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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 71

Multiple Choice

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A product usually declines because of technological advances or environmental factors or because

A) the item is very popular.
B) the price is too low.
C) consumers have switched to competing brands.
D) the price is too high.
E) no ads or sales incentives have been used.

F) A) and D)
G) A) and E)

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Question 72

Multiple Choice

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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. -If, in the midst of daily operating activities, Jane Smith finds that the office has run out of paper for the copy machine, she quickly purchases more at the local office supply store.In this case, she is a ______.

A) specialty shopper
B) convenience shopper
C) business customer
D) supply purchaser
E) personal consumer

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

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Question 73

Multiple Choice

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In a meeting to generate new products, the advisory committee felt that it had come up with some excellent ideas.Now that there is a list of product ideas, the next step is _____.

A brand is all except which of the following?

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.

In spite of the rigorous process for developing product ideas, the majority of new products

Which business product classification is most appropriate for the wire used inside a stereo system?

For any product, the breakeven quantity is the

Walgreen's advertises the fact that Bayer aspirin may cost more but works no better than Walgreen's own brand of aspirin.In this example, Walgreen's is competing on the basis of _____.

In the decline life cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.

If John purchases a tie from JCPenney for $30, the $30 represents JCPenney's ____ from the sale.

A deduction from the price of an item is called a _____.

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. -Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a _____.

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

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.

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 _____.

A product cannot help an organization to achieve its goals if it is priced incorrectly.

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 intended primarily for use in producing other goods or services is a ____ product.

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

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.As Click It management considers the pricing issues, they should know that all except which of the following are major pricing objectives?