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Exam 12: Aproduct Development and Pricing Strategies

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Question 61

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Click It, Inc. Travis is a salesperson for Click It, Inc.Click It does not sell products with its own brand name.Instead, its products are created for different retail stores and carry the store brand.Travis thought that several changes needed to be made to a particular product, but Click It management reminded him that the stores, not Click It, owned the brand. 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

A) supply.
B) pricing.
C) labelling.
D) brand equity.
E) demand.

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

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Question 62

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

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) A) and B)
G) None of the above

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Question 63

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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.

The Arizona Jean Co.brand of jeans, owned by JCPenney, is a(n) ____ brand.

The sum of the fixed costs and the variable costs attributed to the units produced is the selling price.

When a company changes one or more of a product's characteristics to manage its product mix, it is engaging in ____ modification.

If Nordstrom sales associates are there to greet you as soon as you walk through the door, to assist you personally in finding the merchandise you are looking for, and to inform you about the store's events and services, the company is striving to compete on

All of the following are functions of packaging except

All of the following are stages in the evolution of new products except

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

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.

A new product should be left in a test market long enough to

Markup pricing is easy to apply, although it is difficult to determine an effective markup percentage.

The strategy of setting a low price for a new product to gain a large market share for the product quickly is called

Which of the following types of brands are the least commonly purchased at grocery stores?

A product mix is a combination of all the information a producer uses to sell its product to the public.

Why should companies develop and introduce new products?

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.If Eric wanted to develop a new product, he would begin with

____ become(s) a part of the physical product and consist(s) of either finished items ready for assembly or products that need little processing before assembly.

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is known as