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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 81

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The Glo-Brite Company is considering development of a new children's toothpaste in fun-shaped dispensers.Before performing any business analysis on the product, Glo-Brite would like an initial response from potential customers to determine interest in a toothpaste of this type.Glo-Brite will begin ____ to gather the information.

A) idea generation
B) screening
C) test marketing
D) product development
E) concept testing

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

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Question 82

Multiple Choice

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Consumers would most likely treat personal computers as ____ products.

A) business
B) convenience
C) specialty
D) shopping
E) luxury

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

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Question 83

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Are a product mix and a product line the same thing? Support your answer.

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

During the decline stage of the product life cycle, the sales volume decreases sharply because of an increase in the number of competing firms.

Aspirin, yo-yo, and escalator were all brand names at one time.

Automobile fenders are an example of _____.

The 3M Company considers its Scotch brand of videotapes superior to other brands.To communicate the product's superior quality, which price may be appropriate for Scotch videotapes?

AT&T charges different rates for long-distance service depending on time of day and distance of the call.This pricing method is called ____ pricing.

Borden, Inc.offers pasta, snacks, grocery, and dairy items as well as films, adhesives, and other nonfood products.These products are referred to as Borden's _____.

There are seven stages in the evolution of a new product.The stage in which an idea is determined to be technically feasible is _____.

Describe nonprice competition.When might it be used?

Pricing strategies act as guides for achieving pricing objectives.

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

____ competition is based on factors such as product quality, promotion, customer service, and packaging.

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

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

Psychological pricing strategies encourage purchases to be based on economically rational responses rather than on emotional responses.

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

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. -Consumer products can be divided into the following three categories: