Exam 14: Developing and Pricing Goods and Services

Karen is a collector of fine art,particularly paintings.She has been looking for an original Lady Molly painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection.Clearly this painting represents a __________ good for Karen.

The stages of the product life cycle are:

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

Concept testing involves taking a product idea to consumers to test their reactions.

One of the reasons marketers emphasize non-price differences in their competitive strategies is because:

Beth works for Champion Industries overseeing the marketing mix for the firm's line of calculators.Beth serves as a brand manager for Champion Industries.

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

Unsought goods and services fail to provide the benefits consumers expect.

The Coca Cola Company produces Diet Coke,Diet Coke with Splenda,and Coke Zero along with a number of other flavors.These products are part of Coke's:

One common way of classifying consumer goods is based on consumer purchasing behavior.

Anheuser-Busch/In Bev Company,Inc.has been given the exclusive right to the name Budweiser and is legally protected from others using this name by the __________ they hold.

Regardless of changes in packaging,the total product offer remains unchanged.

The use of price discounts and coupons may erode the commitment of consumers to brand names.

Community Catering Services,Inc.advertises that they are the "friendliest caterers in town." Their prices are no lower than the rates charged by competing caterers,but they put a lot of emphasis on getting to know the needs of their customers.They tailor their efforts to meet these needs,providing a unique dining experience that exactly matches the customer's expectations.Community Catering is likely to find that this approach is more effective in achieving its goals than the use of aggressive price-cutting.

The purpose of a brand name is to establish an image of generic goods or services.

Newspapers are sold daily in a wide variety of locations.This widespread distribution suggests that newspapers are classified as convenience goods.

The Pillsbury Doughboy is an example of a:

___________ is the stage of new product development that involves promoting a product to distributors,and developing advertising and sales campaigns in order to generate and maintain consumer interest.

Virtual Electronics is considering a strategy to charge a very high introductory price for their automobile video theater.After identifying that their rival firms did not carry this new product,they chose this pricing strategy to achieve maximum profits.Virtual Electronics has chosen a ________ strategy.

Brand __________ refers to the loyalty,perceived quality,and emotions people associate with a given brand name.