Tooic 11: Ch. 14-15

Question 1

Value

Answer 1

Good quality at a fair price

Question 2

Distributed product development

Answer 2

Handing off various parts of your innovation process often the companies overseas

Question 3

Total product offer

Answer 3

Everything that consumers evaluates when deciding whether to buy some thing

Question 4

Product line

Answer 4

A group of products that are physically similar or are intended for a similar market

Question 5

Product mix

Answer 5

The combination of product lines offered by a manufacturer

Question 6

Product differentiation

Answer 6

The creation of real or perceived, product differences

Question 7

Convenience goods and services

Answer 7

Products that the consumer wants to purchase frequently and with a minimum of effort

Question 8

Shopping goods and services

Answer 8

Products, the consumer buys only after comparing value, quality price and style from a variety of sellers

Question 9

Specialty goods and services

Answer 9

Products with unique characteristics and brand identity

Question 10

Unsought goods and services

Answer 10

Products to solve an unexpected problem

Question 11

Industrial goods

Answer 11

Used in the production of other products (called B2B goods)

Question 12

Bundling

Answer 12

Grouping two or more products together, and pricing them as a unit

Question 13

Product screening

Answer 13

Limit new product ideas being worked on at one time

Question 14

Product analysis

Answer 14

Cost estimates and sales forecasts for a product

Question 15

Concept testing

Answer 15

Taking a product idea to consumers to test for reactions

Question 16

Competition based pricing

Answer 16

Pricing strategy based on what all other competitors are doing

Question 17

Price leaderships

Answer 17

More dominant firms set pricing

Question 18

Break even analysis

Answer 18

Process used to determine profitability at various levels of sales

Question 19

Total fixed costs

Answer 19

All the expenses that remain the same no matter how many products are made or sold

Question 20

Skimming price strategy

Answer 20

A new product is priced high to make optimum profit while there’s a little competition

Question 21

Penetration strategy

Answer 21

A product of priced low to charge many customers and discourage

Question 22

Every day low prices

Answer 22

Setting prices lower than competitors, and then not having to have any special sales

Question 23

High low pricing strategy

Answer 23

Setting prices higher and then having many special sales

Question 24

Psychological pricing

Answer 24

Pricing goods and services at price points that make the product appear less expensive than it is

Question 25

Utility

Answer 25

In economics, making a product what the consumer needs and more accessible

Question 26

Time utility

Answer 26

Adding value to products by making them available when theyre needed

Question 27

Place utility

Answer 27

Adding value to products by having them where people want them

Question 28

Possession utility

Answer 28

Doing whatever is necessary to transfer ownership

Question 29

Information utility

Answer 29

Opening two way flows of information between marketing participants

Question 30

Service utility

Answer 30

Providing fast friendly service during and after sales

Question 31

Rack jobbers

Answer 31

Wholesalers that furnish racks or shelves full of merchandise

Question 32

Cash and carry wholesalers

Answer 32

Serve mostly smaller retailers with a limited assortment of proucts

Question 33

Drop shippers

Answer 33

Solicit products from retailers and ships them from the producer to a buyer

Question 34

Intensive distribution

Answer 34

Puts products into as many retail outlets as possible

Question 35

Selective distribution

Answer 35

Sends products to only a preferred group of retailers in an area

Question 36

Exclusive distribution

Answer 36

Sends products to only one retail outlet in a given geographic area

Question 37

Direct selling

Answer 37

Selling to consumers in their homes or where they work

Question 38

Direct marketing

Answer 38

Directly links manufacturers or intermediaries with the ultimate consumer

Question 39

Intermodal shipping

Answer 39

How do use of multiple modes of transportation to complete a single long distance movement of freight