question

Discuss how each of the following product attributes can help to build a competitive advantage: branding, packaging, labeling, features, and support services

answer

Brand names help consumers identify products that might benefit them. Packages should attract attention, describe the product, and make the sale. The label should promote the brand and supports its position. Features differentiate the company's product from competitors products. Good support services cause customer repurchase rates to increase and sales in general can increase due to word of mouth marketing from satisfied customers.

question

thDescribe and distinguish the stages of the product life cycle.

answer

The introduction stage is when a new product is first distributed and made available for purchase. The growth stage is when product's sales start climbing quickly. The maturity stage is when sales growth slows or levels off. The decline stage is when product sales decline.

question

Contrast a cost based pricing strategy with a value based pricing strategy.

answer

A cost based pricing strategy is setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk. A value based pricing strategy is setting priced based on buyers perception of value rather than on the sellers cost.

question

Discuss two ways how a company can adjust pricing to take into account different types of customers and situations.

answer

Optional product pricing is the pricing or accessory products along with a main product. Product bundle pricing is combining several products and offering the bundle at a reduced price.

question

Explain why companies use marketing channels and discuss the functions these channels perform.

answer

They try to forge a marketing channel, a set of interdependent organizations involved in the process of making a product or service available for use or consumption by the consumer or business user. Information, promotion, contact, matching, and negotiation help to complete transactions. Physical distribution, financing, and risk taking help to fulfill the completed transactions.

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question

Do you prefer eastdale mall or eastchase mall in terms of effective retailing? Why?

answer

I prefer eastchase over eastdale because of the variation of stores offered. Costco's and Target help make eastchase more than a mall and in return have increase sales versus eastdale. All eastdale offers are stores in a building that you can find at any basic mall. Eastchase allows customers to directly park in front of whatever business they want to.

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