Exam 14: Developing and Pricing Goods and Services

Suitorium is a men's clothing store in a large suburban shopping mall. The managers of the store know that their customers usually comparison shop, looking carefully at quality and price before deciding to buy. With this information, Suitorium carries quality clothing, offers competitive pricing, and friendly, helpful service. The target customers apparently view men's suits as a

One way firms can gain a competitive advantage without relying on low prices is by developing close, friendly relationships with their customers.

The brand names that are used by producers that distribute products nationally are called

A ________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

The New Era Cap Company understands the importance of ________. In the mid-1990s, the company's products became very popular when film director Spike Lee requested a red Yankees cap, instead of the traditional blue cap. It did not take long for Yankees' fans who were also fans of Spike Lee to want to wear a similar cap.

Fast food restaurants, like Carl's Jr., pride themselves on offering precisely the same menu around the world so that customers know exactly what to expect when they eat at one of those restaurants.

Products that carry the name of a distributor or a retailer instead of the manufacturer's name are called

Rather than having frequent special sales, a company maintains lower prices than competitors all the time. This pricing strategy is known as everyday low prices (EDLP).

Costs incurred regardless of the number of units of a product that are produced or sold are called

Discuss the role of packaging in a firm's total product offer.

As a manager at IceCold Foods, Oscar is responsible for the firm's S'Cream brand of ice cream. He recently approved a proposal to test market new ice cream flavors. He is also considering the possibility of lowering the price of the ice cream and initiating a new advertising campaign. Oscar serves as a

While the UPC improves efficiency at the retail checkout counter, it has increased problems in controlling inventory.

Brand ________ refers to the linking of a brand to other favorable images, such as a celebrity.

Nicola works as a manager at Marshall Manufacturing. The innovative staff at the company is regularly encouraged to suggest ideas for new products. Since Nicola works in product screening, she

The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

One function of effective packaging is to protect the goods inside during handling and storage, as well as deter product tampering and theft.

Brand ________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Newspapers are sold daily in a wide variety of locations. This widespread distribution suggests that newspapers are classified as convenience goods.