1) Identify and discuss the characteristics and classifications of services. Services refer to a form of product that consists of activities, benefits, or satisfactions offered for sale that are essentially intangible.
2) Know the difference between an augmented product, an actual product, and a core customer value (the satisfaction of a need / want).
3) Know the differences between the following types of products: Shopping, Specialty, Convenience, & Unsought. Be able to give examples.
4) Know the types of industrial products and be able to give examples.
5) Know the definitions of other forms of marketing such as people/person, geography, social cause, and organization.
6) A company adding new features to a product will most likely compare each feature's value to customers with its cost to the company.
7) The label is a packaging component that identifies the product or brand.
8) Know the difference between product line stretching and filling.
9) A product mix is also known as a product portfolio.
10) The number of product versions offered for each product in the line is referred to as product mix depth.
11) What does service inseparability mean?
12) Internal service quality is the link in the service chain emphasizes superior employee selection and training.
13) What is brand equity?
14) What is the difference between a national brand and a private/store brand?
15) What is co-branding?
16) With regard to branding, what is licensing?
17) What are line extensions?
18) What is multibranding?
19) Be able to describe the phases of the new product development process.
20) Know the internal and external sources of new product ideas for a company.
21) A product image is the way consumers perceive an actual or potential product.
22) Know the components of a marketing strategy statement.
23) Building or renting a manufacturing facility is a cost most likely associated with commercialization.
24) What is a sequential product development approach.
25) What is customer-centered new product development.
26) Be able to describe the phases of the product life cycle (PLC).
27) It is generally difficult to forecast the sales level at each PLC stage.
28) Know the difference between a style, a fashion, and a fad.
29) In the introduction stage of the product life cycle promotional expenditures will be significantly high in an attempt to create consumer awareness of a product and its features.
30) Sales start climbing quickly in the growth stage of the product life cycle.
31) To find new market segments for the brand is one reason management might attempt to modify the market in the maturity stage of the product life cycle.
32) Some companies are now appointing product stewards to protect consumers from harm and the company from liability by proactively ferreting out potential product problems.
33) Know the definition of price.
34) What sets the upper limit for a product's pricing?
35) What typically sets the floor for a product’s pricing?
36) Value-based pricing can be thought of as the reverse process of cost-based pricing.
37) Providing extra amenities to differentiate and support high-priced products is referred to as value-added pricing.
38) Fixed costs are also known as overhead.
39) If a company designs what it considers to be a good product, calculates the expenses of making the product, and sets a price that adds a standard markup to the cost of the product, what approach to pricing have they used?
40) Break-even analysis fails to consider customer value and the relationship between price and demand.
41) Know the differences between: pure competition, monopolistic competition, oligopolistic competition, and a pure monopoly.
42) Interest rates is an economic factor that affects the pricing decisions of a company.
43) A product's quality and image must support its high price when implementing a successful market-skimming pricing strategy.
44) What is product line pricing?
45) Firms that use captive-product pricing make up for the low prices of their main products by setting high markups on the captive products.
46) Trade-channel members that perform sales tasks will likely be offered functional discounts by the manufacturer.
47) Price reductions to retailers to reward them for participating in advertising and sales support programs are called promotional allowances.
48) What is time-based pricing?
49) Reference prices are prices carried in buyers' minds and used when looking at a given product.
50) Know the differences between the following pricing strategies: base-point pricing, freight-absorption pricing, FOB pricing, zone pricing, and uniform-delivered pricing.
51) The Sherman Act, Clayton Act, and Robinson-Patman Act are all federal laws that were initially adopted to curb the formation of monopolies.
52) Deceptive pricing occurs when a seller states prices or price savings that mislead consumers or are not actually available to consumers.
53) Be able to distinguish between market-skimming pricing and market-penetration pricing.