BUS1 Ch. 14. Developing and Pricing Goods and Services

Successful businesses constantly monitor consumer wants and needs.

Car dealers realize that consumers focus exclusively on price and warranty.

In marketing today, packaging carries the added responsibility of:

Borden, Inc., makes pasta, dairy items, & adhesives. These products are referred to as Borden's

A leading cause of new-product failure is:

Product development is a key activity in any modern business, anywhere in the world.

Producers use _____ as a primary basis for setting prices on the goods & services they offer.

The several product lines a company offers for sale make up that organization's product mix.

A brand that's been given exclusive legal protection, ie. the McDonald's golden arches, is a

The concepts of product lines and product mixes apply to marketers of products and services.

___ goods & services represent those products a consumer is unaware of or hasn't planned to buy

Convenience goods are products that consumers want to purchase frequently & with minimum effort

The image created by advertising is part of the total product offer of a product.

__________ presents an idea for a new product to potential customers to test their reactions.

Creative product differentiation can enable a small business to increase market share.

Whether a consumer thinks a product provides the best value depends upon:

The purpose of __________ is to create real or perceived product differences.

____ goods appeal to consumers who are willing to make an extra shopping effort to acquire them

When people consider purchasing a good, they:

_______ costs are those costs that increase as the level of production increases.

When consumers calculate the value of a product, they look at benefits & then subtract cost.

When consumers calculate the value of a product, they:

In evaluating colleges, students and parents are likely to judge a school:

Low prices can often help retailers create an attractive total product offer.

___ involves designing a product so that it satisfies customers & meets desired profit margins.

The critical component of a total product offer is always a low price.

According to the product life cycle model, sales are expected to peak in the _________ stage.

The combination of product lines offered by a manufacturer is called the firm's:

Costs incurred regardless of the number of units of a product produced or sold are called

Brand ________ refers to the linking of a brand to other favorable images, such as a celebrity.