Question 1

Would Coca-Cola be a generic brand? Why or why not? How would you expect the package and label of a generic product to look?

Accepted Answer

No,Coca-Cola is a manufacturer brand,a b...

Question 2

During a department-head meeting at XYZ Corporation,the executives and department-heads were discussing all of the products the firm has to offer for sale.What were they referring to?

Accepted Answer

A)   Product line
B)   Product mix
C)   Marketing mix
D)   Brand mixE) B) and D)
F) A) and C)

Question 3

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) None of the above
G) A) and B)

Question 4

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) C) and D)
G) None of the above

Question 5

If company B references company C in determining what price to sell its own product at,it exercises which pricing objective?

Accepted Answer

A)   Target market share
B)   Survival
C)   Revenue maximization
D)   Profit maximization
E)   Status quoF) B) and E)
G) A) and C)

Question 6

If Lion Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices,the grocer is using

Accepted Answer

A)   reference pricing.
B)   a price leader.
C)   special-event pricing.
D)   comparison discounting.
E)   professional pricing.F) A) and B)
G) A) and C)

Question 7

A variation of an existing product,such as freeze-dried coffee,is an example of product imitation.

Accepted Answer

A) True 
 B)False

Question 8

To promote an overall company image,Borden dairy products are packaged in similar designs and colors.This approach is known as

Accepted Answer

A)   product grouping.
B)   family packaging.
C)   brand managing.
D)   line consistency.
E)   family branding.F) B) and E)
G) C) and D)

Question 9

Which of the following is considered a trade name?

Accepted Answer

A)   Tide laundry detergent
B)   GE
C)   General Motors Corp.
D)   Coke
E)   Adidas' three stripesF) C) and E)
G) D) and E)

Question 10

General Mills has been able to extend the life of Bisquick baking mix by

Accepted Answer

A)   significantly improving the product's formulation.
B)   providing good customer service.
C)   including recipes in the box.
D)   improved advertising.
E)   using personal selling.F) A) and B)
G) A) and C)

Question 11

The number of units that must be sold for the total revenue to equal the total cost is called the ____ quantity.

Accepted Answer

A)   breakeven
B)   stabilization
C)   intersect
D)   parity
E)   equalizationF) A) and E)
G) A) and C)

Question 12

Discounts from the list price offered to intermediaries are called ____ discounts.

Accepted Answer

A)   trade
B)   quantity
C)   wholesale
D)   cash
E)   preferentialF) B) and D)
G) A) and B)

Question 13

Price differentiation attempts to sell

Accepted Answer

A)   different products with different features at the same price.
B)   identical products at different times at different prices.
C)   products at lower prices,due to economies of scale unintentionally resulting in lower net income for the company.
D)   products to customers based on their ability to pay.
E)   all products at different prices.F) C) and D)
G) C) and E)

Question 14

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

Accepted Answer

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) B) and E)
G) A) and E)

Question 15

Products that are designed to be similar to and compete with existing products of other firms are called

Accepted Answer

A)   innovations.
B)   generics.
C)   imitations.
D)   house brands.
E)   adaptations.F) B) and E)
G) A) and E)

Question 16

Nate 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 Everyone's Way,Inc.The company sells men's clothing and accessories.Everyone's 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,Nate 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,Nate 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 Everyone's Way,Inc.If Nate wanted to develop a new product,he would begin with

Accepted Answer

A)   concept testing.
B)   screening.
C)   product analysis.
D)   idea generation.
E)   marketing analysis.F) A) and D)
G) A) and C)

Question 17

A symbol or word that is registered with the U.S.Patent and Trademark Office and is thus legally protected from use by anyone but its owner is a

Accepted Answer

A)   trade name.
B)   trademark.
C)   brand name.
D)   brand mark.
E)   brand.F) A) and D)
G) A) and C)

Question 18

Ties 'R' Us sells a variety of ties at many different prices.Often customers are confused about the pricing and have a hard time making a buying decision.Ties 'R' Us should use what type of pricing strategy?

Accepted Answer

A)   Odd pricing
B)   Price lining
C)   Captive pricing
D)   Multiple-unit pricing
E)   Geographic pricingF) A) and B)
G) A) and C)

Question 19

At what stage in the product life-cycle would sales volume tend to decrease sharply? Why?

Accepted Answer

The decline stage of the product life-cy...

Question 20

For a product such as staples,which of the following determines whether it is a consumer product or a business product?

Accepted Answer

A)   Quantity purchased
B)   Use of the product
C)   Basic function the product provides
D)   Whether it is purchased for cash or credit
E)   Need satisfiedF) C) and D)
G) A) and D)

Exam 12: Creating and Pricing Products That Satisfy Customers

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

Correct Answer
verified

Correct Answer
verified

To promote an overall company image,Borden dairy products are packaged in similar designs and colors.This approach is known as

Correct Answer
verified

Would Coca-Cola be a generic brand? Why or why not? How would you expect the package and label of a generic product to look?

Correct Answer
verified
No,Coca-Cola is a manufacturer brand,a b...
View Answer

If company B references company C in determining what price to sell its own product at,it exercises which pricing objective?

Correct Answer
verified

A symbol or word that is registered with the U.S.Patent and Trademark Office and is thus legally protected from use by anyone but its owner is a

Correct Answer
verified

During a department-head meeting at XYZ Corporation,the executives and department-heads were discussing all of the products the firm has to offer for sale.What were they referring to?

Correct Answer
verified

Products that are designed to be similar to and compete with existing products of other firms are called

Correct Answer
verified

Price differentiation attempts to sell

Correct Answer
verified

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

Correct Answer
verified

Which of the following is considered a trade name?

Correct Answer
verified

For a product such as staples,which of the following determines whether it is a consumer product or a business product?

Correct Answer
verified

Ties 'R' Us sells a variety of ties at many different prices.Often customers are confused about the pricing and have a hard time making a buying decision.Ties 'R' Us should use what type of pricing strategy?

Correct Answer
verified

A variation of an existing product,such as freeze-dried coffee,is an example of product imitation.

Correct Answer
verified

The number of units that must be sold for the total revenue to equal the total cost is called the ____ quantity.

Correct Answer
verified

General Mills has been able to extend the life of Bisquick baking mix by

Correct Answer
verified

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

Correct Answer
verified

At what stage in the product life-cycle would sales volume tend to decrease sharply? Why?

Correct Answer
verified
The decline stage of the product life-cy...
View Answer

If Lion Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices,the grocer is using

Correct Answer
verified

Discounts from the list price offered to intermediaries are called ____ discounts.

Correct Answer
verified

Exam 12: Creating and Pricing Products That Satisfy Customers

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

To promote an overall company image,Borden dairy products are packaged in similar designs and colors.This approach is known as

Correct AnswerverifiedShow Answer

Would Coca-Cola be a generic brand? Why or why not? How would you expect the package and label of a generic product to look?

Correct AnswerverifiedNo,Coca-Cola is a manufacturer brand,a b...View AnswerShow Answer

If company B references company C in determining what price to sell its own product at,it exercises which pricing objective?

Correct AnswerverifiedShow Answer

A symbol or word that is registered with the U.S.Patent and Trademark Office and is thus legally protected from use by anyone but its owner is a

Correct AnswerverifiedShow Answer

During a department-head meeting at XYZ Corporation,the executives and department-heads were discussing all of the products the firm has to offer for sale.What were they referring to?

Correct AnswerverifiedShow Answer

Products that are designed to be similar to and compete with existing products of other firms are called

Correct AnswerverifiedShow Answer

Price differentiation attempts to sell

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is considered a trade name?

Correct AnswerverifiedShow Answer

For a product such as staples,which of the following determines whether it is a consumer product or a business product?

Correct AnswerverifiedShow Answer

Ties 'R' Us sells a variety of ties at many different prices.Often customers are confused about the pricing and have a hard time making a buying decision.Ties 'R' Us should use what type of pricing strategy?

Correct AnswerverifiedShow Answer

A variation of an existing product,such as freeze-dried coffee,is an example of product imitation.

Correct AnswerverifiedShow Answer

The number of units that must be sold for the total revenue to equal the total cost is called the ____ quantity.

Correct AnswerverifiedShow Answer

General Mills has been able to extend the life of Bisquick baking mix by

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

At what stage in the product life-cycle would sales volume tend to decrease sharply? Why?

Correct AnswerverifiedThe decline stage of the product life-cy...View AnswerShow Answer

If Lion Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices,the grocer is using

Correct AnswerverifiedShow Answer

Discounts from the list price offered to intermediaries are called ____ discounts.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
No,Coca-Cola is a manufacturer brand,a b...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The decline stage of the product life-cy...
View Answer

Correct Answer
verified

Correct Answer
verified