MODULE 5 AFM 131 EXAM QUESTIONS AND ANSWERS WITH
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
value
good quality a fair price
total product offer
everything that consumers evaluate when deciding whether to buy something
product line
group of products that are physically similar or are intended for a smaller market
product mix
combination of product line offered by an organization
product differentiation
creation of real or perceived product differences
brand equity
value of the brand name and associated symbols
brand loyalty
the degree to which customers are satisfied
brand awareness
how quickly a given brand name comes to mind
brand manager
manager who has direct responsibly for one brand or one product line
product life cycle
, a theoretical model of what happens to sales and profits for a product class over time
(intro, growth, maturity, decline)
target costing
designing a product so that it satisfies customers and meets the profit margins
competition-based pricing
pricing strategy based on what competitors are doing
price leadership
procedure by which one or more dominant firms set the pricing practices that all
competitors in and industry follow
break even analysis
process used to determine profitability at various levels of sales
total fixed costs
all expenses that remain the same no matter how many products are made or sold
variable costs
costs that change according to the level of productions
skimming price strategy
new product is priced high to make optimum profit while their is little competition
penetration price strategy
product is prices ow to attract many customers and discourage compeitiors
Everyday low priceing
selling prices lower than competitors and then not having any special sales
High low pricing strategy
set prices that are higher than EDLP, have many special sales
COMPLETE SOLUTIONS GRADED A++ LATEST UPDATE
value
good quality a fair price
total product offer
everything that consumers evaluate when deciding whether to buy something
product line
group of products that are physically similar or are intended for a smaller market
product mix
combination of product line offered by an organization
product differentiation
creation of real or perceived product differences
brand equity
value of the brand name and associated symbols
brand loyalty
the degree to which customers are satisfied
brand awareness
how quickly a given brand name comes to mind
brand manager
manager who has direct responsibly for one brand or one product line
product life cycle
, a theoretical model of what happens to sales and profits for a product class over time
(intro, growth, maturity, decline)
target costing
designing a product so that it satisfies customers and meets the profit margins
competition-based pricing
pricing strategy based on what competitors are doing
price leadership
procedure by which one or more dominant firms set the pricing practices that all
competitors in and industry follow
break even analysis
process used to determine profitability at various levels of sales
total fixed costs
all expenses that remain the same no matter how many products are made or sold
variable costs
costs that change according to the level of productions
skimming price strategy
new product is priced high to make optimum profit while their is little competition
penetration price strategy
product is prices ow to attract many customers and discourage compeitiors
Everyday low priceing
selling prices lower than competitors and then not having any special sales
High low pricing strategy
set prices that are higher than EDLP, have many special sales
