Exam 12: Aproduct Development and Pricing Strategies

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

Candy bars, milk, and newspapers are all examples of convenience products.

Price competition occurs when a seller makes its product stand out from the competition by distinctive product quality and customer service.

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

The marketing challenge of making potential customers aware of the product's existence and its features, benefits, and uses is prevalent in which of the product life-cycle stages?

Click It, Inc. Travis is a salesperson for Click It, Inc.Click It does not sell products with its own brand name.Instead, its products are created for different retail stores and carry the store brand.Travis thought that several changes needed to be made to a particular product, but Click It management reminded him that the stores, not Click It, owned the brand. 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.Because Click It sells its products under different brand names, each product is a

Raw materials are an example of a firm's ____ costs.

Screening ideas for feasibility is the first stage of the new product development process.

Brands help reduce a consumer's perceived risk of purchase.

Random discounting is often predictable so consumers wait to make purchases until they can benefit from the price reductions.

Setting prices for organisational buyers is very similar to setting prices for consumers.

Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a

The first stage of the product life-cycle is the ____ stage.

The strategy of setting prices at uneven amounts that are slightly below an even or whole number of euros is called

Appliances, men's suits, and ____ are examples of shopping products.

Lever Brothers is considering an idea for a new liquid laundry detergent that contains a whitening agent.The company presented its proposed new product to a group of potential customers in the form of a short explanation and questionnaire.Lever Brothers is conducting

____ competition is competition based on factors such as product quality, promotion, customer service, and packaging.

A major drawback of price competition is that

Which of the following is an example of a raw material that would be used in the production of a physical product?

The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called