Question 1

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

Accepted Answer

A)   exploration.
B)   test marketing.
C)   screening.
D)   product development.
E)   business analysis.F) D) and E)
G) C) and E)

Question 2

Which of the following is not a major factor contributing to brand equity?

Accepted Answer

A)   Brand loyalty
B)   Perceived brand quality
C)   Brand-name awareness
D)   Brand relationship
E)   Brand associationsF) A) and B)
G) None of the above

Question 3

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

Accepted Answer

A)   selection.
B)   packaging.
C)   service.
D)   price.
E)   market share.F) A) and B)
G) A) and C)

Question 4

When Duracell came out with a new battery that significantly outlasted the company's earlier product, the battery had undergone a(n)  ____ modification.

Accepted Answer

A)   functional
B)   feature
C)   quality
D)   aesthetic
E)   marketF) B) and C)
G) C) and E)

Question 5

An order of calculators with new features just arrived for the finance department of Nike. These calculators represent

Accepted Answer

A)   major equipment.
B)   process materials.
C)   component parts.
D)   accessory equipment.
E)   office materials.F) A) and D)
G) A) and B)

Question 6

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

Accepted Answer

A)   package.
B)   contract.
C)   product.
D)   trade.
E)   warranty.F) A) and C)
G) A) and E)

Question 7

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

Accepted Answer

A)   business analysis.
B)   commercialization.
C)   product modification.
D)   screening.
E)   product development.F) C) and D)
G) A) and E)

Question 8

Identify and describe the major stages of the product life-cycle.

Accepted Answer

The answer of Identify and describe the major stages of...

Question 9

Price serves the function of ____ for goods, services, and financial resources.

Accepted Answer

A)   distributor
B)   determining factor
C)   screener
D)   quantifier
E)   allocatorF) None of the above
G) A) and D)

Question 10

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

Accepted Answer

A)   product development.
B)   screening.
C)   idea generation.
D)   test marketing
E)   business analysis.F) A) and D)
G) B) and D)

Question 11

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.

Accepted Answer

A)   geographic
B)   odd
C)   discriminatory
D)   demand-based
E)   segmentedF) A) and D)
G) B) and D)

Question 12

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

Accepted Answer

A)   stimulate normal quarterly sales.
B)   sell every prototype produced.
C)   allow buyers a chance to repurchase the item.
D)   establish brand loyalty.
E)   reveal any major design "bugs."F) A) and D)
G) A) and E)

Question 13

The part of the package that contains the presentation of information on a product is called a

Accepted Answer

A)   brand.
B)   trademark.
C)   label.
D)   Universal Product Code.
E)   warranty statement.F) B) and D)
G) B) and E)

Question 14

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

Accepted Answer

A)   supply.
B)   pricing.
C)   labeling.
D)   brand equity.
E)   demand.F) None of the above
G) C) and D)

Question 15

The label on a bag of Fritos is not required to describe the

Accepted Answer

A)   number of servings it contains.
B)   number of calories derived from fat.
C)   safety precautions.
D)   number of calories per serving.
E)   serving size.F) D) and E)
G) B) and E)

Question 16

A trademark is registered with the

Accepted Answer

A)   Department of Affairs.
B)   Office of the Attorney General.
C)   Patent and Trademark Office.
D)   Registrar of Patents and Inventors.
E)   Department of Commerce.F) B) and E)
G) B) and D)

Question 17

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

Accepted Answer

A)   convenience
B)   business
C)   specialty
D)   consumer
E)   organizationalF) B) and E)
G) D) and E)

Question 18

Inside the packaging of a Calphalon coffee maker, Ginger finds a paper stating, "All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy." This is a(n)

Accepted Answer

A)   label.
B)   set of instructions for use.
C)   statement of guarantee.
D)   implied warranty.
E)   express warranty.F) A) and E)
G) A) and B)

Question 19

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.

Accepted Answer

A)   idea generation
B)   screening
C)   test marketing
D)   product development
E)   concept testingF) C) and D)
G) A) and C)

Question 20

The temporary reduction of prices on a patterned or systemic basis is called

Accepted Answer

A)   random discounting.
B)   negotiated pricing.
C)   periodic discounting.
D)   secondary-market discounting.
E)   comparison discounting.F) A) and B)
G) All of the above

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

Correct Answer
verified

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

Correct Answer
verified

Identify and describe the major stages of the product life-cycle.

Correct Answer
verified

Correct Answer
verified

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

Correct Answer
verified

When Duracell came out with a new battery that significantly outlasted the company's earlier product, the battery had undergone a(n) ____ modification.

Correct Answer
verified

Price serves the function of ____ for goods, services, and financial resources.

Correct Answer
verified

The part of the package that contains the presentation of information on a product is called a

Correct Answer
verified

An order of calculators with new features just arrived for the finance department of Nike. These calculators represent

Correct Answer
verified

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

Correct Answer
verified

Which of the following is not a major factor contributing to brand equity?

Correct Answer
verified

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.

Correct Answer
verified

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

Correct Answer
verified

The label on a bag of Fritos is not required to describe the

Correct Answer
verified

A trademark is registered with the

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

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

Correct Answer
verified

Inside the packaging of a Calphalon coffee maker, Ginger finds a paper stating, "All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy." This is a(n)

Correct Answer
verified

The temporary reduction of prices on a patterned or systemic basis is called

Correct Answer
verified

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Identify and describe the major stages of the product life-cycle.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

Correct AnswerverifiedShow Answer

When Duracell came out with a new battery that significantly outlasted the company's earlier product, the battery had undergone a(n) ____ modification.

Correct AnswerverifiedShow Answer

Price serves the function of ____ for goods, services, and financial resources.

Correct AnswerverifiedShow Answer

The part of the package that contains the presentation of information on a product is called a

Correct AnswerverifiedShow Answer

An order of calculators with new features just arrived for the finance department of Nike. These calculators represent

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is not a major factor contributing to brand equity?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The label on a bag of Fritos is not required to describe the

Correct AnswerverifiedShow Answer

A trademark is registered with the

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Inside the packaging of a Calphalon coffee maker, Ginger finds a paper stating, "All our products will be replaced within the first year if they fail to operate correctly. However, consumer misuse or abuse will effectively end this policy." This is a(n)

Correct AnswerverifiedShow Answer

The temporary reduction of prices on a patterned or systemic basis is called

Correct AnswerverifiedShow Answer

Correct Answer
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