Engel's law states that as income rises, expenditures on luxury items go up and spending on necessities falls. In the maturity stage of the product life cycle, some firms attempt to differentiate their products by focusing on attributes such as quality, reliability, and service. Product positioning refers to the consumer's perception of a product's attributes, use, quality, and advantages and disadvantages relative to competing brands. The term wholesaler applies to intermediaries who do not take title to the products they handle. Brokers and agents usually take possession and title of the goods they handle.
Television is the dominant medium for advertising to local markets.
A skimming pricing strategy involves the use of low price relative to prices of competing products or services. A competitive pricing strategy shifts the emphasis from price competition to nonprice factors. Under the Standard Industrial Classification, if food and kindred goods were assigned 20, meats were assigned 1, and poultry slaughtering and processing were assigned 5, the SIC code for poultry would be a. 5120. Addressing a marketing class, a real estate salesperson would be interested in the response to the question, a. A good marketing strategy would be to promote the extensive use of market segmentation in the a. introductory stage.