Question 1

The presentation of information on a product or its package is known as

Accepted Answer

A)   branding.
B)   labelling.
C)   guaranteeing.
D)   informing.
E)   product coding.F) C) and D)
G) All of the above

Question 2

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

Accepted Answer

A)   producer
B)   individual
C)   Unity
D)   family
E)   promotionF) A) and B)
G) A) and C)

Question 3

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) A) and C)
G) A) and B)

Question 4

Discounts offered to encourage early payment of outstanding accounts are called ____ discounts.

Accepted Answer

A)   Trade
B)   Cash
C)   wholesale
D)   quantity
E)   preferentialF) None of the above
G) C) and D)

Question 5

A trademark is registered with the

Accepted Answer

A)   Department of Affairs.
B)   Office of the Attorney General.
C)   Patent and Trademark Office.
D)   Registrar of Patents and Inventors.
E)   Department of Commerce.F) A) and E)
G) A) and D)

Question 6

A trade discount is the price producers set to draw the public's attention to new products.

Accepted Answer

A) True 
 B)False

Question 7

A brand mark is the part of a brand that consists of a symbol or distinctive design.

Accepted Answer

A) True 
 B)False

Question 8

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 E)
G) A) and D)

Question 9

For product modification to be effective, all but which of the following conditions must be met?

Accepted Answer

A)   The modification should make the product more consistent with consumers' desires.
B)   The product must be modifiable.
C)   Consumers must be able to perceive that a modification has been made.
D)   Modification should allow the product to provide greater satisfaction.
E)   The product must be an appliance.F) A) and E)
G) B) and E)

Question 10

Texaco, Exxon, and Ford are examples of a store brand.

Accepted Answer

A) True 
 B)False

Question 11

In which order do the stages of the product life-cycle occur?

Accepted Answer

A)   Growth, introduction, maturity, decline
B)   Introduction, maturity, slowdown, decline
C)   Innovation, distribution, maturity, decline
D)   Introduction, growth, maturity, decline
E)   Introduction, growth, slowdown, declineF) A) and B)
G) A) and C)

Question 12

Hillary has a new product idea that aligns well with her company's current organisational resources.She puts together a presentation for potential buyers and requests feedback on their reactions and suggestions.Hillary is

Accepted Answer

A)   screening.
B)   generating product ideas.
C)   test marketing.
D)   conducting a business analysis.
E)   concept testing.F) A) and B)
G) B) and C)

Question 13

Odd-number pricing is limited to low-priced items.

Accepted Answer

A) True 
 B)False

Question 14

Multiple-unit pricing is packaging together two or more complementary products and selling them for a single price.

Accepted Answer

A) True 
 B)False

Question 15

The quantity of a product that a producer is willing to sell at various prices is called

Accepted Answer

A)   supply.
B)   inventory.
C)   stock.
D)   demand.
E)   breakeven quantity.F) B) and D)
G) B) and C)

Question 16

Product ideas are transformed into prototypes during which stage of the product development process?

Accepted Answer

A)   Business analysis
B)   Test marketing
C)   Commercialisation
D)   Product development
E)   Concept testingF) A) and E)
G) A) and B)

Question 17

The product life-cycle stage in which there is a decrease in the rate of sales growth, the sales curve begins to decline, and dealers simplify their product lines is called

Accepted Answer

A)   growth.
B)   decline.
C)   extension.
D)   introduction.
E)   maturity.F) A) and C)
G) A) and B)

Question 18

The stage in the evolution of new products in which the product is launched into full-scale manufacturing and marketing is called

Accepted Answer

A)   test marketing.
B)   business analysis.
C)   screening.
D)   product development.
E)   commercialisation.F) B) and C)
G) A) and D)

Question 19

Philip James asks you to calculate the breakeven point for him.You need which information from him to do so?

Accepted Answer

A)   Euro values for all assets and owners' equity
B)   Fixed costs, operating expenses, and net income
C)   Euro values for all assets and all liabilities
D)   Unit costs and fixed costs
E)   Variable costs per unit, fixed costs, and unit selling priceF) A) and B)
G) A) and C)

Question 20

Price serves the function of ____ for goods, services, and financial resources.

Accepted Answer

A)   Distributor
B)   determining factor
C)   Screener
D)   Quantifier
E)   AllocatorF) D) and E)
G) A) and B)

Exam 12: Aproduct Development and Pricing Strategies

A trademark is registered with the

Correct AnswerverifiedShow Answer

Price serves the function of ____ for goods, services, and financial resources.

Correct AnswerverifiedShow Answer

Product ideas are transformed into prototypes during which stage of the product development process?

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

A trade discount is the price producers set to draw the public's attention to new products.

Correct AnswerverifiedShow Answer

In which order do the stages of the product life-cycle occur?

Correct AnswerverifiedShow Answer

The quantity of a product that a producer is willing to sell at various prices is called

Correct AnswerverifiedShow Answer

Multiple-unit pricing is packaging together two or more complementary products and selling them for a single price.

Correct AnswerverifiedShow Answer

The product life-cycle stage in which there is a decrease in the rate of sales growth, the sales curve begins to decline, and dealers simplify their product lines is called

Correct AnswerverifiedShow Answer

For product modification to be effective, all but which of the following conditions must be met?

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

Texaco, Exxon, and Ford are examples of a store brand.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Philip James asks you to calculate the breakeven point for him.You need which information from him to do so?

Correct AnswerverifiedShow Answer

Discounts offered to encourage early payment of outstanding accounts are called ____ discounts.

Correct AnswerverifiedShow Answer

Hillary has a new product idea that aligns well with her company's current organisational resources.She puts together a presentation for potential buyers and requests feedback on their reactions and suggestions.Hillary is

Correct AnswerverifiedShow Answer

The presentation of information on a product or its package is known as

Correct AnswerverifiedShow Answer

A brand mark is the part of a brand that consists of a symbol or distinctive design.

Correct AnswerverifiedShow Answer

The stage in the evolution of new products in which the product is launched into full-scale manufacturing and marketing is called

Correct AnswerverifiedShow Answer

Odd-number pricing is limited to low-priced items.

Correct AnswerverifiedShow Answer

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