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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 51

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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previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out-of-date.Also,because of the high turnover,employees did not have good knowledge of the different product lines and did not know the difference between a product line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following two measures: first,developing a new product to incorporate into the product mix;and second,eliminating the out-of-date products.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.The sewing machines are considered ____ for Everyone's Way.

A) raw materials
B) accessory equipment
C) component parts
D) process material
E) major equipment

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

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Question 52

Multiple Choice

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In a meeting to generate new products,the advisory committee felt that it had come up with some excellent ideas.Now that there is a list of product ideas,the next step is

A) business analysis.
B) product development.
C) screening.
D) test marketing.
E) commercialization.

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

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Question 53

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Texaco,Exxon,and Ford are examples of a store brand.

Brands help reduce a consumer's perceived risk of purchase.

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

What type of product modification is likely to make the greatest impact on a food product?

Setting prices for organizational buyers is very similar to setting prices for consumers.

The same price will be charged no matter what pricing objective is used.

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is known as

The redesign of a bicycle to improve its safety is an example of a(n) ____ modification.

A name,term,symbol,design,or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging.

The product life-cycle stage in which there is a decrease in the rate of sales growth,the sales curve begins to decline,and dealers simplify their product lines is called

In the decline life-cycle stage of a product,less profitable versions of the product are sold at reduced rates to cut losses.

Slick It,Inc. ​Render is a salesperson for Slick It,Inc.Slick It does not sell products with its own brand name.Instead,its products are created for different retail stores and carry the store brand.Render thought that several changes needed to be made to a particular product,but Slick It management reminded him that the stores,not Slick It,owned the brand. ​However,because Slick It had been concerned about dropping sales,management listened to Render'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 Slick It to set a single price for multiple units.This had the potential of increasing sales and therefore profits,so management agreed to consider Render's suggestion. -Refer to Slick It,Inc.The multiple-unit pricing strategy suggested by Render is a(n) ____ strategy.

The first stage of the product life-cycle is the ____ stage.

If Nabisco had established a pricing objective of selling one out of every three crackers consumed in the world,it would have established an objective based on

If Mason,a poultry producer,decided to start producing veggie burgers,this would be an example of

Under what circumstances might a firm use survival pricing objectives? How would a firm implement such a strategy?

Darren wants to impress his new girlfriend whose father is a nationally known race car driver.He drives his Lexus to the Chevrolet dealer and without negotiating,trades the Lexus in for a new smoke gray 545-hp Nissan GT-R.The car cost him $174,990 but he feels it is worth it to impress his girlfriend.What specific type of product did Darren purchase?

A branding strategy in which a firm uses a different brand for each of its products is called ____ branding.