Determines the appropriate marketing strategy

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Reference no: EM132253327

1. Victor Lorenz realizes that he needs a new car, so he has read through Consumer Reports and has visited selected dealerships to gather more information. According to the steps involved in a purchase decision, he is ready to

a) Weigh the various options that have come to light.

b) make a choice

c) acknowledge that a problem exists

d) look for information that may include brand names and product characteristics

e) acquire the car

2. A product’s classification largely determines the appropriate marketing strategy. True False

3. The most important element in the success of a branded product is consumers’ confidence in the product.TorF

4. If a firm is using cost-based pricing, it considers costs and revenue secondary to competitors’ prices. Tor F

5. Competition-based pricing results in a high price when product demand is strong and a low price when demand is weak. Tor F

Reference no: EM132253327

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