Price, People, Packaging, Positioning

Question 2

the value of money in exchange for a product or service

Answer 2

PRICE

Question 3

the amount or value that a customer gives up to enjoy the benefits of having or using a product or service.

Answer 3

PRICE

Question 4

In commerce, price is determined by what:

Answer 4

A buyer is willing to pay
A seller is willing to accept
The competition is allowing to be charged

Question 5

helps the business owners define the particular price at which they can maximize profits on sales of their product or services.

Answer 5

Pricing strategy

Question 6

a wide range of factors should be considered when setting prices of the product or service.

Answer 6

Pricing strategy

Question 7

10 Different pricing strategies

Answer 7

Penetration Pricing
Skimming Pricing
Competition Pricing
Bundle Pricing
Product Line Pricing
Premium Pricing
Optional Pricing
Cost-plus Pricing
Psychological Pricing
Value-based Pricing

Question 8

The price charged for products and services is set artificially low in order to gain market share.

Once this is achieved, the price is increased

Answer 8

1. Penetration Pricing

Question 9

A company charges a higher price then slowly lowers the price to make the product available to a wider market because it has a considerable competitive advantage.

Answer 9

2. Skimming Pricing

Question 10

Seller uses prices of competing products as a BENCHMARK instead of considering own costs or the customer demand.

In reality, a firm has three options: to price lower, price the same or price higher than competitors

Answer 10

competition Pricing

Question 11

a firm has three options:

Answer 11

to price lower,
price the same
or price higher than competitors

Question 12

The act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately.

Answer 12

4. Bundle Pricing

Question 13

The practice of reviewing and setting prices for multiple products that a company offers in coordination with one another.

Rather than looking at each product separately and setting its price, product-line pricing strategies aim to maximize the sales of different products by creating more complementary, rather than competitive, products.

If you offer more than one product or service, consider the impact that one product’s or service’s price will have on the others.

Answer 13

5. Product-line Pricing

Question 14

Setting the price of a product higher than similar products.

The goal is to create the perception that the products must have a higher value than competing products because the prices are higher.

Answer 14

6. Premium Pricing

Question 15

The company earns more through cross-selling products along with a basic core product.

The main product does not have many features (and is priced low) which can be enhanced through optional or accessory products which are sold at premium by the same company.

Answer 15

7. Optional Pricing

Question 16

Cost plus pricing involves adding a markup to the cost of goods and services to arrive at a selling price.

Under this approach, you add together the direct material cost, direct labor cost, and overhead costs for a product, and add to it a markup percentage in order to derive the price of the product.

Answer 16

8. cost-plus Pricing

Question 17

cost-plus pricing, you add together the

Answer 17

direct material cost, direct labor cost, and overhead costs for a product,

and add to it a markup percentage in order to

derive the price of the product.

Question 18

8. cost-plus Pricing

Example:
An entrepreneur started her own clothing line. She needed to calculate the selling price for a long sleeve shirt.

The following are the costs for producing the shirt:
material and labor costs = Php 400
overhead costs = Php 200

The total cost adds up to Php 600

If the entrepreneur decides to have a mark-up amount of 50%, the selling price will be calculated through this formula:

Selling price = 600 (1+50%) = 600 (1.50)
Selling price = Php 900

Answer 18

Thus, the selling price for a long sleeve shirt should be Php900.

Question 19

is the practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are.

Answer 19

9. Psychological Pricing

Question 20

This practice is based on the belief that customers tend to process a price from the left-most digit to the right, and so will tend to ignore the last few digits of a price.

Answer 20

9. Psychological Pricing

Question 21

A price-setting strategy that centers on understanding what customers are willing to pay for a product or service based on its perceived benefits and value.

Answer 21

10. Value-based Pricing

Question 22

4 Categories of Pricing Issues

Answer 22

Buyer-seller interactivity
Price discrimination
Price format
Opportunistic pricing

Question 23

The amounts displayed in stores are not even the actual prices that buyers have to pay.

Rather, prices have to be first negotiated during an interaction between the seller and the buyer.

Answer 23

Buyer-seller interactivity

Question 24

When a product is sold at different prices to different consumers, it is called _______.

From the perspective of any business, _____ may present several advantages, most especially ________

Answer 24

Price discrimination

profit maximization.

Question 25

This pricing issue involves how a price is expressed to the market. Businesses adopt the practice of pricing a product a cent or two below the round number (Php 99.99 or Php 199.99), which has the psychological effect of lowering the leftmost digit.

Answer 25

Price format

Question 26

Well-known businesses and some luxury brands may have the opportunity of charging a hefty price to their products. ________ is oftentimes used to drive competitors out of the industry based on efficiency.

Answer 26

Opportunistic pricing

Question 27

The idea is to create an awareness, attract and induce the consumers to buy the product, in preference over others.

Answer 27

promotion

Question 28

refers to the complete set of activities, which communicate the product, brand or service to the user.

Answer 28

promotion

Question 29

3 Objectives of Creating a Promotional Plan

Answer 29

To create brand or product awareness To generate demand To differentiate a product from its competitors

Question 30

Five Main Components of Promotional Mix

Answer 30

Advertising Public Relations or PR Personal Selling Sales Promotion Direct Marketing

Question 31

This promotional method is used to create awareness and deliver information to the target audience.

Answer 31

1. advertising

Question 32

gives the advantage of selecting the territory and audience to which the message is to be directed. It is also cheaper than TV advertising.

Answer 32

Radio

Question 33

fast-developing medium of advertising and is getting increased popularity these days. It is more effective as compared to radio as it has the advantages of sound and sight. On account of pictorial presentation, it is more effective and impressive and leaves a lasting impression on the mind of the viewer.

Answer 33

Television

Question 34

carry their messages entirely through the visual mode. These media consist of newspapers, magazines and direct mail.

Answer 34

Print

Question 35

You can also advertise electronically through your company website and provide important and pertinent information to clients and customers. You can protect some parts of your website through passwords and give access to member customers. You can also send advertisements via direct e-mail as part of your promotional strategy.

Answer 35

Electronic

Question 36

It is important for every business, as each happy customer can steer dozens of new ones your way. And it's one of the most credible forms of advertising because a person puts their reputation on the line every time they make a recommendation and that person has nothing to gain but the appreciation of those who are listening.

Answer 36

Word of Mouth

Question 37

In _____, the article that features your company is not paid for. The reporter, whether broadcast or print, writes about or films your company as a result of information he or she received and researched.

Answer 37

2. Public relations or pr

Question 38

______ occurs when an individual salesperson sells a product, service or solution to a client. Salespeople match the benefits of their offering to the specific needs of a client. Today, _____ involves the development of longstanding client relationships.

Answer 38

3. Personal selling

Question 39

Five Stages of Personal Selling Process

Answer 39

Prospecting Making first contact The sales call Objection handling Closing the sale

Question 40

______ is any initiative undertaken by an organization to promote an increase in sales, usage or trial of a product or service (i.e., initiatives that are not covered by the other elements of the marketing communications or promotions mix).

Answer 40

4. Sales promotion

Question 41

5 types of advertising

Answer 41

Radio Television Print Electronic Word of Mouth

Question 42

5 Sales promotion technique

Answer 42

Free gifts Free sample Free Trial/Taste Customer Contests Special Pricing

Question 43

There are many ways to utilize this particular sales promotion technique. A newly opened store, for example, may offer the first 10 customers free items worth 100 pesos.

Answer 43

Free Gifts

Question 44

Providing ____ is a technique used to introduce new products to the marketplace. ____ give the consumer a chance to see how well they like a product or try something they otherwise would not normally buy.

Answer 44

Free Sample Samples

Question 45

A ______ is a way for a consumer to try a new product while eliminating risk. It may be used when a product is unique to the marketplace.

Answer 45

Free Trial/Taste

Question 46

Contests offer the customer a chance to win prizes like cash or store merchandise.

Answer 46

Customer Contests

Question 47

is used to offer consumers a lower price for a period of time or to purchase in multiple quantities.

Answer 47

Special Pricing

Question 48

is a promotional method that involves presenting information about your company, product, or service to your target customer without the use of an advertising middleman. It is a targeted form of marketing that presents information of potential interest to a consumer that has been determined to be a likely buyer.

Answer 48

5. Direct marketing

Question 49

9 Forms of Direct Marketing

Answer 49

Brochure Phone Calls Coupons Newsletters Catalogs Text Messages Emails Post Cards Fliers

Question 50

5 Digital Era Types

Answer 50

Social Media Marketing Content Marketing Affiliate Marketing Email Marketing Search Engine Optimization (SEO)

Question 51

Many businesses are utilizing different social media platforms to communicate their products and services to their target audience.

Answer 51

Social Media Marketing

Question 52

Content can be presented in various formats, including blogs, e-books, how-tos, online articles, forums, and so forth. This promotional strategy aims to attract new and potential customers by creating and sharing valuable information.

Answer 52

Content Marketing

Question 53

Content can be presented in various formats, including

Answer 53

blogs, e-books, how-tos, online articles, forums, and so forth.

Question 54

takes into account the presence of third parties who are responsible for giving commissions or rewards to their affiliates.

Answer 54

Affiliate Marketing

Question 55

is a relatively low-cost promotional strategy that aims to build brand and customer loyalty.

Answer 55

Email Marketing

Question 56

is an umbrella term for the different methods used in increasing the visibility of a website or blog online. It considers different kinds of search, including image search, news search, and video search.

Answer 56

Search Engine Optimization (SEO)

Question 57

It considers different kinds of search, including

Answer 57

image search, news search, and video search.

Question 58

They regarded as the primary key toward a successful implementation of marketing strategies of any business.

Answer 58

people

Question 59

They play a vital role in service delivery as well as in customer relationship retention.

Answer 59

people

Question 60

These ____ are relied on by the business to design, develop, manufacture, and produce products to the end consumers.

Answer 60

people

Question 61

The people rendering the service must be competent and skilled enough so that that the clients will patronize your service. The marketing efforts of people are to create customer awareness, to arouse customer interest, to educate customers, to close the sale and to deliver the product.

Answer 61

people

Question 62

people 2 vital role

Answer 62

service delivery customer relationship retention.

Question 63

people are relied on by the business to

Answer 63

design, develop, manufacture, and produce products to the end consumers.

Question 64

The people rendering the service must be ______ so that that the clients will patronize your service.

Answer 64

competent and skilled enough

Question 65

2 Recruitment Methods

Answer 65

Internal Recruitment External Recruitment

Question 66

is the process of filling vacant employment positions by the employees who are already working within the business premises.

Answer 66

Internal recruitment

Question 67

Internal Recruitment 3 types

Answer 67

Promotions Transfers Employee Referrals

Question 68

It aims to shift any employee from a lower position to a higher one with more responsibilities attached, remuneration, and ranking privilege.

Answer 68

A. Promotions

Question 69

It involves the shifting of an employee from one department to another, depending on the qualifications of the position involved.

Answer 69

B. Transfers

Question 70

With this approach, current employees may refer people who they think are suitable or fit for the job. This is adopted by most businesses, for it saves cost and time compared to hiring people from various external sources.

Answer 70

C. Employee Referrals

Question 71

This type of recruitment refers to the hiring of employees outside the business. Applicants seeking opportunities have no connection with the internal affairs of the business.

Answer 71

2. External Recruitment

Question 72

External Recruitment 3 Types

Answer 72

Employment Agencies Advertisements Walk-ins

Question 73

are typically run by public, private, and government sectors. These sectors maintain a DATABASE where vital information of qualified candidates are stored and kept.

Answer 73

A. Employment Agencies

Question 74

Employment agencies are typically run by

Answer 74

public, private, and government sectors.

Question 75

where vital information of qualified candidates are stored and kept.

Answer 75

DATABASE

Question 76

Recruiting through ______ is very popular and much preferred by a lot of employers. Job vacancies are thoroughly described and announced through different print and electronic media.

Answer 76

B. Advertisements

Question 77

are thoroughly described and announced through different print and electronic media.

Answer 77

Job vacancies

Question 78

This direct form of external recruitment is done when prospective candidates are invited to apply for any job vacancy. In this case, a definite date, time, and venue of the interview are given to the candidates without the need to submit their applications in advance.

Answer 78

C. Walk-ins

Question 79

In this case, a _____, ______, and _________ are given to the candidates without the need to submit their applications in advance.

Answer 79

definite date, time, and venue of the interview

Question 80

Motivation pertains to a person’s direction to behave or act in life. In the entrepreneurial aspect, managing motivation is a critical aspect of the success of any business. Employers must motivate their employees by setting an example and identifying what the employees really desire.

Answer 80

Motivated Workforce

Question 81

pertains to a person’s direction to behave or act in life.

Answer 81

Motivation

Question 82

Every individual wants to be recognized for something that he or she has remarkably done or made. A simple act of acknowledgment from the higher-ups will mean a lot to any employee.

Answer 82

Acknowledge any employee’s achievement.

Question 83

Always remember that employees will stay in business if they have a reason to. Starting an incentive program will keep them motivated and will help them stay focused.

Answer 83

Offer employee rewards.

Question 84

It must be remembered that a great business is one that provides excellent customer service. To be able to give this kind of service, a group of high-caliber employees must be present to answer or resolve the queries of the customers and to make sure that they are getting their money's worth.

Answer 84

Proper Customer Service

Question 85

When a company presents a product or service in a way that is different from the competitors, they are said to be “_______” it.

Answer 85

positioning positioning

Question 86

Positioning refers to a process used by marketers to create an image in the minds of a target market. Solid positioning will allow a single product to attract different customers for not the same reasons. For example, two people are interested in buying a phone; one wants a phone that is cheaper in price and fashionable while the other buyer is looking for a phone that is durable and has longer battery life and yet they buy the same exact phone.

Question 87

will allow a single product to attract different customers for not the same reasons.

Answer 87

Solid positioning

Question 88

_____refers to a process used by ______ to create an image in the minds of a target market.

Answer 88

Positioning marketers

Question 89

three basic concepts for positioning

Answer 89

Functional Position Symbolic Position Experiental Position

Question 90

deal with solving a problem, providing benefits and getting a favorable perception from investors, stockholders and consumers.

Answer 90

Functional Positions

Question 91

deal with self-image enhancement, ego identification, belongingness, social meaningfulness and affective fulfilment

Answer 91

Symbolic Positions

Question 92

deal with providing sensory or cognitive stimulation.

Answer 92

Experiential Positions

Question 93

3 Functional Positions

Answer 93

solving a problem, providing benefits and getting a favorable perception from investors, stockholders and consumers.

Question 94

5 Symbolic Positions deal with

Answer 94

self-image enhancement, ego identification, belongingness, social meaningfulness and affective fulfilment

Question 95

2 Experiential Positions

Answer 95

providing sensory or cognitive stimulation.

Question 96

Confirm your understanding of market dynamics Identify your competitive advantages Choose competitive advantages that define your market “niche" Define your positioning strategy Communicate and deliver on the positioning strategy

Answer 96

Steps of the positioning process

Question 97

5 Steps of the positioning process

Answer 97

Confirm your understanding of market dynamics Identify your competitive advantages Choose competitive advantages that define your market “niche" Define your positioning strategy Communicate and deliver on the positioning strategy

Question 98

Four Elements of Product Positioning

Answer 98

Vision and mission Product category Customer pain points Product differentiation

Question 99

A statement that is strategically used by businesses to instill into the minds of the target market a positive image of their products and services.

Answer 99

Product Positioning Statement

Question 100

A well-crafted ______ must be able to describe the intended audience of a product and the crucial reasons why customers should choose it over all others. It is a statement that makes the product different from its competitors.

Answer 100

Product Positioning Statement

Question 101

It is a statement that makes the product different from its competitors.

Answer 101

Product Positioning Statement