Saturday, December 21, 2019

Pricing for Convenience Goods - 12585 Words

CH 12] Business 101 — The Basics 12-1 Chapter 12 Product and Pricing Strategies Learning Goals 1. Identify the components of the total product concept. 2. List the types of consumer goods, industrial goods, and services. 3. Explain the product mix and product lines. 4. List and describe the stages of the product life cycle. 5. Identify the stages in the new-product development process. 6. Describe how products are identified. 7. Outline the different types of pricing objectives. 8. Discuss how prices are set in the marketplace. 9. Explain how breakeven analysis can be used in pricing strategy. 10. Differentiate between skimming and penetration pricing strategies. 12-2 Product and Pricing Strategies Chapter Overview†¦show more content†¦A young couple intent on buying a new television may visit many stores, competing goods in competing examine perhaps dozens of TV sets, and spend days making the final decision. The stores. couple follows a regular routine from store to store in surveying competing offerings and ultimately selects the most appealing set. Specialty goods are particular products desired by a purchaser who is familiar specialty goods with the item sought and is willing to make a special effort to obtain it. A specialty good has no reasonable substitute in the Figure 12.1 The Total Product Concept mind of the buyer. The nearest BMW dealer may be 40 miles away, but a buyer might go there to obtain what they considers one of the world s best-engineered cars. This classification of consumer goods may differ among buyers. A shopping good for one person may be a convenience good for another. Majority buying patterns determine the item s product classification. Marketing Strategy Implications. The consumer goods classification is a useful tool in marketing strategy. For example, once a new lawn edger has been classified as a shopping good, insights are gained about its marketing needs in promotion, pricing, and distribution methods. The impact of the consumer goods classification on various aspects of marketing strategy is shown in Table 12.1. Classifying Industrial Goods The five mainShow MoreRelated4ps and How the Firm Position Their Products for Maximum Competitive Advantage in the Marketplace1455 Words   |  6 Pagesadvantage. For the ignored customers, the firm should design a spcial product to satisfy their needs and keep in touch with them. On the other hand, this company should operate in one or a few geographic areas. It helps customers buy your products more convenience and the firm can make more profit. How the firm has managed its decisions on the 4Ps of the marketing mix Marketing mix is a combination of marketing tools that are used to satisfy customers and company objectives. 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