Intro to business ( true or false)
A product is a bundle of physical, service and symbolic characteristic designed to satisfy Convenience products are items that are purchased after, a buyer has compared competing products in competing stores. A shopping products are items the consumer seeks to purchase frequently, immediately and with little effort. Shopping products are items like newspapers, snacks, candy, coffee, and bread. Convenience products are sometimes purchased at gas stations and vending machines. Specialty products are those that a purchaser is willing to make a special effort to obtain. An example of a specialty product would be a wedding dress. When a consumer purchases a convenience product the store image is very important. When a consumer purchases a shopping product the price is relatively low. Convenience product retail outlets are relatively high. A product line is a group of related products marked by physical similarities. A product mix is the assortment of product lines and individual goods and services. A product life cycle basically consists of 15 stages. The growth stage is part of the product life cycle. In the decline stage profits tend to increase because people strongly desire the product or service. In the maturity stage, industry sales decrease because people are over the age of 40. Test marketing is an important stage of product development. A brand name is a brand that has been given legal protection. A brand is a name, term, sign, symbol, or some combination that identifies a product. Brand preference is the ultimate degree of brand loyalty. Brand recognition occurs when a consumer chooses one firm's brand over a competitor's. Imc = integrated marketing communications. Marketers choose from among many promotional options to communicate with potential customers. A pushing strategy is personal selling to market an item to wholesalers and retailers through a distribution channel. A pulling strategy promotes product by generating consumer demand for it primarily through advertising and sales promotion. Advertising is non-paid personal communication. Institutional advertising, involves messages that promote products. Persuasive advertising builds initial demand for a product in the introductory phase of the product life cycle. Television is the least favorite medium for advertising. Internet advertising is the least effective form of advertising. Sponsorship advertising is one of the hottest trends in advertising promotion. Telemarketing is non- personal selling that is conducted out of retail stores. Missionary selling is performed by church mission groups. There are two steps in the sales process EDLP everyday low pricing
