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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 61

True/False

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Entirely new products are innovations.

A) True
B) False

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Question 62

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Razor Company's blades are in the maturity stage of the product life-cycle. How can the company strengthen its market share?

A) Eliminate less profitable versions of the product
B) Redesign the packaging
C) Make no style changes
D) Emphasize customer service
E) Watch for the early buying patterns

F) A) and E)
G) C) and D)

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Question 63

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Which of the following is not generally considered to be a stage in the product life-cycle?

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

A variation of an existing product, such as freeze-dried coffee, is an example of product imitation.

Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term, and state how they differ.

To promote an overall company image, Borden dairy products are packaged in similar designs and colors. This approach is known as

During which phase of the product development process can marketers experiment with advertising, pricing, and packaging in different geographic areas?

A product may be a good or a service but not an idea.

The branding strategy in which a firm uses the same brand for all or most of its products is called individual branding.

Psychological pricing strategies encourage purchases to be based on economically rational responses rather than on emotional responses.

​____ is a pricing goal that is impossible to achieve.

The stage of new product development in which potential customers are presented with a written or oral description of the product to determine their initial attitudes and buying intentions is called

Borden, Inc. offers pasta, snacks, grocery, and dairy items as well as films, adhesives, and other nonfood products. These products are referred to as Borden's

Carmen Cattucci wanted to buy a new car. She visited several dealers to compare prices, styles, and dealer reputations. Finally, she bought a car from a local dealer. The purchase of a car is an example of a

The stage in the evolution of a new product in which a pool of ideas is created is called

Price is the amount of money a seller is willing to accept in exchange for a product, at a given time and under given circumstances.

Travis is a salesperson for Click It, Inc. Click It does not sell products with its own brand nam However, because Click It had been concerned about dropping sales, management listened to Travis's concerns about the company's pricing. He suggested using a different pricing strategy. More specifically, he felt that the company should incorporate a multiple-unit pricing strategy because it would then allow Click It to set a single price for multiple units. This had the potential of increasing sales and therefore profits, so management agreed to consider Travis's suggestion. -Refer to Click It, Inc. When Click It displays information on a product or its package, this refers to

There are two dimensions to a firm's product mix: volume and breadth.

If John purchases a tie from JCPenney for $30, that $30 represents JCPenney's ____ from the sale.