Marketing

<p>Reduced uncertainty and improved planning. (D)</p> Signup and view all the answers

<p>Time series analysis. (C)</p> Signup and view all the answers

<p>A market segment with unique needs and wants. (D)</p> Signup and view all the answers

<p>Developing a unique brand image. (C)</p> Signup and view all the answers

<p>Improved product development. (D)</p> Signup and view all the answers

<p>High sales volume can lead to high profits. (C)</p> Signup and view all the answers

<p>Low price sensitivity among customers. (C)</p> Signup and view all the answers

<p>Customers may perceive the product as low quality. (B)</p> Signup and view all the answers

<p>It rapidly increases market share. (C)</p> Signup and view all the answers

<p>When the company has achieved a significant market share. (D)</p> Signup and view all the answers

<p>To ensure products are sold above variable costs (B)</p> Signup and view all the answers

<p>The selling price must exceed fixed costs (C)</p> Signup and view all the answers

<p>The sensitivity of demand to price changes (D)</p> Signup and view all the answers

<p>The advertising budget of the business (C)</p> Signup and view all the answers

<p>Different consumer preferences across groups (B)</p> Signup and view all the answers

<p>May lead to consumer resentment (D)</p> Signup and view all the answers

<p>By maximizing sales in the off-peak period (C)</p> Signup and view all the answers

<p>Offering discounts to students and seniors (B)</p> Signup and view all the answers

<p>Growth (D)</p> Signup and view all the answers

<p>Ensuring the product generates a profit. (A)</p> Signup and view all the answers

<p>The process of removing a product from the market before it recovers its cost. (C)</p> Signup and view all the answers

<p>Revenues begin to outweigh costs. (B)</p> Signup and view all the answers

<p>The product is tested in small markets to gather feedback. (B)</p> Signup and view all the answers

<p>Creating product awareness and building initial customer base. (B)</p> Signup and view all the answers

<p>The product is generally well-accepted by both consumers and distributors. (B)</p> Signup and view all the answers

<p>To reflect the higher quality of their products, as perceived by customers. (D)</p> Signup and view all the answers

<p>It simplifies the pricing process by focusing on production costs. (A)</p> Signup and view all the answers

<p>Branding helps start-ups to quickly establish a profitable pricing strategy for their products. (C)</p> Signup and view all the answers

<p>Average cost is the sum of all costs divided by the number of units produced, which is then added to the mark-up to determine the selling price. (C)</p> Signup and view all the answers

<p>To distinguish a product or service from competitors and establish a unique position in the market. (C)</p> Signup and view all the answers

<p>The potential for overpricing products due to overlooking competitor pricing. (A)</p> Signup and view all the answers

<p>By influencing customer expectations and how they judge the product's value and quality. (A)</p> Signup and view all the answers

<p>Price (B)</p> Signup and view all the answers

<p>Thorough market research (A)</p> Signup and view all the answers

<p>Increased sales of rival products (B)</p> Signup and view all the answers

<p>Building a strong brand identity and communicating it to customers (D)</p> Signup and view all the answers

<p>It has limited predictive power for future success or failure (D)</p> Signup and view all the answers

<p>Predicting the exact sales figures for a product at any given stage (D)</p> Signup and view all the answers

<p>It could make the business vulnerable due to potential risks and uncertainties (C)</p> Signup and view all the answers

<p>A distinctive name, symbol, design, or combination used to differentiate a company's product (D)</p> Signup and view all the answers

<p>The extra income a company earns due to the reputation and desirability of its brand (D)</p> Signup and view all the answers

<p>It may neglect to focus on developing new products for future growth (B)</p> Signup and view all the answers

<p>Creating a unique and memorable image for a product (A)</p> Signup and view all the answers

The progression of a product from development to market withdrawal.

Phase where ideas are generated, screened, prototyped, and tested before launch.

The brainstorming process to come up with potential product concepts.

The full launch of the product into the market after testing.

The phase when the product enters the market and is available for sale.

Critical phase where product acceptance increases and revenues grow.

Sales growth slows as the product has been established in the market.

The final phase where sales decrease and the product may be removed from market.

Targets a small market segment with specific needs.

Targets the entire market without segmentation.

A unique feature of a product perceived as different by customers.

The perception that a product is distinct from competitors.

Predicting future sales levels and trends.

An estimate of future sales used in marketing plans.

Quantitative method using past sales data to predict future sales.

Elements outside the business influencing sales predictions.

Monetary value from brand awareness and image.

Branding is critical for marketers to create a clear business image.

Setting higher prices based on brand image and perceived quality.

Customers judge products by their presentation and branding.

The monetary amount customers pay for a product or service.

Pricing strategy that adds a mark-up to average production cost.

Total cost divided by the number of units produced.

Simple method ensuring coverage of costs in pricing.

Setting a low initial price to attract customers and gain market share.

A product that generates more cash than it consumes, helping finance other products.

Products with low market share but potential for growth; require investment.

Encourages high sales volume and increases market share.

A tool to analyze a product portfolio based on market share and growth.

Low prices may lead to low profits and perception of low quality.

High sales volume doesn't guarantee high profits when prices are low.

Penetration pricing is effective in markets where consumers are very price-sensitive.

The extent to which consumers recognize a brand and its products.

The tendency of consumers to consistently purchase one brand over others.

The worth of a brand based on its reputation, market impact, and income potential.

Strategies to enhance a brand's identity, value, and market presence.

Consumers who promote a brand positively through word-of-mouth or visibility.

The process of creating a unique name, symbol, or design to differentiate products.

A pricing method that offers flexibility in setting prices while ensuring they cover variable costs.

The amount contributing to fixed costs from each unit sold, calculated as selling price minus variable costs per unit.

Two key requirements: price must exceed variable costs and a sufficient quantity must be sold.

A measure of how sensitive demand is to a change in price, keeping other factors constant.

Factors include product similarity, time, product type, and income proportion spent.

Charging different prices to different consumer groups based on their willingness to pay.

Can benefit consumers and producers, allowing tailored pricing strategies.

Can lead to customer dissatisfaction and perceptions of unfairness.