TRUE or FALSE Products are intangible. Unsought Products are things consumers usually think of buying and buy regularly. The two classifications of products are Consumer products and Industrial products Specialty Products include: medical services, designer clothes, and high-end electronics. Capital items are industrial products that aid in the buyer's production or operations 6)_________ Product Quality Level is the level of quality that does not support the product's positioning 7)__A Style describes the appearance of the product Product Features are a competitive tool for differentiating a product from competitor's products Brand Positioning has brand strategy decisions. A Design sometimes contributes to a product's usefulness as well as how it it works Marketing Strategies for services firms manage service productivity Marketing strategies for service firms do not require additional strategies for marketing EDLP stands for Every Day Low Prices 14), Competitors should set the prices based on only internal factors and change their prices based on value from the headquarters evaluation 1) 2) 3) 4) 5) 8) 9) 10) 11) 12). 13) 15). Customer Value-Based Pricing understands how much value consumers place on the benefits they receive from the product and setting a price that captures that value 16) Before setting prices, the marketer must understand the relationship between price and demand for its products consumers will sometimes look at what the market is doing and not the demand 17). 18) 19) prices Fixed costs are the costs that vary with production or sales level Organizational considerations include: who should set the price and who can influence the Variable costs are the costs that vary with the level of production