Question 1

Which of the following is not a phase in the new product development process?

Accepted Answer

A)  Business analysis 
B)  Test marketing 
C)  Development 
D)  Screening 
E)  Modification 
A)  Business analysis 
B)  Test marketing 
C)  Development 
D)  Screening 
E)  Modification

Question 2

The three levels of brand loyalty are preference, recognition, and insistence.

Accepted Answer

A) True 
 B)False

Question 3

The supply curve demonstrates that the quantity supplied by producers decreases as the price increases.

Accepted Answer

A) True 
 B)False

Question 4

Competition-based pricing is

Accepted Answer

A)  used when costs and revenues are considered secondary to competitors' prices. 
B)  not useful as a method of increasing or maintaining market share. 
C)  of little use if the competing products are homogeneous. 
D)  not able to increase sales. 
E)  most often used when competing products are homogeneous. 
A)  used when costs and revenues are considered secondary to competitors' prices. 
B)  not useful as a method of increasing or maintaining market share. 
C)  of little use if the competing products are homogeneous. 
D)  not able to increase sales. 
E)  most often used when competing products are homogeneous.

Question 5

Pricing whereby the buyer absorbs all or part of the freight costs is freight absorption pricing.

Accepted Answer

A) True 
 B)False

Question 6

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following is a manufacturer brand?

Accepted Answer

A)  Sam's Choice soft drinks 
B)  Kenmore appliances 
C)  Diehard batteries 
D)  Gap clothing 
E)  Doritos chips 
A)  Sam's Choice soft drinks 
B)  Kenmore appliances 
C)  Diehard batteries 
D)  Gap clothing 
E)  Doritos chips

Question 8

The maker of Oral-B toothbrushes is introducing a new electric plaque remover and expects considerable competition.What pricing strategy would be appropriate for this maker to choose?

Accepted Answer

A)  Price skimming 
B)  Penetration pricing 
C)  Odd-even pricing 
D)  Prestige pricing 
E)  Psychological pricing 
A)  Price skimming 
B)  Penetration pricing 
C)  Odd-even pricing 
D)  Prestige pricing 
E)  Psychological pricing

Question 9

An order of calculators with new features just arrived for the finance department of Nike.These calculators represent

Accepted Answer

A)  major equipment. 
B)  process materials. 
C)  component parts. 
D)  accessory equipment. 
E)  office materials. 
A)  major equipment. 
B)  process materials. 
C)  component parts. 
D)  accessory equipment. 
E)  office materials.

Question 10

Renee collects antique Fabergé eggs.For most of these eggs, only one or a few were created of each design.These eggs would best be classified as ____ products.

Accepted Answer

A)  Specialty 
B)  convenience 
C)  Business 
D)  Shopping 
E)  Luxury 
A)  Specialty 
B)  convenience 
C)  Business 
D)  Shopping 
E)  Luxury

Question 11

A symbol or word that is registered with the patenting or trademark authorities is thus legally protected from use by anyone but its owner is a

Accepted Answer

A)  trade name. 
B)  trademark. 
C)  brand name. 
D)  brand mark. 
E)  brand. 
A)  trade name. 
B)  trademark. 
C)  brand name. 
D)  brand mark. 
E)  brand.

Question 12

Entirely new products are innovations.

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is not generally considered to be a stage in the product life-cycle?

Accepted Answer

A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Transition 
E)  Decline 
A)  Introduction 
B)  Growth 
C)  Maturity 
D)  Transition 
E)  Decline

Question 14

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter.These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

Accepted Answer

A)  Growth 
B)  Introduction 
C)  Maturity 
D)  Extension 
E)  Decline 
A)  Growth 
B)  Introduction 
C)  Maturity 
D)  Extension 
E)  Decline

Question 15

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.What types of product are sold at Your Way?

Accepted Answer

A)  Shopping products 
B)  Business products 
C)  Specialty products 
D)  Convenience products 
E)  Unique products 
A)  Shopping products 
B)  Business products 
C)  Specialty products 
D)  Convenience products 
E)  Unique products

Question 16

There are two dimensions to a firm's product mix: volume and breadth.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  brand. 
B)  trademark. 
C)  label. 
D)  Universal Product Code. 
E)  warranty statement. 
A)  brand. 
B)  trademark. 
C)  label. 
D)  Universal Product Code. 
E)  warranty statement.

Question 18

A trademark is legally protected from use by anyone except its owner.

Accepted Answer

A) True 
 B)False

Question 19

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market.XYZ is able to maintain its market lead.Judging from this example, the digital video camera is in which stage of the product life-cycle?

Accepted Answer

A)  Introduction 
B)  Decline 
C)  Maturity 
D)  Growth 
E)  Evaluation 
A)  Introduction 
B)  Decline 
C)  Maturity 
D)  Growth 
E)  Evaluation

Question 20

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

Accepted Answer

A) True 
 B)False

Which of the following is not a phase in the new product development process?

The three levels of brand loyalty are preference, recognition, and insistence.

The supply curve demonstrates that the quantity supplied by producers decreases as the price increases.

Competition-based pricing is

Pricing whereby the buyer absorbs all or part of the freight costs is freight absorption pricing.

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Which of the following is a manufacturer brand?

The maker of Oral-B toothbrushes is introducing a new electric plaque remover and expects considerable competition.What pricing strategy would be appropriate for this maker to choose?

An order of calculators with new features just arrived for the finance department of Nike.These calculators represent

Renee collects antique Fabergé eggs.For most of these eggs, only one or a few were created of each design.These eggs would best be classified as ____ products.

A symbol or word that is registered with the patenting or trademark authorities is thus legally protected from use by anyone but its owner is a

Entirely new products are innovations.

Which of the following is not generally considered to be a stage in the product life-cycle?

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter.These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

There are two dimensions to a firm's product mix: volume and breadth.

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

A trademark is legally protected from use by anyone except its owner.

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market.XYZ is able to maintain its market lead.Judging from this example, the digital video camera is in which stage of the product life-cycle?

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

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters

Exam 12: Aproduct Development and Pricing Strategies

Which of the following is not a phase in the new product development process?

The three levels of brand loyalty are preference, recognition, and insistence.

The supply curve demonstrates that the quantity supplied by producers decreases as the price increases.

Competition-based pricing is

Pricing whereby the buyer absorbs all or part of the freight costs is freight absorption pricing.

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Which of the following is a manufacturer brand?

The maker of Oral-B toothbrushes is introducing a new electric plaque remover and expects considerable competition.What pricing strategy would be appropriate for this maker to choose?

An order of calculators with new features just arrived for the finance department of Nike.These calculators represent

Renee collects antique Fabergé eggs.For most of these eggs, only one or a few were created of each design.These eggs would best be classified as ____ products.

A symbol or word that is registered with the patenting or trademark authorities is thus legally protected from use by anyone but its owner is a

Entirely new products are innovations.

Which of the following is not generally considered to be a stage in the product life-cycle?

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter.These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

There are two dimensions to a firm's product mix: volume and breadth.

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

A trademark is legally protected from use by anyone except its owner.

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market.XYZ is able to maintain its market lead.Judging from this example, the digital video camera is in which stage of the product life-cycle?

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

Introduction to Business

Responsible Business

Global Business

Types of Business Ownership

Small Business, Entrepreneurship, and Franchises

Leadership and Managing a Business

Flexibility Within the Organisation

Products and Services

Recruitment and Retaining the Best Employees

Employee Motivation and Team Building

The Marketing Concept

Marketing Channels

Marketing Communications

Social Media and E-Business

Introduction to Management Accounting

Money and the Banking System

Financial Management

Personal Finances and Investments

Filters