ADM 2320 Study Guide - Final Guide: Loss Leader, Price Fixing, Brand Awareness

• School: University of Ottawa
• Department: Administration
• Course: ADM 2320
• Professor: All

Document Summary

Types of products: specialty products/services customers show a strong preference (bike riders with the trek madone 6 series, shopping products/services customers spend a fair amount of time comparing alternatives (kitchen appliances, convenience products/services customers spend no time researching (bread, soup, etc, unsought products/services do not normally think about buying (life insurance) Vary depending on type of service & situation: standards gap, setting service standards, for quality, developing systems to ensure high quality service, delivery gap, delivering service quality, reduce delivery gaps by . Income effect: customers less sensitive to price for necessities, costs, variable costs, fixed costs, total costs, break even point = fixed cost / earning per unit, competition, monopoly. Several firms selling diff. products at diff. prices: many firms competing for customers ie. toys, pure. Adm 2320 final exam review: cost based methods, competitor based methods, value based methods, improvement value method ie. new, improved laptop, cost of ownership method ie. solar panels.