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Questions and Answers

Which of the following is a function of price in relation to brand equity?

Creating a brand promise

Determining the target consumer's mind

Positioning the product's price

Sending a quality message (correct)

What is price positioning?

Placing a price on a good or service

Comparing a product's price to its rivals (correct)

Determining the exact message sent to clients

Viewing a product as inexpensive

Why do firms sometimes underprice or overprice their products?

To determine the exact message sent to clients

Because they are unsure of their brand promise (correct)

To position their product's price

To send a quality message

What does a price-value matrix represent?

The placement of a product's price Signup and view all the answers

What is the role of price in brand equity?

Sending a quality message Signup and view all the answers

What is a distribution strategy?

A method used to deliver goods and services to consumers Signup and view all the answers

Why is it important to have a simple and efficient distribution method?

To increase repeat business Signup and view all the answers

What is the optimal distribution plan?

One that maximizes total profitability while being cost-effective Signup and view all the answers

How can you use multiple distribution strategies?

To reach target audiences and achieve business goals Signup and view all the answers

What should you consider when developing a distribution plan?

How and where your ideal customer buys things Signup and view all the answers