MKT 100 Study Guide - Kraft Dinner, Conspicuous Consumption, Brand Management

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Caitlin Mc Laughlin

Document Summary

How do you create value to your product? brand quality features. What are the 6 different ways to price? skimming penetration product line competition bundle psychological. Customer service transportation process inventory holding ordering, taking packaging process. 2 different types of promotion communicating value persuasion. The job of the marketer ( break through hook) What are the 7 things affecting price? product life cycle competition distribution internet and extranets promotion strategy demand of large customers price and quality relationships. Profitability, acceptance, positioning, fits in with marketing mix. Substitute price points -six pack of coke costs . 99, six pack of pepsi costs . 89 shoppers who are indifferent switch big time. Perceptual price points - e. g. 99 cents, ,995. Price skimming is the strategy of establishing a high initial price for a product with a view to skimming the cream off the market at the upper end of the demand curve. Prestige products are used in social settings and are conspicuously consumed.