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Exam 12: Aproduct Development and Pricing Strategies

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Question 31

Multiple Choice

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An order of calculators with new features just arrived for the finance department of Nike.These calculators represent

A) major equipment.
B) process materials.
C) component parts.
D) accessory equipment.
E) office materials.

F) A) and B)
G) C) and D)

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Question 32

Multiple Choice

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Which of the following is not a phase in the new product development process?

A) Business analysis
B) Test marketing
C) Development
D) Screening
E) Modification

F) All of the above
G) B) and E)

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Question 33

True/False

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Entirely new products are innovations.

The maker of Oral-B toothbrushes is introducing a new electric plaque remover and expects considerable competition.What pricing strategy would be appropriate for this maker to choose?

The three levels of brand loyalty are preference, recognition, and insistence.

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter.These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

The part of the package that contains the presentation of information on a product is called a

Appliances, stereos, and furniture are all considered specialty products.

Which of the following is a manufacturer brand?

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

Renee collects antique Fabergé eggs.For most of these eggs, only one or a few were created of each design.These eggs would best be classified as ____ products.

The supply curve demonstrates that the quantity supplied by producers decreases as the price increases.

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market.XYZ is able to maintain its market lead.Judging from this example, the digital video camera is in which stage of the product life-cycle?

Competition-based pricing is

A trademark is legally protected from use by anyone except its owner.

Pricing whereby the buyer absorbs all or part of the freight costs is freight absorption pricing.

Your Way, Inc. Eric buys companies that are small or companies in financial trouble.He helps these companies turn around and develop a competitive advantage.The company that he recently purchased is called Your Way, Inc.The company sells men's clothing and accessories.Your Way keeps the sewing machines for clothes manufacturing at a separate production facility so that the store location space can be reserved for display and selling. After looking over the different products available, Eric realised that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out of date.Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line and a product mix.To move the company forward, Eric thought of the following two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products. -Refer to Your Way, Inc.What types of product are sold at Your Way?

A symbol or word that is registered with the patenting or trademark authorities is thus legally protected from use by anyone but its owner is a

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

Because markup pricing is difficult to use, few retailers and wholesalers use it.