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Exam 14: Developing and Pricing Goods and Services

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Question 161

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As a manager at Excitement Foods,Mark is responsible for the firm's Kool'nKreamy brand of ice cream.Recently,he approved a proposal to test market new ice cream flavors.He is also considering the possibility of lowering the price of the ice cream and initiating a new advertising campaign.Mark appears to be a:

A) product development manger.
B) target market manager.
C) brand manager.
D) commercialization manager.

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

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Question 162

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The __________ on packages were intended to improve inventory control for businesses.

A) stars and stripes
B) Universal Product Codes
C) lightweight adhesives
D) Unit Standard Inventory bars

E) A) and C)
F) None of the above

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Question 163

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The strategy of first determining what the market is willing to pay,then subtracting a desired profit margin to determine a desired cost of production is called:

Specialty goods are often marketed through specialty magazines.

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.

Event sponsorship like the FedEx Orange Bowl football game helps improve brand awareness.

American Building Products is the largest cement company in the Midwest.When the firm raised its prices by 8 percent,all of its competitors soon announced they too were raising their prices by 8 percent.It appears this industry is influenced by a ________ strategy.

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

The New Era Cap Company of Buffalo,New York,understands the importance of _______________.In the mid-1990s,the company's products became very popular when film director Spike Lee requested a red Yankees cap,instead of the traditional blue cap.It did not take long for Yankees' fans who were also fans of Spike Lee to want to wear a similar cap.

Certain brand names,such as Kleenex and Xerox,fear they could become _________,because they are so commonly identified with a specific product category that consumers use these names to refer to any product in that category regardless of the manufacturer.

Barker Brothers Pens utilizes a strategy of low priced pens to attract customers and discourage competition.This represents a _______ strategy.

A traditional McDonald's and a McCafe the outlet that sells premium coffee and pastries similar to a Starbucks)are examples of the McDonald's Corporation product mix.

The greatest source of ideas for new products is:

When consumers calculate the value of a product,they:

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

One way firms can gain a competitive advantage without relying on low prices is by developing close,friendly relationships with their customers.

__________ is the process used to determine the profitability of a product at various levels of sales.

Most consumers view specialty goods as having a variety of acceptable substitutes.

The break-even point is that level of sales where total revenues equals total costs.

The target costing strategy establishes a selling price that consumers are willing to pay for a product,and then subtracts a desired profit margin to determine a target cost of production.