Exam 14: Developing and Pricing Goods and Services

Car dealers realize that consumers focus exclusively on price and warranty.

In the long run the market determines what the price will be.

Which of the following is a stage in the product life cycle?

What is a brand? What is a brand name? What is meant by brand equity?

As firms develop their marketing mix, it is important to remember that:

In the long run, the cost of production and the length of the firm's supply chain determine the price of a product.

The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the:

The greatest source of ideas for new products is:

The purpose of __________ is to create real or perceived product differences.

The Pillsbury Doughboy is an example of a:

McDonald's prides itself on offering precisely the same menu around the world so that customers know exactly what to expect when they eat at a McDonald's.

The Procter & Gamble Company is a major producer of bar soaps. In fact, Procter & Gamble produces Ivory, Camay, Lava, Safeguard, Zest, and Coast bar soaps that all claim a variety of benefits. These products are part of Procter & Gamble's __________ in bar soaps.

Which of the following strategies establishes a price based on the actions of rival firms?

The marketing efforts for convenience and specialty goods are essentially the same.

Anheuser-Busch/In Bev Company, Inc., has been given the exclusive right to the name Budweiser and is legally protected from others using this name by the __________ they hold.

The Coca-Cola Company produces Diet Coke, Diet Coke with Splenda, and Coke Zero along with a number of other flavors. These products are part of Coke's:

Mystic Beverages, a producer of soft drinks, wants to differentiate its products from those of other soft drink providers. To implement this strategy successfully will require Mystic to create tangible differences in the physical product it offers.

As a promotional strategy, advertising is more important in the marketing of industrial goods than it is in the marketing of consumer goods.

Despite the fact that microeconomic theory places a great deal of emphasis on price, marketers often try to find ways to compete on product attributes other than price.

One common way of classifying consumer goods is based on consumer purchasing behavior.