Unit 3 Review Relay: Product & Price
Question & Answers
1. Which P of the marketing mix contains packaging,
PRODUCT
positioning and branding?
PRODUCT LIFE CYCLE
2. What does PLC stand for?
3. Draw the traditional PLC. (make sure to label the axis’)
4. Give an example of a product that is in the 4th stage of
the PLC.
5. PLCs describe changes in consumer __________ over
DEMAND OVER TIME
__________.
INCONSISTENT, DOESN’T APPLY TO
6. What is one potential problem with the PLC?
ALL PRODUCTS
FAD, TREND, NICHE, SEASONAL
7. What are the 4 types of non-traditional PLCs?
8. Organic food, yoga and skinny jeans are examples of: TRENDS
9. NEW devices, methods, or processes developed from
INVENTIONS
study and experimentation are known as:
10.Products or services that use new technology, items
INNOVATIONS
or processes to CHANGE EXISTING products/services
are known as:
11.
12.A marketing tool used to develop strategies for
ANSOFF’S MATRIX
growth is called:
13.Marketing our existing products to our existing
MARKET PENETRATION
customers is known as this strategy:
14.Trying to create new products that our existing
PRODUCT DEVELOPMENT
customers will buy is known as this strategy:
15.Creating completely new products to market to
DIVERSIFICATION
completely new customers is known as this strategy:
BAR CODE, INGREDIENTS,
NUTRITIONAL INFO,
16.Name 3 things that must be on Canadian packages:
MANUFACTURER
17.This function of packaging keeps out germs, dirt,
PROTECTION
sunlight, and even children.
18.One of the main reasons for packaging is to keep
everything together, to contain the product. What is CONSOLIDATION
this called?
Unit 3 Review Relay: Product & Price
Question & Answers
19.Name 2 other functions of packaging (excluding the
answers from questions 27 and 28!)
20.This tool allows competing brands or products to be
compared to one another on a defined set of
variables.
21.How many types of positioning are there?
22.Name all of the types of positioning.
23.Name 3 tangible elements of branding.
24.Give 2 intangible elements of a brand.
25.This level of brand represents an entire company.
26.Give two names for “unbrands” or “non-brands”.
27.What are the 3 types of logos?
28.There are 5 brand strategies. Name 3 of them.
29.This is the actual price paid after any discounts and
promotions.
30.What are 3 factors in determining price?
31.Name 3 pricing objectives. (hint: RIMMM)
32.Name 3 psychological pricing policies.
33.Name 2 discount pricing policies for retailers.
34.Profit = ?
35.An amount of money added to the original cost of the
product to cover expenses, usually expressed as a
percentage of the cost.
36.The number of units a business must sell at a given
price in order to cover its costs.
PROMOTION, BRAND
ID/AWARENESS, CONVIENENCE,
ENV. FRIENDLINESS,
INFORMATION
POSITIONING MAP
5
TARGET, SERVICE, PRICE,
DISTRIBUTION, BENEFIT
BRAND NAME, LOGO, SLOGAN
PERSONALITY, IMAGE, ABILITY TO
INFLUENCE CUSTOMERS
CORPORATE
GENERIC, COMMODITY
VISUAL, ABSTRACT,
MONOGRAMMATIC
COBRANDING, ACQUISITION,
LICENSING, SUPPORT FOR
EXISTING, EXTENSION
MARKET PRICE
COMPETITION, GOV’T, ECONOMY,
OTHER 4PS, CUSTOMER RESPONSE
MAX. PROFIT; MAX. SALES;
INCREASE MARKET SHARE; MEET
COMPTITION, ROI
ODD, EVEN, PROMO, PRESTIGE,
PRICE LINING
SEASONAL, QUANTITY, PROMO,
CASH
REVENUE – EXPENSES
MARKUP
BREAK EVEN POINT
Unit 3 Review Relay: Product & Price
Question & Answers
37.Gross Profit = ?
38.BEP = ?
39.Name the 3 pricing strategies.
40.Name 3 pricing practices that are illegal.
SELLING PRICE – VARIABLE COST
FIXED COSTS/GROSS PROFIT
MARKET SKIMMING, MARKET
PENETRATION, COMPETITION
BAIT AND SWITCH, PRICE FIXING,
DOUBLE TICKETING, FALSE SALES
PRICES
Unit 3 Review Relay: Product & Price
Question & Answers