A Group of Products That Are Closely Related Because They

question 54

Multiple Choice

A group of products that are closely related because they satisfy a class of needs, are used together, are sold to the same customer group, are distributed through the same types of outlets, or fall within a given price range is referred to as a __________.

• A)marketing category
• B)product category
• C)product class
• D)product mix
• E)product line

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Definitions:

Target Return

A pricing strategy where the price is set based on a targeted return on investment for a product or project.

Bundle Pricing

A pricing strategy where multiple products or services are sold together at a single price, often at a discount compared to purchasing each item separately.

Standard Markup

The typical percentage added to the cost price of goods to determine the selling price.

Penetration

The process of entering or making an entrance into a market with the aim to establish a significant foothold or presence.