Podcast
Play an AI-generated podcast conversation about this lesson
Questions and Answers
What are the five functions of packaging in product differentiation according to the text?
What are the five functions of packaging in product differentiation according to the text?
- Cost pricing, target costing, competitive pricing, price skimming, psychological pricing
- Manufacturer’s brands, private-label brands, family brands, individual brands, co-branding
- Attract customers, make products more affordable to certain groups, create prestige, make a profit, match or beat the competition
- Protect the product, help consumers use the product, provide product information, indicate price & universal product code, promote the product & differentiate it from competitors (correct)
Which type of innovation involves making small improvements to an existing product?
Which type of innovation involves making small improvements to an existing product?
- Dynamically continuous innovation
- Penetration pricing
- Continuous innovation (correct)
- Discontinuous innovation
What is the main goal of branding according to the text?
What is the main goal of branding according to the text?
- To differentiate the company’s product from competing products (correct)
- To attract customers
- To make a profit (target return on investment)
- To make entering new markets easier
What does brand equity refer to?
What does brand equity refer to?
Signup and view all the answers
Which pricing strategy focuses on setting prices based on what competitors are charging?
Which pricing strategy focuses on setting prices based on what competitors are charging?
Signup and view all the answers
What does brand loyalty refer to?
What does brand loyalty refer to?
Signup and view all the answers
In product differentiation, what does co-branding involve?
In product differentiation, what does co-branding involve?
Signup and view all the answers
What is the pricing strategy that sets prices high initially then gradually lowers them?
What is the pricing strategy that sets prices high initially then gradually lowers them?
Signup and view all the answers
Which type of branding refers to brands that are created and owned by retailers?
Which type of branding refers to brands that are created and owned by retailers?
Signup and view all the answers
Which of the following represents a packaging function that provides consumers with information about a product?
Which of the following represents a packaging function that provides consumers with information about a product?
Signup and view all the answers
