business chap 18 key terms 4.0 / 5 based on 1 rating ? Businessmarketing mix - product and priceASCIE Created by: ngaelsaCreated on: 21-04-17 15:20 Marketing mix the 4 key decisions that must be taken to the effective marketing of a product 1 of 20 Intangible attributes of a product subjective opinions of customer about a product that cannot be measured or compared easily with other products 2 of 20 Tangible attributes of a product measurable features of a product that is easy to compare with its competitors 3 of 20 Brand an identifying name, symbol, image, trademark that distinguishes a product from its competitors 4 of 20 Product portfolio analysis analysing the range of existing product of a business to help allocate resources effectively between them 5 of 20 Product life cycle pattern of sales recorded by a product from launch to withdrawal from the market, 1 of the main forms of product portfolio 6 of 20 Consumer durable manufacture product than can be reused and is expected to have a reasonably long life such as car, washing machine 7 of 20 Price elasticity of demand (PED) measures the responsiveness of demand due to changes in price 8 of 20 Customer relationship management (CRM) using marketing activities to establish customer relationship in order to maintain existing customer loyalty 9 of 20 Mark-up pricing adding a fixed mark-up for profit for each item 10 of 20 Full-cost (absorption) pricing setting price by calculating a unit cost of a product (variable, fixed cost) and then add fixed profit margin 11 of 20 Contribution (marginal) - cost pricing setting price bases on the variable cost of making a product in order to make a contribution towards fixed cost and profit 12 of 20 Target pricing setting price that will give a required rate of return at a certain level of output 13 of 20 Competition-base pricing a firm will set its price bases upon price set by its competitors 14 of 20 Dynamic pricing offering goods at a given price that changes according to level of demand and the ability of customer to pay 15 of 20 Penetration pricing setting relatively low price often supported with strong promotion to achieve high volume of sales 16 of 20 Market skimming setting high price for a new product due to its highly differentiated from competitors (USP) with low price elasticity of demand 17 of 20 Product end result of production process that is sold on the market to satisfy customer's needs and wants 18 of 20 Product positioning consumer's perception of a product or service as compared to its competitor 19 of 20 Extension strategy marketing plans to extend the maturity stage of a product before a brand new one is needed 20 of 20
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