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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 21

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Costs that are incurred no matter how many units of a product are produced or sold are called _____.

A) operating expenses
B) overhead
C) variable costs
D) fixed costs
E) inflexible costs

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

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Question 22

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

A) product development
B) screening
C) idea generation
D) test marketing
E) business analysis

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

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Question 23

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What is brand equity? Describe the major factors that make up brand equity.

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?

_____ consists of all the activities involved in developing and providing a container with graphics for a product.

The depth of a product mix is a measure of the average number of individual products within each line.

Screening ideas for feasibility is the first stage of the new product development process.

Products that are designed to be similar to and compete with existing products from other firms are called _____.

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

The width of a product mix is a measure of the number of individual products within each line.

Appliances, men's suits, and ____ are examples of shopping products.

All of the following except which are business products?

The 3M Company is willing to supply 50 million Scotch brand videotapes at $4 each.Buyers are willing to purchase 50 million videotapes at $4 each.The $4 price is referred to as the ____ price.

Price differentiation attempts to sell

If Nabisco had established a pricing objective of selling one out of every three crackers consumed in the world, it would have established an objective based on _____.

Would a new car equipped with a bumper jack, jack handle, spare tire, and warranty be the same product as the same car without these features? Explain.

GE, Kellogg's, Mercedes, and Dell are all examples of _____.

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 realized 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 type of products is sold at Your Way?

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. -A good or service that is intended primarily for personal or household use is called a(n) ____ product.

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.