Question 1

Give an example of a product feature and a product benefit of a smartphone.

Accepted Answer

The examples should distinguish between

Question 2

What are three functions of packaging?

Accepted Answer

Packaging serves as an in-store advertis

Question 3

The only goal of determining prices is to maximize profit for the firm.

Accepted Answer

A) True 
 B)False

Question 4

As ComicalYou reaches the introduction stage of the product life cycle,what marketing strategy is MOST appropriate?

Accepted Answer

A)  Lower price slightly to increase sales. 
B)  Focus on making customers aware of the product and its benefits. 
C)  Cut prices in response to increased competition. 
D)  Increase advertising in response to greater competition. 
E)  Develop product adaptations to extend the product's life. 
A)  Lower price slightly to increase sales. 
B)  Focus on making customers aware of the product and its benefits. 
C)  Cut prices in response to increased competition. 
D)  Increase advertising in response to greater competition. 
E)  Develop product adaptations to extend the product's life.

Question 5

Define the three categories of consumer products.

Accepted Answer

Convenience goods and services are consu

Question 6

Extensive analysis reveals that if Personal Devices offered Indian customers products at a number of different price points,the company would initially earn more profits but damage the brand in the long term.Which of the following,if true,would support the argument that Personal Devices should offer products at multiple price points?

Accepted Answer

A)  One of the core values of Personal Devices is to offer only the most advanced technology. 
B)  Major stockholders of Personal Devices are primarily motivated by short-term profits. 
C)  Competitors have adapted their products considerably for the Indian market. 
D)  Indian customers are increasingly becoming selective about the brands they purchase. 
E)  The huge Indian middle class is rapidly reaching a level where they can afford premium products. 
A)  One of the core values of Personal Devices is to offer only the most advanced technology. 
B)  Major stockholders of Personal Devices are primarily motivated by short-term profits. 
C)  Competitors have adapted their products considerably for the Indian market. 
D)  Indian customers are increasingly becoming selective about the brands they purchase. 
E)  The huge Indian middle class is rapidly reaching a level where they can afford premium products.

Question 7

Farrah explains why Superior Stereo Systems might not want to set prices for the Superior V at a level that maximizes profits.What do you expect that Farrah will tell Bill?

Accepted Answer

Farrah will likely explain that a firm m

Question 8

How do expense items differ from capital items?

Accepted Answer

Expense items are goods or services that

Question 9

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Accepted Answer

Sometimes a firm may value establishing

Question 10

Which of the following strategies is involved with penetration pricing?

Accepted Answer

A)  setting an initial low price to establish a new product in the market 
B)  setting an initial low price to cover new product costs and still generate a profit 
C)  setting a limited number of prices for certain categories or products 
D)  setting an initial high price to establish a new product in the market 
E)  setting an initial high price to cover new product costs and still generate a profit 
A)  setting an initial low price to establish a new product in the market 
B)  setting an initial low price to cover new product costs and still generate a profit 
C)  setting a limited number of prices for certain categories or products 
D)  setting an initial high price to establish a new product in the market 
E)  setting an initial high price to cover new product costs and still generate a profit

Question 11

When a wholesaler or retailer develops a brand name and has the manufacturer place that name on the product,what is that product name called?

Accepted Answer

A)  national brand 
B)  private brand 
C)  luxury brand 
D)  licensed brand 
E)  manufacturer brand 
A)  national brand 
B)  private brand 
C)  luxury brand 
D)  licensed brand 
E)  manufacturer brand

Question 12

What is branding? Give an example to clarify your response.

Accepted Answer

Branding is the process of using names a

Question 13

Betty's Breads is trying to calculate its breakeven point.Monthly fixed costs are $5,255.The cost of making one loaf of bread,considering labor and materials,is $3.50.Betty's sells the bread at $6 per loaf.How many loaves does Betty's need to sell each month in order to break even?

Accepted Answer

A)  251 
B)  626 
C)  1502 
D)  2102 
E)  2200 
A)  251 
B)  626 
C)  1502 
D)  2102 
E)  2200

Question 14

The Men's Store offers sweatshirts at three prices: $28,$42,and $60; this illustrates price lining.

Accepted Answer

A) True 
 B)False

Question 15

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

Accepted Answer

A)  price fixing 
B)  penetration pricing 
C)  price skimming 
D)  price pointing 
E)  price lining 
A)  price fixing 
B)  penetration pricing 
C)  price skimming 
D)  price pointing 
E)  price lining

Question 17

Describe the three types of brand names and give an example of each.

Accepted Answer

Brand names may be national brands,licen

Question 18

What kind of products is Brilliant Solutions selling?

Accepted Answer

A)  expense items 
B)  capital items 
C)  production items 
D)  specialty goods 
E)  convenience goods 
A)  expense items 
B)  capital items 
C)  production items 
D)  specialty goods 
E)  convenience goods

Question 19

In the past,the price for the Superior V has been slightly higher than similar products offered by competitors.Why would a company use this strategy?

Accepted Answer

Firms generally set prices above the mar

Question 20

Why is speed to market so important?

Accepted Answer

According to the textbook,one study repo

Give an example of a product feature and a product benefit of a smartphone.

What are three functions of packaging?

The only goal of determining prices is to maximize profit for the firm.

As ComicalYou reaches the introduction stage of the product life cycle,what marketing strategy is MOST appropriate?

Define the three categories of consumer products.

Farrah explains why Superior Stereo Systems might not want to set prices for the Superior V at a level that maximizes profits.What do you expect that Farrah will tell Bill?

How do expense items differ from capital items?

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Which of the following strategies is involved with penetration pricing?

When a wholesaler or retailer develops a brand name and has the manufacturer place that name on the product,what is that product name called?

What is branding? Give an example to clarify your response.

Betty's Breads is trying to calculate its breakeven point.Monthly fixed costs are $5,255.The cost of making one loaf of bread,considering labor and materials,is $3.50.Betty's sells the bread at $6 per loaf.How many loaves does Betty's need to sell each month in order to break even?

The Men's Store offers sweatshirts at three prices: $28,$42,and $60; this illustrates price lining.

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

Describe the three types of brand names and give an example of each.

What kind of products is Brilliant Solutions selling?

In the past,the price for the Superior V has been slightly higher than similar products offered by competitors.Why would a company use this strategy?

Why is speed to market so important?

The U.S.Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality for Producing Goods and Services

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

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Exam 12: Developing and Pricing Products

Give an example of a product feature and a product benefit of a smartphone.

What are three functions of packaging?

The only goal of determining prices is to maximize profit for the firm.

As ComicalYou reaches the introduction stage of the product life cycle,what marketing strategy is MOST appropriate?

Define the three categories of consumer products.

Farrah explains why Superior Stereo Systems might not want to set prices for the Superior V at a level that maximizes profits.What do you expect that Farrah will tell Bill?

How do expense items differ from capital items?

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Which of the following strategies is involved with penetration pricing?

When a wholesaler or retailer develops a brand name and has the manufacturer place that name on the product,what is that product name called?

What is branding? Give an example to clarify your response.

Betty's Breads is trying to calculate its breakeven point.Monthly fixed costs are $5,255.The cost of making one loaf of bread,considering labor and materials,is $3.50.Betty's sells the bread at $6 per loaf.How many loaves does Betty's need to sell each month in order to break even?

The Men's Store offers sweatshirts at three prices: $28,$42,and $60; this illustrates price lining.

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

Describe the three types of brand names and give an example of each.

What kind of products is Brilliant Solutions selling?

In the past,the price for the Superior V has been slightly higher than similar products offered by competitors.Why would a company use this strategy?

Why is speed to market so important?

The U.S.Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality for Producing Goods and Services

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Distributing and Promoting Products

Information Technology (IT)for Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters