MAR4480 EXAM 2 QUESTIONS AND VERIFIED CORRECT
SOLUTIONS GRADED A++
How do marketing plans avoid their product from becoming a commoditization?
Changing price, distribution, or how they promote
A _______ is a group of closely related product items
product line
The different types of coca cola such as original Coca-Cola, Diet Coke, Coke
Zero, Cherry Coke, etc is known as a product ____?
product line
A ________ is the total group of products offered by the firm
Product mix or portfolio
Coca-Cola, Dr. Pepper, Glaceau Smartwater, and Sprite are all examples of
product ____ and make up a product ____?
lines; mix
Why is a large product portfolio beneficial?
- economies of scale
- package uniformity
- standardization
- sales and distribution efficiency
- equivalent quality beliefs
What does economies of scales mean?
, the more product you create, the cheaper per unit it should be
What are the steps of the new product development process?
Idea generation
Screening and evaluation
Development (when u start spending money and labor)
Test marketing
Commercialization
______ is the easiest changeable marketing variable
pricing strategy
In highly commoditized markets, what is the only real means of differentiation?
pricing strategy
What are the 3 determinants in setting a price?
costs, competitors and customers
Explain each of the 3 C's
- How much it costs to produce
- What competitors are charging for similar products
- How customers value it
What pricing strategy starts high then drops when demand starts to lower and
has a series of price drops?
Price skimming
When would it be appropriate to use price skimming?
If company year behind us in product, then we can do price skimming bc we have time
What pricing strategy starts low to flood market with product?
SOLUTIONS GRADED A++
How do marketing plans avoid their product from becoming a commoditization?
Changing price, distribution, or how they promote
A _______ is a group of closely related product items
product line
The different types of coca cola such as original Coca-Cola, Diet Coke, Coke
Zero, Cherry Coke, etc is known as a product ____?
product line
A ________ is the total group of products offered by the firm
Product mix or portfolio
Coca-Cola, Dr. Pepper, Glaceau Smartwater, and Sprite are all examples of
product ____ and make up a product ____?
lines; mix
Why is a large product portfolio beneficial?
- economies of scale
- package uniformity
- standardization
- sales and distribution efficiency
- equivalent quality beliefs
What does economies of scales mean?
, the more product you create, the cheaper per unit it should be
What are the steps of the new product development process?
Idea generation
Screening and evaluation
Development (when u start spending money and labor)
Test marketing
Commercialization
______ is the easiest changeable marketing variable
pricing strategy
In highly commoditized markets, what is the only real means of differentiation?
pricing strategy
What are the 3 determinants in setting a price?
costs, competitors and customers
Explain each of the 3 C's
- How much it costs to produce
- What competitors are charging for similar products
- How customers value it
What pricing strategy starts high then drops when demand starts to lower and
has a series of price drops?
Price skimming
When would it be appropriate to use price skimming?
If company year behind us in product, then we can do price skimming bc we have time
What pricing strategy starts low to flood market with product?
