Marketing Pricing Strategies Quiz

The process of analyzing potential new product sales, costs, and profit projections to determine if it aligns with company goals.

Transforming a product concept into a tangible product, ensuring its viability for the marketplace.

Testing a new product and its marketing plan in real-world settings to gauge consumer response.

The process of launching a new product into the market, encompassing decisions like timing, location, and market rollout strategy.

A set of processes designed to generate and manage new product ideas within a company.

An organizational culture that values and encourages innovation, leading to a high volume of potential new product ideas.

Companies may be tempted to reduce spending on new product development during turbulent economic times, which can lead to reduced competitiveness and market share.

A strategic approach where companies focus on building strong customer relationships and creating value for them, aiming to capture value in return.

A marketing strategy where companies focus on building strong customer relationships and providing value to customers in order to capture value in return.

A set of partner firms that supply raw materials, components, parts, information, finances, and expertise needed to create a product or service.

Marketing or distribution channel partners that help a company reach its customers, including retailers, wholesalers, distributors, and logistics providers.

The process of managing the flow of goods and services, including the planning, sourcing, production, and distribution of products.

The practice of requiring a dealer to charge a specific retail price for a product, which is illegal.

Using prices to convey a message about the quality or value of a product.

Prices that consumers use as a benchmark when looking for a specific good.

Temporarily lowering prices to boost short-term sales.

A pricing strategy where sellers adjust prices based on location, considering factors like transportation costs.

Seller absorbs all or part of the shipping cost to encourage sales.

A pricing strategy where prices are constantly adjusted to match individual customer needs and situations.

A pricing strategy where prices are adjusted based on different market characteristics in each country.

Using different pricing strategies for different countries, considering factors like demand, competition, and market conditions.

A pricing strategy where a standard markup is added to the cost of producing a product.

A pricing strategy that focuses on providing good value to customers by offering a combination of quality and service at a fair price.

A pricing strategy that involves consistently offering low prices with few or no temporary discounts.

A pricing strategy that involves charging higher prices on a daily basis but running temporary sales on selected items.

A pricing strategy that involves adding value-added features and services to differentiate products from competitors and justifying higher prices.

A pricing strategy where prices are set based on competitors' strategies, costs, prices, and market offerings.

Determining the desired selling price based on customer value and then calculating target costs to achieve that price.

Prices can be influenced by various internal and external factors, such as economic conditions, reseller responses, government regulations, and social concerns.

Choosing the right method to reach your audience, whether it's one-on-one, through media, or by tapping into influential people.

Direct communication between two or more people, like talking on the phone or writing an email.

People whose opinions are respected by others and influence purchasing decisions.

A strategy to leverage opinion leaders to spread the word about a product or service.

Communication methods that reach a wide audience without personal contact, such as TV ads or billboards.

The effectiveness of how a message is received depends on the audience's perception of the communicator.

AIDA is a framework to design effective messages: Attention, Interest, Desire, Action.

Clearly defining your objectives in communication, whether it's raising awareness, changing perceptions, or driving sales.

A set of interdependent organizations that work together to make products or services available to consumers.

A layer of intermediaries (like wholesalers or retailers) involved in bringing products from the producer to the final buyer.

A marketing channel with no intermediaries, directly connecting the producer with the consumer.

A marketing channel with at least one intermediary level, like a wholesaler or retailer.

Disagreement among channel members about goals, roles, or rewards.

Conflict that occurs between channel members at the same level, like two retailers competing for the same customer.

Conflict that occurs between channel members at different levels, like a manufacturer and a retailer disagreeing about pricing.

Channel systems where multiple companies at the samelevel join forces to achieve a common marketing goal.

A channel system where producers, wholesalers, and retailers work together as a unified system with clear leadership, aiming to achieve a common goal

A type of VMS where different levels of production and distribution are combined under a single company ownership.

A type of VMS where independent firms at different levels cooperate through contracts to achieve a shared goal.

A type of VMS where one dominant party, often a large retailer or manufacturer, coordinates the activities of the other channel members.

A type of contractual VMS where a central franchisor grants the rights to operate a business using its specific methods and brand to multiple independent franchisees.

A strategy for reaching a large number of customers and ensuring wide product availability, often used for convenience goods.

A strategy for controlling distribution to a limited number of outlets, usually for higher-end products.