Exam 12: Aproduct Development and Pricing Strategies

If, in the midst of daily operating activities, Jane Smith finds that the office has run out of paper for the copy machine, she quickly purchases more at the local office supply store.In this case, she is a

The product life-cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail is called

Your Way, Inc. Eric 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 Your Way, Inc.The company sells men's clothing and accessories.Your 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, Eric realised 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previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out of date.Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line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, Eric 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two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products.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 Your Way, Inc.If Eric wanted to teach his employees about the stages of a product's life-cycle, he should talk about all of the following except

Multiple packaging does not work well for

Iron ore in a steel plant is an example of

Generic brands are becoming more popular with today's price-conscious shoppers.

All of the activities involved in developing and providing a container for a product are called

Toyota was recently able to endure challenging times that required massive recalls affecting several million of its vehicles.Toyota has relied on its ___ to survive and continue to prosper.