MAR 4480 Exam 2 FSU || with 100% Accurate Solutions.
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Course
MAR 4480
Institution
MAR 4480
Strategic combination of marketing mix elements correct answers Aimed at maximizing tangible, intangible, and perceptual attributes of a complete offering
You do not want your product to be a correct answers Commodity
To avoid commoditization ... correct answers Most organizations try to enha...
MAR 4480 Exam 2 FSU || with 100% Accurate Solutions.
Strategic combination of marketing mix elements correct answers Aimed at maximizing tangible,
intangible, and perceptual attributes of a complete offering
You do not want your product to be a correct answers Commodity
To avoid commoditization ... correct answers Most organizations try to enhance the service and
symbolic elements of their offerings by changing price, distribution, or how they promote the
product or organization
Most critical strategic decision in a marketing plan correct answers Involves
- Design
- Development
- Branding
- Positioning decisions
Total value of offerings correct answers Ability to differentiate themselves, and to deliver
benefits that enhance customer's situation or solves a customer's problems
Consumer Products correct answers For personal use and enjoyment
Business Products correct answers For resale, use in making other products, or use in firm's
operations
Product Line correct answers Group of closely related product items
Product Mix or Portfolio correct answers Total group of products offered by the firm
Product Portfolio: Critical strategic decisions correct answers Width or variety or product mix,
which refers to the number or product lines offered
Potential Benefits of Offering a Large Product Portfolio correct answers - Economies of scale
- Package uniformity
- Standardization
- Sales and distribution efficiency
- Equivalent quality beliefs
Economies of Scale correct answers More units made = less money to make them
Strategic Options Related to newness of a Product correct answers - New-to-the-world products
- New product lines
- Product line extensions
- Improvements or revisions of existing products
- Repositioning
- Cost reductions
, New Product Development Process correct answers -Idea generation
- Screening and evaluation
- Development
- Test marketing strategy
- Commercialization
Relation to Revenue correct answers Revenue = Price x Quantity Sold
Pricing Strategy only real means of differentiation in correct answers Highly commoditized
markets
3 determinants of setting a price correct answers - How much it costs to produce
- What competitors are charging for similar products
- How customers value it
Pricing Service Products is critical since price may be the only cue to ____ prior to purchase
correct answers Quality
Pricing Service Products is correct answers Harder than pricing physical products
Price Skimming correct answers A pricing strategy that involves setting prices higher than those
of the competition
Price Penetration correct answers It sets a low initial price for a product in order to gain quick
acceptance a segment of the market
Prestige Pricing correct answers Setting a rather high price to suggest high quality or high status
Competitive Matching correct answers Designed to match or beat competitors prices
Non-price Strategies correct answers Where firms attempt to make more profit without cutting
price. E.g. advertising, improving brand loyalty, the offer of additional services etc.
Reference Pricing correct answers Pricing a product at a moderate level and displaying it next to
a more expensive model or brand
Odd Pricing correct answers The practice of ending prices in numbers below even dollars and
cents in order to create a perception of greater value
Price Bundling correct answers Marketing two or more products in a single package for a special
price
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