the product- profit margins are narrowing/at peak
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maturity stage
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the company produces a single product.- no profits
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introduction stage
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new variations of the product are added because new competitors are entering the market.- marketers advertise heavily to counter new competition- profits are increasing
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growth stage
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the number of variations in a product is reduced.- last stage in product life cycle- profits are falling
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decline stage
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is the creation of a secondary brand with a main brand that can help differentiate a product line to a desired target group
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sub-branding
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is a name, term, symbol, or any other unique element of a product that identifies one firm’s products and sets it apart from the competition.
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brand
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is the beliefs and associations that a consumer has about the brand.
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brand meaning
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is the process of engaging consumers with brands by telling compelling stories
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brand storytelling
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is responsible for developing and implementing the marketing plans for products sold to a particular customer group.
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market manager
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is responsible for developing and implementing the marketing plan for all the brands and products within a product category.
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product category manager
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is the first step in managing products process
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developing product objectives
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is the second step in managing products process
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designing product strategies
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is the third step in managing products process
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make tactical product decisions
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is the fourth and final step in managing products process
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organizing for product management
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is the point at which a firm doesn’t lose any money but doesn’t make any profit
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break-even point
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is the first step in the price planning process
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set pricing objectives
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is a method of setting prices in which the seller totals all the costs for the product and then adds an amount to arrive at the selling price
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cost-plus pricing
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is the step in the price planning process that involves looking at the economy, the competition, the government regulation, consumer trends, and the international environment
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examining the pricking environment
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is a pricing strategy in which the price of a product is raised as demand for that product goes up and lowered as demand goes down
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surge pricing
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is the business strategy in which a product in its most basic version is provided free of charge but the company charges money for upgraded versions of the product with more features, greater functionality, or greater capacity.
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freemium strategy
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is a pricing strategy in which the price can easily be adjusted to meet changes in the marketplace.
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dynamic pricing
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are a method of e-commerce that allows shoppers to purchase a product through online bidding.
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online auctions
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is a very high, premium price that a firm charges for its new, highly desirable product.
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skimming price
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is primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged. The relationship between the price charged and the resulting demand level is shown in the demand curve.
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demand curve
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is the percentage change in unit sales that results from a percentage change in price.
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price elasticity of demand
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is the difference between the price the firm charges for a product and the variable costs.
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contribution per unit
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when pricing strategies are determined by profit objectives, the focus is on a ________ _________ ___ __________ __________ or a desired net profit margin.
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target level of profit growth
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is the amount added to the cost of a product to create the price at which a channel member will sell the product
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markup
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is the kind of discounts off list price of products to members of the channel of distribution who perform various marketing functions
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trade discounts
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are the costs of production that are tied to and vary depending on the number of units produced
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variable costs
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focus is on a target level of profit growth or a desired net profit margin
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profit objectives
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is an advertised price special used to get customers into their store with the intention of switching them to a higher-priced item
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bait-and-switch
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is the sixth and final step in the price planning process.
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developing pricing tactics
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is the fifth step in the price planning process
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choose a pricing strategy
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is the fourth step in the price planning process
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Examine the pricing environment
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is the third step in the price planning process
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determining costs
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is when customers are sensitive to changes in prices, and a change in price results in a substantial change in demand
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elastic demand
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changes in price have little or no effect on the amount demanded.
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inelastic demand
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changes in prices of other products also affect the demand for an item.
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cross-elasticity of demand
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not a type of demand. _________ is used to describe a product. For example, this product is a product that has a high price and that appeals to status-conscious consumers.
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prestige
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are the fixed costs per unit produced
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average fixed costs
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are the costs of production that do not change with the number of units produced
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fixed costs
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are the total of the fixed costs and variables for a number of units produced
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total costs
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is a set price range in a consumers mind to which they refer in evaluating a products price
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internal reference price
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is a pricing tactic in which a firm adds a standard shipping charge to the price for all customers regardless of location
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uniform-delivered pricing
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is the pricing policy of setting prices very low or even below cost to attract customers into a store.
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loss-leader pricing
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is the pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
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penetration pricing
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occurs when a new product is priced low for a limited amount of time in order to lower the risk for the customer.
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trial pricing
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is a pricing tactic for two items that must be used together; one item is priced much lower, and the firm makes its profit on the other, high-margin item essential to the operation of the first item.
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captive pricing
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are primarily used to show the number of units the market will buy in a given time period, at different prices that might be charged
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demand curves

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