BUSN 1010 Ch 14-16 Exam Questions and Answers Fully Solved Latest Version

BUSN 1010 Ch 14-16 Exam Questions and Answers Fully Solved Latest Version Brand association - AnswersThe degree to which the consumer is able to connect to a product category or brand. Skimming Price Strategy - AnswersA strategy where a marketer initially sets a high price for a product and then lowers the price over time Trademark - AnswersA symbol or words legally established to identify and distinguish a company or product Break-even analysis - AnswersThe mathematical relationship between costs and sales revenue Target costing - AnswersA product costing method in which a final product cost is determined after market analysis Variable cost - AnswersA cost that changes in proportion to a change in a company's production activity or business Dealer brands - AnswersA brand name placed on products that a large manufacturer has created for a retailer Competition-based pricing - AnswersA strategy whereby a benchmark of another product is used to set the price of a product rather than considering the costs of the seller's own product Brand loyalty - AnswersThe consumers' commitment to particular brands expressed through repeat purchases Product analysis - AnswersProjecting revenue and costs for new product ideas to determine profitability Convenience goods - AnswersA consumer item that is widely available and purchased often with low investment of time and little concern for price Total product offer - AnswersEverything that customers evaluate—features, price, and company reputation—when deciding whether to purchase something Bundling - AnswersOffering two or more complementary products or services together as a package Price leadership - AnswersA strategy whereby a market leader sets the price of a product or service and competitors tend to follow Product screening - AnswersA screening process that firms use to determine which product(s) to develop Commercialization - AnswersThe process by which a new product is moved into full-scale production and introduced to the market Brand equity - AnswersCommercial value derived from the name recognition a brand earns over time Product life cycle - AnswersA model that depicts what happens to sales and profits for a product or product category over time Total fixed costs - AnswersCost of production that does not change with the quantity produced Shopping goods - AnswersConsumer goods that require some evaluation and are compared for features, quality, and price before purchase Product line - AnswersA series of different but related products made by the same company Brand awareness - AnswersThe extent to which a brand is recognized and recalled by customers