RSM100Y1 Study Guide - Final Guide: Canada Deposit Insurance Corporation, Money Market Fund, Competitive Advantage

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Everything a consumer evaluates when deciding to buy a good (tangible and intangible) A product line is a group of items that are physically similar or are intended for a similar market. The product mix is the combination of product lines offered by a manufacturer. Changing the packaging can enhance the product. The package can make the product more attractive to retailers. Packing helps the customer choose between competitive offerings. Cost-based pricing - producers often set the price based on the profit margin desired. Demand-based pricing - estimate the selling price people are prepared to pay for a product and then subtract the desired profit margin. Competition-based pricing - prices are set at, above or below what the competition is charging. Skimming - set the price high to maximize profits while there is no competition. Penetration strategy - set the price low to attract customers and discourage competitors from entering the market.

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