Principles of Marketing Essays - Marketing, Business Economics

Principles of Marketing Dr. Pavone Andrew Lett October 20th, 2017 Chapter 11: Product mix breadth is the products being sold by a brand or company, that can include multiple items in various product lines. Smaller retailers have smaller breadth than the larger retailers. Product mix breadth would be the variety of products in a product line which is various different types of products. Chapter 12: The knowledge gap is the difference between the consumer's expectations and the company's view of the expectations. Businesses can understand consumer expectations and determine service quality. The standards gap is the difference between the company's view of consumer's expectations and the service standards it sets. Companies can set service standards and measure service performance. The delivery gap is the difference between the company's service standards and the service it provides to it's consumers. This gap can be closed by employees meeting or exceeding service standards in result of being given incentives. The communication gap is the difference between the service provided to consumers and the service that the company's promotion program promises. If companies are more realistic about the services they can provide, they usually can close this gap. Chapter 13: C ost , because you cannot begin to price an item until you figure the cost. C ustomers , because are the judge of how good the pricing is. C hannels of distribution, because if you use a "middle man" to sell your product you have to make the margin large enough. C ompetition , because you have to be careful with competing on price. C ompatibility, because the price must work with every other factor involved.