Question 1

Computers,copiers,and fax machines used by businesses would be classified as:

Accepted Answer

A)  installations.
B)  shopping goods.
C)  specialty goods.
D)  accessory equipment.E) None of the above
F) A) and C)

Question 2

Brand __________ refers to the linking of a brand to other favorable images,such as a celebrity.

Accepted Answer

A)  association
B)  loyalty
C)  awareness
D)  insistenceE) A) and D)
F) All of the above A

Question 3

As consumers evaluate a product,price plays a small role.

Accepted Answer

A) True 
 B)False

Question 4

According to the product life cycle model,sales are expected to peak in the _________ stage.

Accepted Answer

A)  introduction
B)  maturity
C)  growth
D)  commercializationE) B) and D)
F) A) and B) B

Question 5

Brand association is the linking of a brand to other favorable images such as a celebrity or geographic location.

Accepted Answer

A) True 
 B)False

Question 6

Competition-based pricing is a strategy based on what all the other competitors are doing.

Accepted Answer

A) True 
 B)False

Question 7

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product.She selected each element of the marketing mix such as the package,brand name,pricing,promotion,and placement decisions.Karen obviously serves in the job of:

Accepted Answer

A)  marketing consultant.
B)  brand manager.
C)  operations analyst.
D)  marketing intermediary.E) A) and C)
F) B) and C)

Question 8

"If you create a better mouse trap,the world will beat a path to your door." This statement ignores the need for which step in the new-product development process?

Accepted Answer

A)  commercialization
B)  screening
C)  idea generation
D)  developmentE) A) and D)
F) B) and C)

Question 9

At the break-even point:

Accepted Answer

A)  profits are maximized.
B)  variable costs are equal to total fixed costs.
C)  target profit is achieved.
D)  total revenue is equal to total cost.E) None of the above
F) A) and B)

Question 10

Many supermarkets carry plain packages that only identify the name of the product that is inside.For example,a label may read simply "peaches" or "green beans." These goods represent:

Accepted Answer

A)  private labels.
B)  manufacturers' brands.
C)  generic goods.
D)  universal code branding.E) All of the above
F) C) and D) C

Question 11

Budd's Floral Shoppe is located in a large town that has several other florists.The owner,Rose Budd,is likely to find that the presence of many larger competitors means that the only way she can survive is to charge rock bottom prices.

Accepted Answer

A) True 
 B)False

Question 12

The rent a firm pays each month for office space is an example of an) :

Accepted Answer

A)  fixed cost.
B)  variable cost.
C)  mixed cost.
D)  uncontrollable cost.E) None of the above
F) A) and D)

Question 13

Discuss the role of packaging in a firm's total product offer.

Accepted Answer

Packaging performs several important fun...

Question 14

Felicia wants to know how many units she must sell to cover all of her costs.She indicates to you that her selling price is $20 per unit,her fixed costs are $6,000,and the variable costs per unit are $15.What is her break-even point?

Accepted Answer

A)  300 units
B)  400 units
C)  1,200 units
D)  1,100 unitsE) A) and D)
F) A) and C)

Question 15

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Accepted Answer

A) True 
 B)False

Question 16

Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.

Accepted Answer

A)  tariffs
B)  costs
C)  market share
D)  quotasE) A) and C)
F) A) and D)

Question 17

Attracting attention,describing contents,explaining benefits and identifying the uses of a product are all functions of:

Accepted Answer

A)  target marketing.
B)  Universal Product Codes.
C)  packaging.
D)  market segmentation.E) B) and D)
F) All of the above

Question 18

As the Internet grows in popularity,it is likely that more firms will adopt a high-low pricing strategy.

Accepted Answer

A) True 
 B)False

Question 19

Sales levels of Armstrong mountain bikes are rising rapidly,profits are very high,and a growing number of competitors are taking aim at Armstrong's market lead.Based on this information,Armstrong mountain bikes are in which stage of the product life cycle?

Accepted Answer

A)  introduction
B)  growth
C)  maturity
D)  declineE) A) and C)
F) B) and C)

Question 20

Successful product differentiation:

Accepted Answer

A)  of consumer goods is determined exclusively by price.
B)  can be based on either real or perceived differences in products.
C)  is prohibited if it restricts price competition and market access.
D)  is less important due to the growth of the Internet.E) None of the above
F) B) and C)

Exam 14: Developing and Pricing Goods and Services

Computers,copiers,and fax machines used by businesses would be classified as:

Correct AnswerverifiedShow Answer

Brand __________ refers to the linking of a brand to other favorable images,such as a celebrity.

Correct AnswerverifiedA

As consumers evaluate a product,price plays a small role.

Correct AnswerverifiedShow Answer

According to the product life cycle model,sales are expected to peak in the _________ stage.

Correct AnswerverifiedB

Brand association is the linking of a brand to other favorable images such as a celebrity or geographic location.

Correct AnswerverifiedShow Answer

Competition-based pricing is a strategy based on what all the other competitors are doing.

Correct AnswerverifiedShow Answer

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product.She selected each element of the marketing mix such as the package,brand name,pricing,promotion,and placement decisions.Karen obviously serves in the job of:

Correct AnswerverifiedShow Answer

"If you create a better mouse trap,the world will beat a path to your door." This statement ignores the need for which step in the new-product development process?

Correct AnswerverifiedShow Answer

At the break-even point:

Correct AnswerverifiedShow Answer

Many supermarkets carry plain packages that only identify the name of the product that is inside.For example,a label may read simply "peaches" or "green beans." These goods represent:

Correct AnswerverifiedC

Budd's Floral Shoppe is located in a large town that has several other florists.The owner,Rose Budd,is likely to find that the presence of many larger competitors means that the only way she can survive is to charge rock bottom prices.

Correct AnswerverifiedShow Answer

The rent a firm pays each month for office space is an example of an) :

Correct AnswerverifiedShow Answer

Discuss the role of packaging in a firm's total product offer.

Correct AnswerverifiedPackaging performs several important fun...View AnswerShow Answer

Felicia wants to know how many units she must sell to cover all of her costs.She indicates to you that her selling price is $20 per unit,her fixed costs are $6,000,and the variable costs per unit are $15.What is her break-even point?

Correct AnswerverifiedShow Answer

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Correct AnswerverifiedShow Answer

Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.

Correct AnswerverifiedShow Answer

Attracting attention,describing contents,explaining benefits and identifying the uses of a product are all functions of:

Correct AnswerverifiedShow Answer

As the Internet grows in popularity,it is likely that more firms will adopt a high-low pricing strategy.

Correct AnswerverifiedShow Answer

Sales levels of Armstrong mountain bikes are rising rapidly,profits are very high,and a growing number of competitors are taking aim at Armstrong's market lead.Based on this information,Armstrong mountain bikes are in which stage of the product life cycle?

Correct AnswerverifiedShow Answer

Successful product differentiation:

Correct AnswerverifiedShow Answer

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C

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Packaging performs several important fun...
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