After studying this chapter, students should be able to:

1. Explain what a product is and how products are classified.
   
   
2. Discuss the product life cycle and how it leads to new product development.
   
   
3. Define product line and product mix and distinguish between the two.
   
   
4. Identify the methods available for changing a product mix.
   
   
5. Explain the uses and importance of branding, packaging, and labeling.
   
   
6. Describe the economic basis of pricing and the means by which sellers can control prices and buyers' perceptions of prices.
   
   
7. Identify the major pricing objectives used by businesses.
   
   
8. Examine the three major pricing methods that firms employ.
   
   
9. Explain the different strategies available to companies for setting prices.
   
   
10. Describe three major types of pricing associated with business products.