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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 31

True/False

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The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is called price skimming.

A) True
B) False

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Question 32

Multiple Choice

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

A) quantity
B) FOB price
C) cash
D) trade
E) cumulative

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

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Question 33

Multiple Choice

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A major drawback of price competition is that

After several years of success with the product line, Procter & Gamble introduced its popular Sure deodorant in three new scents. This is an example of ____ modification.

​A major big box store allegedly adds 5 percent to the total cost of production or cost of purchasing items it sells in its store, then adds to this number the additional costs and profits in order to arrive at the product's selling price. The 5 percent represents the ___ amount.

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

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

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

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?

There are seven stages in the evolution of a new product. The stage in which an idea is determined to be technically feasible is

Paper, pencils, oils, and ____ are examples of supplies.

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

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

Appliances, stereos, and furniture are all considered specialty products.

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

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

Multiple-unit packaging does not work well for

Click It, Inc. Travis is a salesperson for Click It, Inc. Click It does not sell products with its own brand nam 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. As Click It management considers the pricing issues, they should know that all of the following are major pricing objectives except

The sum of the fixed costs and the variable costs attributed to the units produced is the selling price.

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