[MCS 1000] - Final Exam Guide - Ultimate 132 pages long Study Guide!

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Sergio Meza

Document Summary

Expectations that specify the role of pri(cid:272)e i(cid:374) a(cid:374) o(cid:396)ga(cid:374)izatio(cid:374)"s (cid:373)a(cid:396)keti(cid:374)g a(cid:374)d st(cid:396)ategi(cid:272) pla(cid:374)s are pricing objectives. P(cid:396)o(cid:448)ides a(cid:374) i(cid:374)di(cid:272)atio(cid:374) of ho(cid:449) se(cid:374)siti(cid:448)e (cid:272)o(cid:374)su(cid:373)e(cid:396) de(cid:373)a(cid:374)d a(cid:374)d the fi(cid:396)(cid:373)"s (cid:396)e(cid:448)e(cid:374)ues a(cid:396)e to (cid:272)ha(cid:374)ges i(cid:374) the p(cid:396)odu(cid:272)t"s p(cid:396)i(cid:272)e. Fixed (cid:272)ost is the fi(cid:396)(cid:373)"s expe(cid:374)ses that are stable and do not change with the quantity of product that is produced and cost which include salaries and lease charges on a building. Product deletion is dropping a product fro(cid:373) the (cid:272)o(cid:373)pa(cid:374)(cid:455)"s li(cid:374)e. Product modification altering a product"s characteristics, such as its quality, performance, appea(cid:396)a(cid:374)(cid:272)e, featu(cid:396)es, o(cid:396) pa(cid:272)kage to t(cid:396)(cid:455) to i(cid:374)(cid:272)(cid:396)ease a(cid:374)d e(cid:454)te(cid:374)d the p(cid:396)odu(cid:272)t"s sales. Market modification st(cid:396)ateg(cid:455) i(cid:374) (cid:449)hi(cid:272)h a (cid:272)o(cid:373)pa(cid:374)(cid:455) t(cid:396)ies to fi(cid:374)d (cid:374)e(cid:449) (cid:272)usto(cid:373)e(cid:396)s, i(cid:374)(cid:272)(cid:396)ease a p(cid:396)odu(cid:272)t"s use a(cid:373)o(cid:374)g e(cid:454)isti(cid:374)g (cid:272)usto(cid:373)e(cid:396)s, or create new-use situations. Product repositioning (cid:272)ha(cid:374)gi(cid:374)g the pla(cid:272)e a p(cid:396)odu(cid:272)t o(cid:272)(cid:272)upies i(cid:374) a (cid:272)o(cid:374)su(cid:373)e(cid:396)"s (cid:373)i(cid:374)d (cid:396)elati(cid:448)e to competing products. Downsizing (cid:396)edu(cid:272)i(cid:374)g the (cid:272)o(cid:374)te(cid:374)t of pa(cid:272)kages (cid:449)ithout (cid:272)ha(cid:374)gi(cid:374)g pa(cid:272)kage size a(cid:374)d maintaining or increasing the package price.