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WorksheetsChapter 5 | Marketing Mix
Total questions: 15
Worksheet time: 30mins
Name
Class
Date
1.
What are the 4 stages of product life cycle (PLC) ?
a)
1) Identification
2) Consumer appeal
3) Economy
4) Containmnet
2) Consumer appeal
3) Economy
4) Containmnet
b)
1) Introduction
2) Growth
3) Maturity
4) Decline
2) Growth
3) Maturity
4) Decline
c)
1) Product Classifications
2) Product Positioning
3) Product Differentiation
4) Product Branding
2) Product Positioning
3) Product Differentiation
4) Product Branding
d)
1) Product
2) Price
3) Place
4) Promotion
2) Price
3) Place
4) Promotion
2.
what is the introduction stage in Product Life Cycle?
a)
1) Rapid expansion in demand and growth of the market with the growth in competition
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
b)
1) The market is saturated with competitors
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
c)
1) Product concept may be new to consumer
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
d)
1) Majority of consumers turn to newer products to provide the same benefits more efficiently
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
3.
what is the Growth Stage in Product Life Cycle?
a)
1) Rapid expansion in demand and growth of the market with the growth in competition
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
b)
1) The market is saturated with competitors
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
c)
1) Product concept may be new to consumer
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
d)
1) Majority of consumers turn to newer products to provide the same benefits more efficiently
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
4.
what is the Maturity Stage in Product Life Cycle?
a)
1) Rapid expansion in demand and growth of the market with the growth in competition
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
b)
1) The market is saturated with competitors
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
c)
1) Product concept may be new to consumer
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
d)
1) Majority of consumers turn to newer products to provide the same benefits more efficiently
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
5.
what is the Decline Stage in Product Life Cycle?
a)
1) Rapid expansion in demand and growth of the market with the growth in competition
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
2) Emergence of competitive products and heavy advertising
3) Advertising emphasis will move from emphasizing primary demand to influencing selective demand for individual brands in order to take over the number one position
b)
1) The market is saturated with competitors
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
2) The number of new consumers dwindles, becoming unsure
3) Competition intensifies, and profits become lesser – Companies may increase their promotional efforts, but with a different marketing strategy
4) Selective demand advertising is used to maintain a profitable market position (impress consumers with subtle advantages of their particular brand)
c)
1) Product concept may be new to consumer
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
2) Companies have to invest into advertising for educating consumers, building awareness and encouraging demand
3) Have to gain a large share of market before the growth stage begins
4) Advertising may concentrate more on stimulating primary demand for the whole product class
d)
1) Majority of consumers turn to newer products to provide the same benefits more efficiently
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
2) Sales may drop to marginal or below profitable levels due to obsolescence, changing technology or new consumer tastes
4) Advertising may be increased to improve market position as competitors fall out of market
5) Eventually all advertising may be discontinued as consumers no longer seek the product
6.
What are the 3 Method marketers differentiate their product's identity to stand out from the competitor?
a)
1) Intensive distribution- Conveninence goods availeble at every possible location.
2) Selective distribution- Limited number of outlets can cut distribution / promotion costs.
3) Exclusive distribution- Under an exclusive rights to distribute a particular product.
2) Selective distribution- Limited number of outlets can cut distribution / promotion costs.
3) Exclusive distribution- Under an exclusive rights to distribute a particular product.
b)
i) Product Life Cycles - Advertising educates consumers about a new category, which encourages distributors & dealers to order, stock, display and advertise the new product.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
c)
1) Market Demand - when a product supply is static/low, but desire or demand for the product is high, prices then rise.
2) Production and cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
2) Production and cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
d)
1) Perceptible differences – differences between products that are readily apparent to the consumer
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
7.
What are the FOUR elements in the marketing mix?
a)
1) Product lifecycle
2) Product classification
3) Product positioning
4) Product Differentiation
2) Product classification
3) Product positioning
4) Product Differentiation
b)
1) Introduction stage
2) Growth stage
3) Maturity stage
4) Decline stage
2) Growth stage
3) Maturity stage
4) Decline stage
c)
1) Product
2) Price
3) Place
4) Promotion
2) Price
3) Place
4) Promotion
d)
1) Market demand
2) Product and distribution cost
3) Competition
4) Objective and strategy
2) Product and distribution cost
3) Competition
4) Objective and strategy
8.
What are the elements in product categories?
a)
i) Product Life Cycles
ii) Product Classifications
iii) Product Positioning
iv) Product Differentiation
v) Product Branding
vi) Product Packaging
ii) Product Classifications
iii) Product Positioning
iv) Product Differentiation
v) Product Branding
vi) Product Packaging
b)
1) By market
2) By rate of consumption & tangibility
3) By purchasing habits
4) By physical description
2) By rate of consumption & tangibility
3) By purchasing habits
4) By physical description
c)
a) Perceptible differences – differences between products that are readily apparent to the consumer
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
d)
1) Introduction stage
2) Growth stage
3) Maturity stages
4) Decline stage
2) Growth stage
3) Maturity stages
4) Decline stage
9.
Under the product element, what is product classification?
a)
1) Identification
2) Consumer appeal
3) Economy
4) Containmnet
2) Consumer appeal
3) Economy
4) Containmnet
b)
1) The basic goal of positioning strategy is to own a word that ranks the product in the potential consumer’s mind.
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
c)
1- Basic differentiating device for all products is the brand – the combination of name, words, symbols, or design that identifies the product and its source & distinguish it from competing products.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
d)
a) By market – consumer goods, industrial goods
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
10.
Under the product element, what is product Positioning?
a)
1) Identification
2) Consumer appeal
3) Economy
4) Containmnet
2) Consumer appeal
3) Economy
4) Containmnet
b)
1) The basic goal of positioning strategy is to own a word that ranks the product in the potential consumer’s mind.
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
c)
1- Basic differentiating device for all products is the brand – the combination of name, words, symbols, or design that identifies the product and its source & distinguish it from competing products.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
d)
a) By market – consumer goods, industrial goods
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
11.
Under the product element, what is product Positioning?
a)
a) Perceptible differences – differences between products that are readily apparent to the consumer
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b)
1) The basic goal of positioning strategy is to own a word that ranks the product in the potential consumer’s mind.
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
c)
1- Basic differentiating device for all products is the brand – the combination of name, words, symbols, or design that identifies the product and its source & distinguish it from competing products.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
d)
a) By market – consumer goods, industrial goods
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
12.
Under the product element, what is product Branding?
a)
a) Perceptible differences – differences between products that are readily apparent to the consumer
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b)
1) The basic goal of positioning strategy is to own a word that ranks the product in the potential consumer’s mind.
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
c)
1- Basic differentiating device for all products is the brand – the combination of name, words, symbols, or design that identifies the product and its source & distinguish it from competing products.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
2- Offer instant recognition and identification
3- Promise consistency, reliable standard of quality, taste, size, durability, emotional satisfaction, which adds value to the product.
d)
a) By market – consumer goods, industrial goods
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
13.
Under the product element, what are the 5 different types of product Branding?
a)
a) Perceptible differences – differences between products that are readily apparent to the consumer
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b) Hidden differences – differences not so readily apparent
c) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
b)
1) The basic goal of positioning strategy is to own a word that ranks the product in the potential consumer’s mind.
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
2) The ultimate goal is to position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal).
3) by developing a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for
c)
a) By market – consumer goods, industrial goods
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
b) By rate of consumption & tangibility – durable (long lasting), non-durable (frequently replaced) – can be goods or services
c) By purchasing habits – convenience goods, shopping goods, specialty goods, unsought goods.
b) By physical description – packaged goods, hard goods, soft goods – includes services.
d)
1) Individual brand - Same company, different advertiser, different products that has own image and identity.
2) Family Brand- A group of different product categories under the same family name (umbrella name).
3) National Brand - Product that is distributed nationally under a brand name intended for national sales.
4) Private Brand - companies manufacture the products and then sell products to distributors /dealers/resellers who then put their own brand name on the product
5) Licensed brand –companies who pay a fee for the rights to use a brand name owned by another company or organization.
2) Family Brand- A group of different product categories under the same family name (umbrella name).
3) National Brand - Product that is distributed nationally under a brand name intended for national sales.
4) Private Brand - companies manufacture the products and then sell products to distributors /dealers/resellers who then put their own brand name on the product
5) Licensed brand –companies who pay a fee for the rights to use a brand name owned by another company or organization.
14.
What are the factors influencing the price of the product?
a)
1) Intensive distribution- Conveninence goods availeble at every possible location.
2) Selective distribution- Limited number of outlets can cut distribution / promotion costs.
3) Exclusive distribution- Under an exclusive rights to distribute a particular product.
2) Selective distribution- Limited number of outlets can cut distribution / promotion costs.
3) Exclusive distribution- Under an exclusive rights to distribute a particular product.
b)
i) Product Life Cycles - Advertising educates consumers about a new category, which encourages distributors & dealers to order, stock, display and advertise the new product.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
c)
1) Market Demand - when a product supply is static/low, but desire or demand for the product is high, prices then rise.
2) Production and distribution cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
4) Corporate objectives & Strategies – whether a luxury goods or economy goods, its positioning strategy and life cycle stage influences the price
5) Variable Influences (external factors)- economic conditions, consumer income/preferences, government regulations, marketing costs,
2) Production and distribution cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
4) Corporate objectives & Strategies – whether a luxury goods or economy goods, its positioning strategy and life cycle stage influences the price
5) Variable Influences (external factors)- economic conditions, consumer income/preferences, government regulations, marketing costs,
d)
1) Perceptible differences – differences between products that are readily apparent to the consumer
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
15.
What are the basic types of distribution?
a)
1) Direct distribution - Network / Buyer Club
2) Indirect distribution - Intensive distribution / Selective distribution/ Exclusive distribution
2) Indirect distribution - Intensive distribution / Selective distribution/ Exclusive distribution
b)
i) Product Life Cycles - Advertising educates consumers about a new category, which encourages distributors & dealers to order, stock, display and advertise the new product.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
ii) Product Classifications - By market/ By rate of consumption & tangibility / by purchase habits/ by physical description.
iii) Product Positioning - to own a word that ranks the product in the potential consumer’s mind. position in the consumer’s mental files by claiming the best position over the competitor (benefits offered, market appeal). develope a unique position for the brand in the consumer’s mind, the marketer helps the consumer remember the brand and what it stands for.
c)
1) Market Demand - when a product supply is static/low, but desire or demand for the product is high, prices then rise.
2) Production and distribution cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
4) Corporate objectives & Strategies – whether a luxury goods or economy goods, its positioning strategy and life cycle stage influences the price
5) Variable Influences (external factors)- economic conditions, consumer income/preferences, government regulations, marketing costs,
2) Production and distribution cost- The price of goods depends to some extent on the costs of production and distribution.
3) Competition - Consumers are less concerned with a product’s actual price than with its perceived price relative to competitors.
4) Corporate objectives & Strategies – whether a luxury goods or economy goods, its positioning strategy and life cycle stage influences the price
5) Variable Influences (external factors)- economic conditions, consumer income/preferences, government regulations, marketing costs,
d)
1) Perceptible differences – differences between products that are readily apparent to the consumer
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
2) Hidden differences – differences not so readily apparent
3) Induced differences – differences created by advertising where only the brand name, slogan or package design becomes the essential difference
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