Packaging is an important component of the product strategy. List and briefly describe the four major functions of packaging.
What will be an ideal response?
CONTAIN AND PROTECT PRODUCTS. Packaging contains products in liquid, granular, or other divisible forms. Packaging allows firms to market products in specific quantities. Physical protection of the product is also necessary because most products are handled often between manufacture and final consumption. Packages protect products from breakage, light, heat, cold, infestation, spoilage, and so on.
PROMOTE PRODUCTS. A key role of packaging is promotion. Labels not only provide brand identification, ingredient listings, feature specifications, and directions, but also use designs, colors, shapes, and materials to influence consumers' perceptions and buying behavior. A package differentiates a product from competing products and may associate a new product with a family of other products from the same manufacturer. Packages are the last opportunity marketers have to influence buyers before they make purchase decisions. This promotional role differentiates the product from competitors' products and establishes the brand's image.
FACILITATE STORAGE, USE, AND CONVENIENCE. Packages can make products easier to ship, store, and stock on shelves. Additionally, package features or designs can make packages convenient. Features such as disposable packages, easy opening devices, and reusability are a plus. Package size can also be used to segment markets.
FACILITATE RECYCLING AND REDUCE ENVIRONMENTAL DAMAGE. Environmental compatibility is preferred, if not demanded, by consumers. Packages should be recyclable, biodegradable, and reusable.
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High channel control is associated with the use of factory outlets as retail channels
Indicate whether the statement is true or false
It was payday. Navidida decided to run some errands and then deposit her check in the bank over her lunch hour. So that she wouldn't have to spend too long at the bank, Navidida indorsed the back of the paycheck as follows, "Navidida Jones," before
leaving work. While window shopping, Navidida lost the check. Roger finds Navidida's paycheck. (A) Will Roger be able to cash Navidida's check? (B) How could have Navidida indorsed the check so that she would not have to be concerned about losing the check?
WineCellars Inc currently has a weighted average cost of capital of 12%. WineCellars has been
growing rapidly over the past several years, selling common stock in each year to finance its growth. However, due to difficult economic times this year, WineCellars decides to cut its dividend and increase its retained earnings so that the common equity portion of its capital structure will include only retained earnings and no new common stock will be sold. WineCellars' weighted average cost of capital this year should be A) equal to 12%. B) greater than 12%. C) zero, since no new stock will be sold. D) less than 12%.
According to Tom Duncan's basic categories of contact or touch points, which of the following best describes interactions that occur with a company or brand during the process of buying or using the product or service?
A. distributive touch points B. intrinsic touch points C. company-created touch points D. unexpected touch points E. customer-initiated touch points