Question 1

HP considers its extensive line of printers to be superior to other brands. To communicate the product's superior quality, which price may be appropriate for their printers?

Accepted Answer

A)   Low
B)   Average
C)   Premium
D)   Discount
E)   PrevailingF) A) and D)
G) D) and E)

Question 2

A product usually declines because of technological advances or environmental factors or because

Accepted Answer

A)   the item is very popular.
B)   the price is too low.
C)   consumers have switched to competing brands.
D)   the price is too high.
E)   no ads or sales incentives have been used.F) A) and E)
G) A) and B)

Question 3

The largest number of product ideas are rejected during the ____ stage of new product development.

Accepted Answer

A)   screening
B)   test marketing
C)   idea generation
D)   business analysis
E)   pricingF) A) and B)
G) A) and C)

Question 4

All of the following are characteristics of the introduction stage of the product life-cycle except

Accepted Answer

A)   usually, a low profit or even a loss.
B)   the appearance on the market of refinements or extensions of the original product.
C)   relatively few competitors.
D)   often, high price.
E)   low consumer awareness and acceptance of the product.F) None of the above
G) A) and E)

Question 5

What is a status-quo pricing objective?

Accepted Answer

A status-quo pricing objective is a pric...

Question 6

Why should companies develop and introduce new products?

Accepted Answer

A)   To keep their product designers busy
B)   Because failing to do so can threaten the future success of the firm
C)   Because it is relatively inexpensive and therefore worth the time
D)   To replace deleted products so the broadness of the marketing mix remains unchanged
E)   Because new products are almost always successfulF) A) and B)
G) C) and D)

Question 7

TCBY wants to expand its line of food products. The company sent surveys to consumers to determine which food items would appeal to them for dessert or snacks. The company is in which phase of new product development?

Accepted Answer

A)   Idea generation
B)   Product development
C)   Test marketing
D)   Screening
E)   Business analysisF) A) and B)
G) C) and D)

Question 8

The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Accepted Answer

A)   price-lining
B)   promotional
C)   professional
D)   differential
E)   psychologicalF) A) and E)
G) A) and D)

Question 9

Sheet steel to be used in making automobile fenders is an example of

Accepted Answer

A)   raw materials.
B)   supplies.
C)   component parts.
D)   accessory equipment.
E)   process materials.F) None of the above
G) C) and E)

Question 10

A brand is all of the following except a(n)

Accepted Answer

A)   name.
B)   term.
C)   symbol.
D)   item usually owned by the producer or manufacturer.
E)   design.F) A) and C)
G) D) and E)

Question 11

If Texas Instruments hires an accounting firm to compute the company's taxes, the accounting firm is providing a(n)  ____ service.

Accepted Answer

A)   business
B)   governmental
C)   institutional
D)   tangible
E)   mandatoryF) A) and B)
G) A) and D)

Question 12

Describe the three major pricing methods that firms employ.

Accepted Answer

The three major pricing methods that fir...

Question 13

Martin always chooses Colgate toothpaste at his local drug store. However, when the store occasionally runs out of Colgate, he will purchase Crest or Mentadent. What level of brand loyalty does Martin have to Colgate?

Accepted Answer

A)   Awareness
B)   Insistence
C)   Preference
D)   Resistance
E)   PartialityF) D) and E)
G) B) and D)

Question 14

The part of a brand that can be spoken―letters, words, numbers, and/or pronounceable symbols―is called a

Accepted Answer

A)   trademark.
B)   brand mark.
C)   brand name.
D)   brand.
E)   generic mark.F) A) and B)
G) B) and E)

Question 15

A good or service intended primarily for use in producing other goods or services is a ____ product.

Accepted Answer

A)   production
B)   business
C)   specialty
D)   component
E)   supplyF) B) and C)
G) A) and B)

Question 16

A written explanation of the responsibilities of the producer in the event the product is found to be defective or otherwise unsatisfactory is called a(n)

Accepted Answer

A)   Universal Product Code.
B)   label.
C)   express warranty.
D)   set of instructions.
E)   covenant.F) C) and E)
G) B) and E)

Question 17

Costs that are incurred no matter how many units of a product are produced or sold are called

Accepted Answer

A)   operating expenses.
B)   overhead.
C)   variable costs.
D)   fixed costs.
E)   inflexible costs.F) All of the above
G) A) and C)

Question 18

Which of the following is considered a trade name?

Accepted Answer

A)   Tide laundry detergent
B)   GE
C)   General Motors Corp.
D)   Coke
E)   Adidas's three stripesF) B) and C)
G) A) and B)

Question 19

Multiple packaging does not work well for

Accepted Answer

A)   infrequently used products.
B)   products that are easy to store.
C)   aiding consumer acceptance.
D)   two-for-one price offers.
E)   shelf-space maximization.F) A) and B)
G) B) and C)

Question 20

The redesign of a bicycle to improve its safety is an example of a(n)  ____ modification.

Accepted Answer

A)   visual
B)   functional
C)   quality
D)   aesthetic
E)   textureF) B) and E)
G) A) and B)

Exam 13: A: Creating and Pricing Products That Satisfy Customers

Costs that are incurred no matter how many units of a product are produced or sold are called

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All of the following are characteristics of the introduction stage of the product life-cycle except

Correct AnswerverifiedShow Answer

TCBY wants to expand its line of food products. The company sent surveys to consumers to determine which food items would appeal to them for dessert or snacks. The company is in which phase of new product development?

Correct AnswerverifiedShow Answer

A good or service intended primarily for use in producing other goods or services is a ____ product.

Correct AnswerverifiedShow Answer

A written explanation of the responsibilities of the producer in the event the product is found to be defective or otherwise unsatisfactory is called a(n)

Correct AnswerverifiedShow Answer

Multiple packaging does not work well for

Correct AnswerverifiedShow Answer

A brand is all of the following except a(n)

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If Texas Instruments hires an accounting firm to compute the company's taxes, the accounting firm is providing a(n) ____ service.

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The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Correct AnswerverifiedShow Answer

Which of the following is considered a trade name?

Correct AnswerverifiedShow Answer

A product usually declines because of technological advances or environmental factors or because

Correct AnswerverifiedShow Answer

HP considers its extensive line of printers to be superior to other brands. To communicate the product's superior quality, which price may be appropriate for their printers?

Correct AnswerverifiedShow Answer

Describe the three major pricing methods that firms employ.

Correct AnswerAnswered by ExamLex AIThe three major pricing methods that fir...View AnswerShow Answer

The redesign of a bicycle to improve its safety is an example of a(n) ____ modification.

Correct AnswerverifiedShow Answer

What is a status-quo pricing objective?

Correct AnswerAnswered by ExamLex AIA status-quo pricing objective is a pric...View AnswerShow Answer

Sheet steel to be used in making automobile fenders is an example of

Correct AnswerverifiedShow Answer

Why should companies develop and introduce new products?

Correct AnswerverifiedShow Answer

Martin always chooses Colgate toothpaste at his local drug store. However, when the store occasionally runs out of Colgate, he will purchase Crest or Mentadent. What level of brand loyalty does Martin have to Colgate?

Correct AnswerverifiedShow Answer

The largest number of product ideas are rejected during the ____ stage of new product development.

Correct AnswerverifiedShow Answer

The part of a brand that can be spoken―letters, words, numbers, and/or pronounceable symbols―is called a

Correct AnswerverifiedShow Answer

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The three major pricing methods that fir...
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A status-quo pricing objective is a pric...
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