284 Chapter 10 Product, Price, and Place Copyright Goodheart-Willcox Co., Inc. • Transportation, storage, and utility costs are factors that impact place strategy. A place strategy is determining how to get products to customers in a timely manner at the lowest cost. Online Activities Complete the following activities to help you learn, practice, and expand your knowledge and skills. Posttest. Now that you have finished the chapter, see what you learned by taking the chapter posttest. Key Terms. Practice vocabulary for this chapter using the e-flash cards, matching activity, and vocabulary game until you are able to recognize their meanings. Review Your Knowledge 1. Describe a product line. 2. Why is branding important for a business? What are elements of a brand? 3. Describe the process of developing a new product. 4. What is the difference between the list price and the selling price? 5. Explain the difference between fixed expenses and variable expenses. 6. Why does product life cycle affect pricing? 7. List and describe some of the guidelines that can be used to set pricing objectives. 8. Pricing factors, objectives, and strategies are components of a pricing policy. Compare and contrast each component. How are they similar, different, and where do they overlap? 9. Describe supply chain management. What are the benefits of effective supply chain management? 10. What are some of the place decisions an entrepreneur must make? Explain how distribution can add value to goods, services, and intellectual property. Apply Your Knowledge 1. You have selected the good or service that you want to create. Describe the product mix. How many product lines will you have? What is the product line, product item, and product width? 2. As part of product mix strategies, create the brand that you might use for your product. If appropriate, create branding elements, such as a logo or slogan.