Exam 14: Developing and Pricing Goods and Services

Industrial goods and services are used to produce other products.

After several years as a brand manager for an established product,Pete has taken a job with a microbrewery.He is responsible for managing the marketing mix for a new product introduction.In his new job,Pete will find that while the products may be at different stages of the product life cycle,the marketing strategies will be essentially the same.

Psychological pricing utilizes high prices to create the image of a high quality product.

The uniqueness of convenience goods and services stimulate consumers to make an extra effort to purchase them.

In working to create a better way to package their products,Seventh Generation found that:

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

The trend away from personal salespeople to self-service in many retail outlets has caused firms to:

Break-even analysis determines profitability of a firm at various levels of sales.

Concept testing involves taking a product idea to consumers to test their reactions.

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

The use of the Folgers's ________ allows customers to easily identify this product from other coffee products.

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

SneezeNoMore markets a group of similar products for people suffering from the common cold.The products in this line are sold under the brand name SneezeNoMore.The products differ mainly in the strength of the dosage and in whether they also contain additional medications to help the consumer sleep.As an employee of SneezeNoMore,Jill is responsible for the marketing mix for the company's products.She is also involved in any major decisions concerning the development of new products that will be included in this product line.Jill serves as a(n):

Successful firms coordinate pricing objective strategies with decisions regarding product design,packaging,branding,distribution,and promotion.

As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle-class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:

From a strategic marketing viewpoint,a total product offer includes all of the tangible attributes of a good or service,and excludes any intangible attributes.

While some products remain in the introductory stage of the product life cycle for years,other products may go through the entire cycle in a few months.

Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort.

Charging high prices to earn large profits during a time when there is little competition represents a ________ strategy: