How is price skimming different from price penetration?

Price skimming enters a new market at a higher price

Benefits of a good brand?

Reduces selling time and effort

Double ticketing is when:

2 prices are on a product and the higher one is charged

A brand is made up of:

Logo, Slogan, Brand Name and Colours

What products require a best before date?

Products with a shelf life of 90 days

Which is the most common channel of distribution?

mnfctr-wholesaler-retailer-consumer

Create an image people associate with the product or service

Which is an example of a direct channel

making jewellery at home and selling it at a craft fair

What is a benefit of being a market follower?

You let the others take risks and you just do what works

A symbol or other design that represents a product

Manufacturers suggested retail price

What is brand loyalty?

When customers make repeat purchases of the SAME brand

Can a company set the price for a product sold by an independent retailer?

No, this is retail price maintenance

Why do we use psychological pricing strategies?

to make the customer feel like they are paying less

Yes product that is not moving but is costing you $

What are the different types of positioning?

Target, benefit, price and distribution

Top of Mind awareness

Customers thinking of your product first

What is the correct order of stages in a product's life cycle

Introduction, Growth, Maturity, Decline

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BMI3C - Product, Price and Place

41 termsStudBud Administration32 plays

A Marketing Quiz to practice the concepts of Branding , Price and Distribution

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Questions 41

Answers

1
How is price skimming different from price penetration?
Price skimming enters a new market at a higher price
other
Price skimming enters a new market at a lower price
There is no difference
2
What is the most common method of transportation used within North America?
Boat
Airplane
Truck
Train
3
If there is an excess in the supply of a product, the price will:
decrease
Increase
not be affected
none of the above
4
Benefits of a good brand?
Customers will like your product even more
Customers will automatically buy your product
Stores will sell your product
Reduces selling time and effort
5
What is JIT inventory management
Just In Time inventory management
A Japanese method of inventory management
all of the above
Getting material in just as you need it
6
What do you need to consider when choosing your method of transportation?
Weight of your product
Size of your product
Perishability of your product
All of the above
7
What packaging material costs the most to produce?
Tin
Paper cardboard
Glass
Plastic
8
Which of the following practices of pricing is illegal?
Bait and switch
Retail price maintenance
All of the above
False price sales
9
All types of L'Oreal Hair products are priced at $5.99
Competitive pricing
Price lining
Variable pricing
Combo/Bundling
10
During Which Stage Does the "decision point" occur?
Growth
Decline
Maturity
Introduction
11
The original cost of my backpack was $1200 is markup was 50% what is the final price of the bag
2000$
600$
1600$
1800$
12
A brand mark and trade mark are examples of a logo
False
True
13
Double ticketing is when:
2 prices are on a product and the higher one is charged
2 prices are on a product and the lower one is charged
2 prices are on a product and the customer gets it for free
2 prices are on a product and a different one is charged
14
A brand is made up of:
Logo and Slogan
Logo, Slogan, Brand Name and Colours
Logo
Logo, Slogan, Brand Name
15
What is the major downside to Tetra Pak?
Very difficult to recycle
Hard to put a label on
Shatters easy
Very expensive to produce
16
When a company offers a product at an extremely low price to get customers into the store
(Loss) leader pricing
Psychological pricing
Bundling/combo pricing
Competitive pricing
17
When a company adds a certain % to the cost of the good to get a price, this is:
Mark-up pricing
(Loss) Leader Pricing
Price Lining
Bundling or Combo pricing
18
Pricing goods at $24.99 instead of $25 is an example of:
Competitive pricing
(loss) Leader pricing
Bundling/Combo pricing
Psychological pricing
19
What products require a best before date?
Every product
Products with a shelf life of 90 days
Products with a shelf life of 100 days
You don't need one
20
Which is the most common channel of distribution?
mnnfctr-consumer
mnfctr-wholesaler-retailer-consumer
mnfctr-wholesaler-consumer
mnfctr-importer-retailer-consumer
21
Typically, when demand for a product increases, the price for the product:
decreases
increases
none of the above
is not affected
22
What is the best mode of distribution for luxury watches from Switzerland?
Ship
Truck
Airplane
Train
23
Fido offers unlimited calls and texts after 6pm; this is called
Combo pricing
Bundling
Competitive pricing
Variable pricing
24
What is packaging known as?
the frequent salesperson
the silent salesperson
the face of the brand
Top of the mind awareness
25
Offering a low cost on a product, then trying to sell you a higher priced product is:
Retail price maintenance
Double Ticketing
False Sale Prices
Bait and Switch
26
What is positioning?
Where businesses place their product
Create an image people associate with the product or service
Can involve geographic and demographics
Where businesses position their stores in the world
27
When would you use a direct channel of distribution? When :
your product is carried at many different retailers
you run a small operation
you have a large manufacturing company
you need help with importing laws
28
Which is an example of a direct channel
Importing flowers from Hawaii and selling them at a florist
making jewellery at home and selling it at a craft fair
buying iPads at the Apple Store
Buying roasted Chickens at Costco Wholesalers
29
What is a benefit of being a market follower?
Everyone looks to you to make changes
You are the brand that everyone buys
You let the others take risks and you just do what works
You are at the cutting edge of innovation
30
What is a logo?
A symbol or other design that represents a product
A picture
Video that Represents a product
A word that represents a product
31
MSRP stands for
Manufacturers selling retail price
Manufacturers selling real price
Manufacturers suggested reduced price
Manufacturers suggested retail price
32
How should you choose your distribution channel?
consider environmental impact, product safety
consider routeing, laws, convenience
all of the above
consider weight, cost, speed of delivery
33
What is brand loyalty?
When a customer buys a different brand every month
Customers are loyal to the store they shop at
When a store only sell ONE brand
When customers make repeat purchases of the SAME brand
34
Can a company set the price for a product sold by an independent retailer?
No, this is retail price maintenance
Yes, this is what the MSRP is for
35
What needs to be on a Nutrition Label?
You don't need one
Calories + 15 nutrients
Calories + 13 nutrients
What ever the company wants
36
which of the Practices are illegal?
D) both A) and C)
C)Price fixing
A) Double ticketing
B) Product positioning
37
Why do we use psychological pricing strategies?
other
no specific reason
to make the customer feel like they are paying more
to make the customer feel like they are paying less
38
Are overstocks bad?
Yes product that is not moving but is costing you $
No, your store needs this so customers have choice
Walmart delivering your groceries into your re
39
What are the different types of positioning?
Custom , protective , stock and expensive
Value, technical, label and image
Target, benefit, price and distribution
Size, generation, price and benefit
40
Top of Mind awareness
Customers being aware of your brand
Customers thinking of your product first
Customers insisting on your brand
Customers buying your brand
41
What is the correct order of stages in a product's life cycle
Growth, Introduction, decline, Maturity
Introduction, Growth, Maturity, Decline
Introduction, Maturity, Growth, Decline
Maturity, Growth, Decline, Introduction

BMI3C - Product, Price and Place Flashcards | StudBud