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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 41

Multiple Choice

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A deduction from the price of an item is called a

A) discount.
B) variable reduction.
C) trade-in.
D) line.
E) concession remittance.

F) A) and E)
G) A) and C)

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Question 42

Multiple Choice

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A hotel room in New Orleans during Mardi Gras costs considerably more than it would during the following week.This is an example of

A) status-quo pricing.
B) cost-based pricing.
C) price differentiation.
D) variable pricing.
E) price adjustment.

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

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Question 43

Multiple Choice

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WD-40,Inc.markets only one product,its namesake chemical lubricant.The company offers the product in several different container sizes: smaller ones for household use,and larger ones for industrial use.WD-40 would be considered as having a

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

Hallmark cards develops a new line of cards that have a total cost of $200,000 and a price of $3 each.If it sells 20,000 cards the first month,what is its total revenue?

There are two dimensions to a firm's product mix: volume and breadth.

Carlton has developed a new cell phone that projects onto a surface instead of having a screen;this permits the user to attach it to a stand or lean it on one surface and use the surface it projects onto for the screen.By eliminating the screen,it can be made watch-size and worn on the wrist,as a pendant on a necklace,attached to a set of keys,or carried comfortably in one's pocket.Because he is certain the demand for the product will be high,he is setting the highest possible price for the new product.What pricing strategy is he using?

For product modification to be effective,all but which of the following conditions must be met?

TCBY wants to expand its line of food products.The company sent surveys to consumers to determine which food items would appeal to them for dessert or snacks.The company is in which phase of new product development?

Fazoli's restaurant purchased two large ovens for its kitchen.These ovens are an example of which type of business product?

When a company changes one or more of a product's characteristics to manage its product mix,it is engaging in ____ modification.

Costs incurred regardless of how many units of a product are produced or sold are called fixed costs.

A product cannot perform its function if it is priced incorrectly.

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

A product mix is a combination of all the information a producer uses to sell its product to the public.

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

Polaroid considers its packs of blank DVDs superior to other brands.To communicate the product's superior quality,which price may be appropriate for their DVDs?

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

When a product experiences sales revenue and profit increases,reaches a peak,and then declines,it goes through what is called

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