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Exam 13: A: Creating and Pricing Products That Satisfy Customers

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Question 31

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Give the characteristics of shopping products, specialty products, and convenience products. Illustrate those characteristics with examples of products that fit the categories.

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Shopping products are items that consume...

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Question 32

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In which order do the stages of the product life-cycle occur?

A) Growth, introduction, maturity, decline
B) Introduction, maturity, slowdown, decline
C) Innovation, distribution, maturity, decline
D) Introduction, growth, maturity, decline
E) Introduction, growth, slowdown, decline

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

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Question 33

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Philip James asks you to calculate the breakeven point for him. You need which information from him to do so?

Buyers may relate price to quality. To such a buyer, a higher price for a product is an indicator of

Iron ore in a steel plant is an example of

Akiko is starting to notice some wrinkles around her eyes and mouth. She has decided to purchase some age-defying wrinkle cream but is unfamiliar with available brands. At the store, she picks out a brand because she remembers a clever advertisement about it on television. What level of brand loyalty does this describe?

When might a firm use a price-skimming strategy? When might it use penetration pricing? Describe each strategy.

The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called

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

When Polaroid comes out with a new model in a series, it sets an initial price and then gradually lowers the price. Polaroid is initially using which pricing strategy?

Describe nonprice competition. When might it be used?

Energizer batteries are sold in multipacks to make it more convenient for the consumer, who usually needs more than one battery at a time. Energizer batteries would be classified as a ____ product.

Are a product mix and a product line the same thing? Why or why not?

A discount from the list, or retail, price offered to intermediaries is a(n) ____ discount.

Polaroid is willing to supply 50 million packs of blank DVDs at $10 each. Buyers are willing to purchase 50 million packs of blank DVDs at $10 each. The $10 price is referred to as the ____ price.

William Clark wants to know his breakeven point. His selling price is $20 per unit, his fixed costs are $6,000, and the variable costs per unit are $6. What is his breakeven quantity?

The stage of new product development in which potential customers are presented with a written or oral description of the product to determine their initial attitudes and buying intentions is called

Lever Brothers is considering an idea for a new liquid laundry detergent that contains a whitening agent. The company presented its proposed new product to a group of potential customers in the form of a short explanation and questionnaire. Lever Brothers is conducting

Toyota was recently able to endure challenging times that required massive recalls affecting several million of its vehicles. Toyota has relied on its ___ to survive and continue to prosper.

Equate, a brand of health and beauty care products, is available only at Walmart stores. Equate is a ____ brand.