Question 1

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

Accepted Answer

A)  product matrix 
B)  product line 
C)  product mix 
D)  total product offer 
A)  product matrix 
B)  product line 
C)  product mix 
D)  total product offer

Question 2

When consumers reach the point of brand ________, the product becomes a specialty good.

Accepted Answer

A)  association 
B)  desire 
C)  awareness 
D)  insistence 
A)  association 
B)  desire 
C)  awareness 
D)  insistence

Question 3

Which of the following statements about nonprice competition is most accurate?

Accepted Answer

A)  While still important, nonprice competition is becoming less critical as a result of the Internet. 
B)  Marketers often rely on nonprice differences in their competitive strategy to enhance a relatively homogeneous product. 
C)  Nonprice competition is much more important to large firms than it is to small firms. 
D)  As microeconomic theory suggests, firms have found that nonprice competition plays a secondary role that supplements the more important competition based on price. 
A)  While still important, nonprice competition is becoming less critical as a result of the Internet. 
B)  Marketers often rely on nonprice differences in their competitive strategy to enhance a relatively homogeneous product. 
C)  Nonprice competition is much more important to large firms than it is to small firms. 
D)  As microeconomic theory suggests, firms have found that nonprice competition plays a secondary role that supplements the more important competition based on price.

Question 4

Today, the packaging of products has been given a greater role in product promotion.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is a relevant criterion for the product screening process?

Accepted Answer

A)  sales forecasts for the product 
B)  production capacity of competitors 
C)  profit potential 
D)  the stage of the product life cycle 
A)  sales forecasts for the product 
B)  production capacity of competitors 
C)  profit potential 
D)  the stage of the product life cycle

Question 6

The greatest source of ideas for new products is

Accepted Answer

A)  consumer suggestions. 
B)  suggestions from competitors. 
C)  employee ideas. 
D)  research and development. 
A)  consumer suggestions. 
B)  suggestions from competitors. 
C)  employee ideas. 
D)  research and development.

Question 7

Computers, copiers, and fax machines used by businesses would be classified as

Accepted Answer

A)  installations. 
B)  shopping goods. 
C)  specialty goods. 
D)  accessory equipment. 
A)  installations. 
B)  shopping goods. 
C)  specialty goods. 
D)  accessory equipment.

Question 8

Some businesses use nostalgic ads to rekindle the memories and emotions of consumers to an earlier time and place. This technique of linking a brand name to a pleasant memory or favorable image is the goal of brand

Accepted Answer

A)  association. 
B)  tie-ins. 
C)  insistence. 
D)  preference. 
A)  association. 
B)  tie-ins. 
C)  insistence. 
D)  preference.

Question 9

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

Accepted Answer

A)  shopping goods 
B)  specialty goods 
C)  convenience goods 
D)  unsought goods 
A)  shopping goods 
B)  specialty goods 
C)  convenience goods 
D)  unsought goods

Question 10

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Accepted Answer

A) True 
 B)False

Question 11

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product. She selected each element of the marketing mix such as the package, brand name, pricing, promotion, and placement decisions. Karen obviously serves in the job of

Accepted Answer

A)  marketing consultant. 
B)  brand manager. 
C)  operations analyst. 
D)  marketing intermediary. 
A)  marketing consultant. 
B)  brand manager. 
C)  operations analyst. 
D)  marketing intermediary.

Question 12

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

Accepted Answer

A) True 
 B)False

Question 13

When people consider purchasing a good, they

Accepted Answer

A)  are responding to the market forces of supply and demand. 
B)  are most influenced by the price of the product or service. 
C)  will not consider goods that require them to make a special effort to purchase. 
D)  may evaluate and compare a variety of factors. 
A)  are responding to the market forces of supply and demand. 
B)  are most influenced by the price of the product or service. 
C)  will not consider goods that require them to make a special effort to purchase. 
D)  may evaluate and compare a variety of factors.

Question 14

Firms should listen to their suppliers for new-product ideas.

Accepted Answer

A) True 
 B)False

Question 15

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Accepted Answer

A) True 
 B)False

Question 16

Product screening is designed to

Accepted Answer

A)  shorten the product life cycle. 
B)  reduce the number of new-product ideas being worked on at any one time. 
C)  reduce the time involved in new-product development. 
D)  move production to low-wage countries. 
A)  shorten the product life cycle. 
B)  reduce the number of new-product ideas being worked on at any one time. 
C)  reduce the time involved in new-product development. 
D)  move production to low-wage countries.

Question 17

Gourmet Pets hopes to use its special packaging and extensive advertising to create a perception in the minds of consumers that Prime Cuts is a superior product, even though the actual quality of meat used in the product is virtually no different from competing brands. The company is attempting to develop

Accepted Answer

A)  differential segmentation. 
B)  cognitive dissonance. 
C)  product differentiation. 
D)  pioneer marketing. 
A)  differential segmentation. 
B)  cognitive dissonance. 
C)  product differentiation. 
D)  pioneer marketing.

Question 18

Most consumers view specialty goods as having a variety of acceptable substitutes.

Accepted Answer

A) True 
 B)False

Question 19

Attracting attention, describing contents, explaining benefits, and identifying the uses of a product are all functions of

Accepted Answer

A)  target marketing. 
B)  UPCs. 
C)  packaging. 
D)  market segmentation. 
A)  target marketing. 
B)  UPCs. 
C)  packaging. 
D)  market segmentation.

Question 20

Marshall Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents

Accepted Answer

A)  an installation. 
B)  accessory equipment. 
C)  an intermediate good. 
D)  a shopping good. 
A)  an installation. 
B)  accessory equipment. 
C)  an intermediate good. 
D)  a shopping good.

Exam 14: Developing and Pricing Goods and Services

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

When consumers reach the point of brand ________, the product becomes a specialty good.

Which of the following statements about nonprice competition is most accurate?

Today, the packaging of products has been given a greater role in product promotion.

Which of the following is a relevant criterion for the product screening process?

The greatest source of ideas for new products is

Computers, copiers, and fax machines used by businesses would be classified as

Some businesses use nostalgic ads to rekindle the memories and emotions of consumers to an earlier time and place. This technique of linking a brand name to a pleasant memory or favorable image is the goal of brand

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product. She selected each element of the marketing mix such as the package, brand name, pricing, promotion, and placement decisions. Karen obviously serves in the job of

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

When people consider purchasing a good, they

Firms should listen to their suppliers for new-product ideas.

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Product screening is designed to

Most consumers view specialty goods as having a variety of acceptable substitutes.

Attracting attention, describing contents, explaining benefits, and identifying the uses of a product are all functions of

Marshall Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding Economics and How It Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Structuring Organizations for Todays Challenges

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employeemanagement Issues

Marketing: Helping Buyers Buy

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Appendix: Working Within the Legal Environment

Appendix: Using Technology to Manage Information

Appendix: Managing Risk

Appendix: Managing Personal Finances

Filters