Chapter 26 Marketing Application Flashcards Preview

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Flashcards in Chapter 26 Marketing Application Deck (16):
1

What's the benefit to cost plus pricing

Great way to start off your product because all costs, expenses and profit being factored into the price

2

Why is Prestige pricing beneficial? Give 2 reasons

-Can make your product stand out from competition
- consumers may view your product as higher quality or higher class

3

What's the benefit of Bundle pricing

Will attempt to increase sales by offering extra incentive products for no charge

4

Multiple unit pricing

Lowering prices in order to increase the amount of sales

5

What is the benefit of promotional pricing?

You can use advertising in order to bring in new customers for seasonal promotions

6

What is the benefit of discount pricing

May bring in a different income level of customers

7

Penetration pricing

Pricing policy that sets the initial price for a new product very low to encourage as many people to buy it as possible

8

What is one benefit to odd/ even pricing?

When you set the price to a even or odd number it conveys to a customer that their is a bargain which may increase demand

9

How can advertising be used for a main market strategy for the introduction stage?

You would tell customers how the product benefits them

10

How can advertising be used for a main market strategy for the growth stage?

Advertising can explain why consumers love the product so much

11

How can introducing new products be used for a main market strategy for the maturity stage?

Will offer more competition in the marketplace

12

How can altering or modernizing the product offerings be used for a main market strategy for the decline stage?

Product can be packaged differently or redesign the product in order to bring a new group of consumers

13

What product life cycle stage is penetration and cost plus pricing in?

Introduction stage

14

What product life cycle stage is odd/ even pricing and prestige pricing in?

Growth stage

15

What product life cycle stage is multiple unit pricing and bundle pricing in?

Maturity

16

What product life cycle stage is discount and promotional pricing in?

Decline stage

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