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test 3 study guide

test 3 study guide - US dependence on service economic...

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MKTG 350 Test 3 Study Guide Chapter 10 Product line and associated terms SKU Brand Branding Value of branding (hint: not an essay) 4 components of brand equity Brand ownership Manufacturers/national brands Private labels/store brands Brand naming strategies Brand extensions Brand dilution Brand licensing Co-branding Chapter 11 Benefits of new products Pioneers 5 types of new products (not in textbook – lecture only!) Diffusion of innovation – and the groups within this category; know general characteristics of each Opinion leaders 5 factors influencing the rate of adoption Sources for new product ideas Concept testing Product development – prototype, alpha and beta testing Market testing PLC – know what’s happening in each stage Ethical issues in product development Chapter 12 Service-product continuum
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Unformatted text preview: US dependence on service, economic importance of service (4 areas) Differences between services and goods Chapter 13 Price Price and value 5 C’s of pricing Profit orientation Sales orientation Competitor orientation – competitive parity & status quo Customer orientation Demand curve Prestige pricing Price elasticity of demand – elastic and inelastic demand Income effect Substitutes and complements Fixed and variable costs Break even point Gray market Chapter 14 Cost-based, competitor-based and value-based pricing strategy Reference prices – (note: internal reference price info from lecture only) EDLP vs. high-low strategy Price skimming Market penetration Advertising allowances Slotting allowance Price bundling Leader pricing Bait and switch Predatory pricing...
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