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BUSN-1010 Conroy 13

Chapter 13

QuestionAnswer
Brand A unique name, symbol, and/or design that identifies an organization and its product or services.
Break-Even Analysis A way of identifying how much revenue is needed to cover the total costs of developing and selling a product.
Fixed Costs Expenses that do not change regardless of how many products are made or sold.
Knockoff Brands Illegal imitations of national brand-name products.
Loss Leaders Products priced at or below cost in order to attract customers.
Penetration Pricing Setting a low price to attract many customers and deter competition.
Price Skimming Setting a high price to make a large profit; it can work when there is little competition.
Private-Label Brands AKA private, store, and dealer brands. Those attached to products distributed by one store or a chain.
Product Life Cycle A model that graphs the four stages that a product or service goes through during the life of its marketability: introduction, growth, maturity, and decline.
Psychological Pricing Sometimes called odd-even pricing, the technique of pricing products or services in odd rather than even amounts to make products seem less expensive.
Test Marketing The introduction of a new product in a limited form to selected geographical markets to test consumers' reactions.
Variable Costs Expenses that vary depending on the numbers of products produced.
Created by: chuck2983
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