Price skimming Study guides, Revision notes & Summaries

Core Product Benefits - basic level of benefits that the product has to offer to fit into the product category (ex. drill must drill holes) Expected Product Benefits - beyond the core benefits that consumers expect from the product (ex. durability, warranty, reliability, fair price, etc) Augmented Product Benefits - beyond what customer expects & thus beyond what the competition provides (ex. replacing a 30 year old drill, Ford app) Product Features - aspects that are built in to the produ...

3 internal pricing factors - Answer-1) Marketing Objectives- maximize profit, gain market share etc. 2) Marketing Mix strategy- price consistent with 3Ps 3) Costs 3 EXTERNAL pricing factors - Answer-1) demand for your product 2) competition (competitors prices, stregntgh of competition) 3) economy- cost of components, economic conditions inelastic demand - Answer-means that an increase or decrease in price will not significantly affect demand. products that do not have many substitutes...

Internal/External Factors of Price - Answer-Internal Factors of Price: 1. Marketing Objective 2. Marketing Mix Strategy 3. Cost External Factors of Price: 1. Demand for your product. 2. Competition 3. Economy Price Elasticity - Answer-Elastic - Consumers buy more or less of a product when the price changes Inelastic- An increase or decrease in price will not significantly affect demand What happens to price/revenue when the demand is elastic/inelastic - Answer-Demand is... Pr...

intangibility inseparability variability perishability - --Nature and characteristic of a service Product Price Promotion Place - --What are the 4 Kotler's Market Strategies? Intensity of Competitive Rivalry Threat of New Entrants Threat of Substitute Bargaining Power of Customers Bargaining Power of Suppliers - --What are Porter's 5 forces? Conceive Plan Develop Qualify Launch Deliver Retire - --What are the 7 phases of PLC? Conceive PlanDevelop Qualify - --What are the ...

MKT-315 FINAL EXAMProfit Equation - correct answer Total Revenue - Total Cost Pricing Strategy: Penetration Pricing - correct answer Low price to increase sales and market share. Pricing Strategy: Skimming Pricing - correct answer Starts out with a high price and slowly lowers it to fit the market. Pricing Strategy: Competition Pricing - correct answer Setting prices nearly equal to competitors. A cable company may start out with a low price to get subscribers. Eventually, price ...

UPenn Marketing 101 Final Exam Questions and Answers 100% Pass Dynamic Pricing - Correct Answer ️️ -Adjusting prices continually to meet the characteristics and needs of individuals and situations; setting prices for a good/service based on the demand for it at the moment based on the availability of supply Uber's Surge Pricing - Correct Answer ️️ -Higher demand causes a price multiplier to kick in, increasing rates up to 8x the original price. Model: Increase supply, decrease de...

the amount of money charged for a product or service. price is the sum of all the values that consumers give up in order to gain the benefits of having or using the product or service correct answersprice Demand oriented approach: setting a high price for a new product to skim revenues layer by layer from those willing to pay the high price. company makes fewer, but more profitable sales. When to use: setting a high price for a new product to "skim" revenues layer by layer from those willin...

Sole Proprietorship - Answer-is a business owned by one person who is subject to claims or creditors. Partnership - Answer-is the voluntary association of two or more people who have combined their resources to carry on as co-owners of a lawful enterprise for their joint profit. Limited Partnership - Answer-involves at least one general partner and one or more limited partners. Corporation - Answer-is an artificial being, invisible, intangible, and existing only in the contemplation of law,...

Dynamic Pricing - Answer-Adjusting prices continually to meet the characteristics and needs of individuals and situations; setting prices for a good/service based on the demand for it at the moment based on the availability of supply Uber's Surge Pricing - Answer-Higher demand causes a price multiplier to kick in, increasing rates up to 8x the original price. Model: Increase supply, decrease demand Target Costing - Answer-Reverse engineer a product based on demand at a certain price point ...

BUAD 307 Final Exam Questions and Answers 100% Pass The model of advertising encoding and decoding discussed in class: a. Includes a vulnerability to the effects of "noise." b. Is used to determine how to most effectively implement sales promotion. c. Is used to examine a brand's location on the S-shaped curve of advertising effectiveness. d. Suggests that the use of triggers will be ineffective during the maturity phase of the product life cycle. e. Predicts that the effectiveness o...