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| their intangibility makes them difficult to portray in advertisements |
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| sold primarily to customers for either personal or household use |
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| purchased frequently without much time taken for making a decision |
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| purchased less frequently and require time and comparison shopping |
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| the buyer will not accept a substitute |
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| people are not normally planning to purchase these products (e.g. life insurance) |
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| sold by one company to another company |
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| pencils, printer ink cartridges, staples, etc. |
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| more expensive equipment and machinery (e.g. computers, printers) |
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| plastic sheets, iron ore, lumber used to produce other products |
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| become part of a manufacturer's finished good (e.g. a computer chip, a stereo for a new car) |
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| buildings, production lines, major machinery |
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| desks, phones, FAX machines |
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| legal advice, consultant advice, advertising agencies, maintenance services |
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| from R&D phase to the entry of the product into the marketplace |
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| sales increase rapidly as does competition |
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| sales level off and start to decline as competition heats up |
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| sales and profits nosedive and eventually the product may be taken off the market |
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| an attempt to "refresh the marketing efforts" to try to save the product from being taken off the market |
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| thinking up new products that may satisfy consumers |
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| reducing the long list of possible products to a more manageable number of ideas |
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| a study of costs, likely sales and profits to see if they meet the company's objectives |
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| developing a working physical product |
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| trying out the sales of the product in one or more cities to gauge market share and profitability |
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| bring the product to the marketplace to see if it succeeds or fails with consumers |
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| a unique name, symbol, or design that identifies the product as different from competitive products. |
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| how often a consumer continues to purchase the same brand |
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| — a consumer is aware of the brand in terms of what type of product it is. |
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| a consumer will prefer to buy this brand if it is available when the consumer wants to purchase it. |
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| the buyer will not accept a substitute brand for this product |
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| the part of the brand that cannot be expressed verbally (e.g. a Nike swoosh, McDonald's golden arches) |
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| produced and advertised by a national advertiser |
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| brand names owned by wholesalers or retailers |
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| plain wrapped products that do not give the name of the manufacturer, but only the type of product (e.g. aluminum foil). |
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| two companies link their brand names to sell a single product |
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| an agreement to manufacture the product and to use the owner's brand name (e.g. Spalding sporting goods) |
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| protects the product from damage and makes the product easy to find in a group of products |
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| listing the ingredients or contents of a product (e.g. food) |
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| Universal product code (UPC) |
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| a set of black stripes on the package that is used to track sales and price at checkout scanners at supermarkets and other retail outlets. |
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| a set of closely related products (e.g. cereals, detergents, diapers, laptop computers, printers)a set of closely related products (e.g. cereals, detergents, diapers, laptop computers, printers) |
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| the company's entire set of products that it sells |
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| using a familiar brand to identify products made by the same manufacturer (e.g. Kellogg's, Campbell's, Kenmore) |
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| adding a new product to an established brand name (e.g. Vanilla coke). |
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| should the product be standardized or customized to fit the culture, language, and needs of consumers in another country? |
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| what objectives are you trying to achieve with your price |
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| two companies agree on what price to charge consumers (this is illegal) |
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| charging different customers who are the same type different prices (this is illegal) |
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| misleading consumers as to the actual price |
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| setting a price at a certain percentage above the cost of producing the product |
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| determining how many units must be sold so that the company's sales revenues exactly equal its expenses |
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| do not change with the number of units produced (e.g. rent, managerial salaries, utilities costs) |
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| change with the number of units produced (e.g. raw materials, direct labor costs) |
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| keeping the production cost per unit low enough to allow the company to make a profit at a specific selling price. |
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| charging a price for each item so that it differs in different retail outlets |
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| purposely charging an initial high price for a new product to "skim the cream" off of the market by attracting less–price sensitive customers. |
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| charging an initial low price for a new product to discourage competition and build market share. |
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| a price reduction intended to give wholesalers and retailers a profit when they sell the item |
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| setting an affordable price for a higher quality item |
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| occurs when two competitors continuously try to underprice each other |
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| grouping two or more products together with a single price (e.g. McDonald's Value Meal #3). |
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| re–pricing products to meet supply and demand (e.g. American Airlines changing its fares several times each day up until departure). |
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| eBay to sell products at the highest price possible |
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