Name ___Lauren Sutherland_____Chapter 141. What value enhancers may be included in a total product offer?What value enhancers may be included in total product offer is image, price, service, brand name, and speed of delivery.2. What’s the difference between a product line and a product mix?Product line is a group of physically similar or intended or similar market and productmix is multiple product lines by one manufacturer.3. Name the four classes of consumer goods and services, and give examples of each.Four classes of consumer good and services is convenience good (frequent and easy goods), shopping good (target), speciality (expensive items), unsought goods (funeral services). 4. What six functions does packaging now perform?Six functions that packaging now performs is protect the goods inside, easy to open, gives information about product, explains benefits, warranties, prices, and attracts buyer’s attention.5. What are the key components of brand equity?The key component of brand equity is loyalty, awareness, association, and management.6. What are the six steps in the new-product development process?Six steps in the new product development process is the idea, product screening, product analysis, development, testing, and commercialization.7. What are the two steps in commercialization?The two steps in commercialization is promoting for wide distribution and developingstrong advertising for interest among consumers.8. What is the theory of the product life cycle?The theory of the product life cycle is introduction, growth maturity, and decline.9. What are the limitations of a cost-based pricing strategy?The limitations of cost based pricing strategy is cost of product updates, marketing objectives, and competitor prices.10. What is psychological pricing?Psychological pricing is pricing a product that make the product appear like it is less expensive than it actually
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